refinancing help

[jesse13579]

Okay, a few weeks ago I went through this site and was contacted by Hartford about refinancing my 2006 deer valley manufactured home. After a few weeks of signing paperwork and getting information to hartford we've come to the end of the loan process. Now I need to have an engineer's inspection of my foundation and an appraisal of my home. Hartford wants me to back my siding with plywood in order to meet some standard. The engineer's inspection is built into the loan, the appraisal is going to cost me $525.00, and the plywood is going to cost me 300.00. Does this sound like something any of you have had to do in order to refinance, or am I getting the runaround?

[David Oxhandler]

While most people think we are in the middle of a housing crisis I know that is NOT true. The demand for affordable housing is still very strong. What we are seeing at this time is a finance crisis.

Watch the local ads for homes with owner financing. You will see that they fly off the market in a matter of a few days of initial offering.

Between historically high foreclosures and low interest rates, the biggest lenders are just not motivated to make home loans at this time. Many of The loans that are being made are with special and some times even unreasonable conditions.

In this case the stipulations are not unusual. To qualify for various government backed mortgages, manufactured homes MUST meet strict installation requirements. This was not always so, but the federally backed loan programs are all that is available today.

Some applicants are discovering these new requirements will force them to spend thousands to totally replace the foundation under their manufactured home, in order to qualify for refinance. Sounds like you are one of the lucky ones, with a more recent installation, that meets modern standards.

Hartford has an excellent long time, reputation for superior customer service. They are trying to get your home in compliance with lending requirements to secure a loan approval for you. My experiences with them have been very positive.

Don't be afraid to ask... WHY?? Even though they are the gateway to securing the money you need, you are their customer. I think you will find their responses will show they are working for your benefit and relax the frustration most of us go through trying to secure a reasonable loan today.