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Brick Foundation

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Brick Foundation

Postby » Tue May 08, 2007 4:26 pm

We just recently moved our double wide onto land we purchased. Also completed a brick foundation instead of skirting. All this was done to increase the value and combine our land loan with our home loan. The bank told us in order to combine both into a 1st mortgage that we have to have the home reclassified and taxed as real property.The county said whether its on wheels or foundation it is already taxed as real property but that we need to request a manufactured home affidavat for retirement of title and the DMV office is where we do this.Then it has to be recorded. Do you have any advice about this and is the brick foundation enough to change it from a mobile home into real estate with more value? This is why we did the foundation to begin with to increase value and get 1 mortage (home/land) so we can get some equity to continue improving our home. Any advice would be greatly appreciated. Thanks
Palbella offline
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Re: Brick Foundation

Postby » Tue May 08, 2007 6:49 pm

Complicated sounding....It IS a manufactured home period...Obviously it is taxed as real property in your state...Retiring the title will satisfy the lenders requirements....As a matter of fact this is usually done by the closing attorney or title company too be sure the paperwork meets their exact standards...You will qualify for a "land/home" mortgage assuming you meet the credit requirements of the lender....BUT...Cash out refis are very rare in manufactured homes...it might be possible to get estimates of the work to be done and have it financed all at the same time....You should get advice from a mortgage originator familiar with your area..Value has little to do with the brick underpinning...Value is only a function of the location and the home as a package...
rmurray offline
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Re: Brick Foundation

Postby » Tue May 08, 2007 7:14 pm

Thanks and we already have equity in the land alone. As far as the work my husband builds homes so he will do it. The bank already told us we qualify for the loan, its just the requirements for it to be considered as no longer a mobile home that have us stumped.The bank said the removal of tires and placement of brick should be enough to classify it as a home. Its the reclassification that the county office here doesn't seem to understand what the bank is asking for. We're confused .....lol Cash out is 65% of value. BTW...the home is still being paid on but the home/land loan would be better interest as well. Thanks for you help.
Palbella offline
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Re: Brick Foundation

Postby » Wed May 09, 2007 4:50 am

Seems you have a fairly inexperienced lender when it comes to manufactured homes...You do NOT need brick underpinning only a "permanent foundation..Removal of the running gear and hitch is also sometimes required..The 65% loan to value cash out limit is standard for many lenders...but your lender should have better knowledge of the paperwork process....As I said this title retirement process is almost always handled by the closing agent...They will have to have the actual title to send to the state...They will NOT have it until you close the loan and they pay off your lender..Tere is no way to handle this process until after you close...This is why banks almost always require this to be done by the closing/escrow agent..You can find experienced manufactured home lenders here on this web site..Check out the lender section..

A couple of other things..your lender should have already asked you to get your payoff letter from your lender...If you are with Greentree or Vanderbilt ( you will have to pay for these from Vanderbilt) this could take 2 or more weeks..Balances on monthly payment coupons are NOT payoff figures..Request a copy of your title at this time..When you find a lender you are comfortable with..start the process soon...rates will be rising in the near future and time will only cost you money...Casual talk about approvals means nothing...Get a formal approval which means you will have to verify your income for the last 2 years and bank accounts for the last 2 months..Any credit issues should be fully worked through and cleared by the bank underwriter (the only person who does final approvals)..Be ready to prepay for appraisals at this time...They have to be done and reviewed by the underwriter before a final approval is had..This is a complicated process..Your lender has already caused you too much confusion...If your originator seems out of his comfort zone ask to deal with his/her supervisor...Remember your originator is a commission sales person and only gets paid out of the profit on your mortgage..So shop the fees and rates between lenders..You should be able to save tens of thousands..GO FOR It..Good luck..Come here and ask any questions you have...
rmurray offline
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Re: Cash Back MH Refinancing

Postby » Wed May 09, 2007 12:00 pm

For years owners of stick built homes have been able to refinance their property with extra cash back for the equity that they have in the home. This has become a very popular way for home owners to take some of the added value out of their home that the recent housing boom created while they still live in and enjoy their existing home.

This option was not usually available to manufactured home owners and never before now available to people who live in manufactured housing in a land-lease community (a manufactured home community or mobile home park).

Our MH Loan Finder Program now has lenders that are actively looking for credit worthy, manufactured home owners for new loan programs that permit home and land and even homeowners on leased land to find new financing or refinance their existing loan and receive extra money to do with as they please.

If you have an existing loan on your manufactured home, when you refinance, typically, the new interest rate is lower than the existing interest rate, offering the possibility of huge savings over the years. BUT that is only a small benefit compared to the home owner's overall financial health, which can be dramatically improved, if the "cash out" is used wisely.

Money smart home owners will use the extra cash to pay off other, higher interest debt, like high interest credit cards, student loans and auto loans. Using the equity in your home to pay off higher interest monthly financial obligations makes excellent economic sense. By combining existing debts into one smaller monthly payment you will have more of your income left to use at your discretion.

Of course "cash out" programs are also available if you own your home free & clear. The only two requirements being that the home owner has a solid credit profile and that the manufactured home is a 1976 or newer.

The home owner's participating in this type program can elect to use the money as they please. Many have used the money to not only pay off high interest debt, but to also take that dream vacation or help kids, or grand-kids through college.

You have a good idea what your manufactured home is worth. What would you do if you had some extra monthly income or a chunk of cash at your disposal?

If you own a manufactured home in a land-lease community, or on land that you own, and would like more information, Click Here to submit a short info request form and one or more of our participating lenders will contact you to discuss the possibilities.
David Oxhandler
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Re: Brick Foundation

Postby » Wed May 09, 2007 2:19 pm

The bank being the lender is who our land is financed through and I agree with you. Credit is not a problem. We are going to shop around and thanks to all that replied. Great advice!
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