is there hope for refinancing

[melissa]

My husband bought our manufactured home and the property in Oct 2003 for a total of 66k (all in one loan 44K for home 22K for 1/2 acre property). We want to refinance or get a second loan for about 30K to do home improvements and build a garage. Our credit is not great, alot of charge offs from 4 years ago but his is better than mine. That is why the house is only in his name. We moved from cali to az for personal reasons. house payment and car payments have been current for over a year now. Property values in our area have gone up $20,000 + in the short time we have lived here. We both have very good jobs with good futures. I also understand that we will probably have higher interest rates and larger payments. I have no problems paying that if that is what it takes.

Is there hope of refinancing or getting another loan on the house? I also filled out MH loan finder form. I am just getting tired of hearing the phrase "We're sorry, but we don't do that kind of financing".

Thanks in advance. I just spent 2 hours reading 25 pages of posts in this forum hoping to not repost.

[rmurray]

It is hard to refi if your FICO scores are less than 640...Less than 640 middle scores will only be done by the FHA....Your home might very well not be set tot the FHA spec..Hope the lenders here will be able to help..

[Tess]

There is always hope. I work with a lender who does manufactured home loans of all types in several states including AZ. I'm the processor for these loans and I can tell you, we have been able to get loans approved that have been turned down 3 and 4 times! Good credit and bad. This would mostlikely fit the FHA Refi/cash out program. It will depend on the appraisal. FHA also increased the LTV (loan to value) to 95% this year which helps. My contact information is [email protected]. I'd be happy to refer you to the lender.

[kirkdavison]

First big question. Is the home in its original location? If so I would think FHA would work great for you. FhA is more concerned with your credit in the last year than with scores or the past. If you want more info let me know. [email protected]

[JDeborahCoss]

I went to google.com and used this search string:
"refinance"+"mobile Home"+"poor credit"+"arizona"
copy and paste with quote marks and all - just like it is.
and I got lots of hits.
The one that caught my eye says they were featured on Oprah -
https://www.lowermybills.com/
Good luck