Equity Loans or Line of Credit
Posted: Thu May 19, 2005 3:18 pm
I am buying a 1980 manufactured home for 50% below its market/appraised value. I would like to do some renovations using my equity and am looking for a equity loan or line of credit. The home is located in a park in ellenton, florida and you own your land. I have found no one willing to do this, they all want to buy out my first mortgage that I will have at 6% with one at a higher rate. With that comes more closing costs, down $$, etc. I know Florida is a hot zone, but does anyone know of a company that will do this. I have called over a dozen places and because it is in florida and a 1980, they don't want to touch it, they try not to laugh as they hang up the phone. Help. Thanks