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Refinancing MH over 15 yrs old
Posted: Fri Apr 30, 2004 6:32 pm
by Annie Esterson
My daughter is have a hell of a time getting her MH refinanced because of it being 15 yrs old. Most companies want 20% down (about $20,000) which is impossible. The previous owner is carrying the paper and she has a balloon payment in one year. Any suggestions?
Re: Refinancing MH over 15 yrs old
Posted: Fri Apr 30, 2004 8:09 pm
by rmurray
If the home is "permanently" set..and this is a land/home package...she should have little trouble doing a refi..using the equity in the package as the downpayment...She should not expect any cash to be necessary...all assuming she has had the home for at least 12 months....
Check with any mortgage company..keep checking until you find an originator specializing in manufactured homes...Ask a local dealer for a referral to a lender..