HELP

[Susan]

Okay, we are so frustrated right now! We have a 98 doublewide that we put on a lot on a permanant foundation and we have been trying to refinance and keep hitting a dead end. When we tell lenders that we have a mobile home on a permanant foundation, they usually say they can't help us or when the few that try too................it always comes down to the appraisal. When we bought our lot and moved our house onto it, the appraisal came back at $123,000.00. Then when we tried to refinance, some appraiser came out and gave a quote of $62,000.00??????????? (of cource he never ever talked to us or came in the house?) We've made lots of improvements inside and out, so I know that has to mean something?

How can we find an appraiser that we can trust and how can we refinance...............I'm about ready to just throw my hands up in the air and tell our finance company to just take my home, I can't take going through this anymore.

[Jason]

Has this home been moved from one lot to another and what part of the country are you located in?

[Susan]

We moved the home from a park onto a residential lot that we bought, along with getting a construction loan to put it on a permenant foundation.

We live in Wichita, KS.

[rmurray]

Not a very professional appraisal.....The inside improvements mean little to the appraiser for appraised value...but the appraiser should see the home to be able to make a condition judgement which is part of the process...He must take exterior pictures as part of the process...You should ask for your money back...

All mortgage lenders will require an appraiser....Why not request the original appraiser from the lender...If he/she is on their approved list they will use them...The appraisal is nothing but the best estimate of market price for your land and home in its location...What did the loan originator say about the low appraisal....Ask the construction loan company for advice on permanent finance ideas...Your home does NOT qualify for FHA finance...FHA will NOT finance a home that has been moved from its original location....

[Alan Smith]

Well they are right on the home can not be moved in order to go FHA. The only way that you will be able to Refinance your home now is going to require you to do either a Conventional (Credit 620 or above) or if you or your spouse was ever in the military you can take the loan VA. If you are looking to do cash out you may be up for a challenge, they will typically have a LTV that may not cover your existing liens. Hopefully there is enough equity in the subject property that you will not have to worry about the LTV, worse case scenario you sell the home and try to recover what you can.

[Susan]

We've lived here already for 4 years (that's how long ago we moved the house & put it on a foundation) and had a Conv. loan. My husband is in the Air National Guard, but to get a VA loan you have to have served for at least 6 years (he's just short of that and will re-up next year).

I called the Appraiser that did the 1st Appr., but he is now retired.............LOL. But he did give me the name of a person who used to work for him and she has aggreed to do one for us, so I feel a lot better. Finding a lender has actually been the easy part, you would think that to be the opposite.

As far as the Lender who did the Const. loan, that's all they do and they really were not very helpful! What really makes me mad is that 4 years ago when we decided to do this, everyone involved said this would be a good move and once we put our house on a perm. foundation, it would be considered a regular house...............not exactly. I know lots of people that have let their homes go back or declared bankruptcy or worse and then you have someone like us trying to make something of what we've got and this is the crap we have to go through..........

[rmurray]

Sorry for all the problems you have had...I have never heard of a construction loan that would go for 4 years...That is why I was a little confused...VA only requires an eligibility certificate...Which is issued if the vet has at least 6 months and 1 day active duty service...You are right..most reservists and national guard would have to serve 6 years to qualify with this much active duty..but lately in this time of long reserve deployments..many are qualifying much sooner...

There are many lenders who will refi your home if the appraisal comes in high enough...Go to the lender section of this web site for lenders who specialize in manufactured homes..Since they understand your home..they will ease you through the process...