The Manufactured Housing Forums

We would like to refinance our older mobile. It is a 1979 model with no foundation. It's on 5 improved acres. (mature trees, lawn, horse facilities, etc) We paid $50,000 for it 2 years ago and it's worth roughly $100,000 now. I am having trouble finding anyone who will touch it, since it's so old and has no foundation. Any suggestions or advice? Thanks!

From a lender stand point..all that is required is a "permanent foundation"..that will mean the running gear and hitch are gone..the home is blocked to code..and the home is anchored to the ground...yours probably does meet these requirements...From this basic definition it does have a foundation..

The age should have nothing to do with the rules..as long as the home was built after 1976 and still has its HUD labels on the home...(the appraiser will be looking for them..as any older home he will also be looking at the condition)..It is likely that your home does not meet the FHA requirements for a foundation..so if the lender is talking about FHA..you will not qualify...If the lender is looking at conventional..and the running gear is gone..your home DOES qualify..Cash out refis have been limited to 60% of appraisal...That means you would be only able to finance up to $60,000 and receive cash back....but..non-cashout refis can go to 90% of appraisal...The point here is..if you need more cash than what you could get at 60K..you would have to take a 2nd mortgage first and then refi the total amount of money..

Try the lending section of this web site..or check with dealer in your area and find a loan originator familiar with manufactured homes...most would die for your deal..refis are easy deals for them..