tell me the first step or steps I need to know before refinancing my manufactured home. I think this bank is t?
Sep 06, 2011
in
Refinance Manufactured Homes
The bank said they couldn’t refinance home but would try and help me find someone who would. I thought it was a modular home but they’re say it’s a manufactured home. It’s really big. The place I bought it from went out of business. How can I find out which home it really is? I need a lower payment or may loose home. Please tell me an honest place to start.
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2 comments
Tony_W on September 6, 2011 at 7:01 am
It’s really hard to find financing for manufactured housing. There are very few options especially if you do not own the underlying real estate. I assume that you do.
Modular is a little better as some lenders will consider. The difference is that modular is usually pre-assembled walls that are brought on site. If your house was a pre-assembled house that was put togther on site it will be considered manufactured housing and be subject to more stringent requirements. You’d really need to have the appraiser take a look at it to tell you exactly which i assume that your bank has already done.
In any event, you might want to call the 21stmortgage. It is the only source of financing for manufactured that I’ve found and they are a company owned by Warren Buffet’s Berkshire Hathaway. So I would think their respectable. Check it out.
ranger_co_1_75 on September 6, 2011 at 7:01 am
First they were called "Trailer Houses", but then they got a bad reputation for being shoddy and cheap, so they started calling them "Mobile Homes", it didn’t take long for the reputation for cheap and shoddy work to be applied to the new name, so they changed the name to "Manufactured Housing" and the same thing happened, so now they are called "Modular Homes".
In the end, they are all still Trailer Houses if they are not site built on the building lot.
As for financing, since Jan 1. 2011, the Dodd-Frank Act took affect and the Banks are the only game in town now. It has 387 new rules for real estate financing that makes it so hard to get a loan from anyone but a bank that it is impossible for anyone without cash.