home equity line of credit

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alexisandtim
Posts: 2
Joined: Tue Feb 04, 2014 7:42 am

home equity line of credit

Post by alexisandtim » Tue Feb 04, 2014 8:25 am

We have an 1800 sf manufactured home that has a metal roof we added, decks (one covered) and tape and textured walls - I would definitely not consider this "mobile" yet I guess banks still think of it as that. Was looking for home equity line of credit because we need to add a second (already have one over 1000 sf) metal permanent building to the property. We have 5 acres. We had a mortgage but paid it off. The home is a 2000. All this and yet we are probably not eligible for the lower interest that comes with the home equity line of credit! We own a couple of older rental houses and this is what gets me - they are frame houses which sit on cement block pillars with simple wood covering the crawl space. Our home has cement brick look skirting. It is rated for pretty high winds. I really can't see those old houses somehow being more "permanent" than our place is yet I guess we will be discriminated against. We have to pay higher insurance rates even though they would not give us the same amount of money for replacement that they would if an 1800 sf HOUSE was destroyed. Well, that's just my rant. Does anyone have any experience at getting home equity lines of credit for a Manufactured home?! Or are they ALL prejudiced against us!

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