Where to Refinance on manufactured home w/o land?

[Dao]

My mother has a manufactured home in Yuma and I live in Tucson and want to refinance her home in my name, but most financial institutes are not willing to offer a loan on a manufactured home w/o the property. She lives in a 55+ retirement community. Why is it so difficult to get a loan at a reasonable rate?

[David Oxhandler]

Just what is the deal with the financing for manufactured homes? Ever wondered why it seems so difficult? Or mysterious? Or even impossible? Its not any of those things its just different.

Mortgages that cover home and land have become much more popular in the past several years because they offer the lender greater security in return they can offer a lower interest rate.

There are dozens of lenders who are happy to re-finance manufactured housing without land... especially if you have reasonably good credit history.

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Rebecca Roberts is a licensed mortgage broker in Arizona Rebecca started out in the manufactured housing industry in 1994 as a dealer, where she did most of the financing in-house. She could not find a broker able to properly do her customer's loans, and so she started her own brokerage in 2000.

The longer she was a broker, the more she learned that there was a massive amount of confusion and misinformation out there regarding manufactured housing loans. Rebecca started to see that there was a pattern of misinformation, and that the same mistakes were being made over and over. She decided to do something about it and wrote a book for her clients that she is now offering in e-book format download here.

[lilbit]

we recently refin. our 2002 dw last summer w/o land with vanderbilt. we originally had a varible loan-which by the way sucks- and now have a fixed awesome rate!!!

[David Oxhandler]

Good Move!!!

Vanderbilt is one of the participating lenders in our LOAN FINDER SERVICE. They have made a major contribution to the stability of manufactured housing financing over the past few years, and are an excellent choice to do business with.

Now is a great time to refinance. Rates are the lowest they will probably be for many years and with the slow down in home sales across the country, lenders are hungry for good credit prospects.

Congratulations!!

Anyone else wondering about refinancing a manufactured home should read How to Switch to Predictable Lower Mortgage Payments