Re-finance question....
Posted: Fri Jul 09, 2004 7:40 pm
I own a 1993 Dutch home (doublewide) on private property, we bought it last year, and the title has been absolved (proper terminology??). I'm wanting to refinance to do some debt consolidation, but am running into dead-ends with most all lenders.
I basically have 2 problems: the first is an issue of time. It has only been about 8 months since we bought this place, and most banks don't want to talk to you unless it's been at least 12 months since the purchase. That problem would take care of itself in a few more months. The other issue is that just about all lenders won't do cash-out refinancing (even for debt consolidation) on a manufactured home. We have pumped thousands into this house to improve it, and it has been well worth the effort, but we would really like to unlock the equity to consolidate debt. Those who WILL actually do cash-out refi will only go up to about 75% LTV on a manufactured home (and some only 50-60%), but I really need 90-95% to accomplish what I want to do. I've been told that if I were purchasing it, a 95% LTV would be no problem. Makes no sense to me, since I am, in fact, "purchasing" my own home even if I am refinancing it.
I had a bankruptcy that was discharged in Oct. 2001, and have had lots of credit since then, including 2 mortgages. Not sure what my credit score currently is, but it was in the neighborhood of 685 last Oct. when we bought this place. My income has taken a substantial hit this year, but the numbers should still be right with regards to income/debt ratio for what I'm looking for.
Anyone know of any lenders who can help me with a 1st or even a 2nd mortgage? The other issue is, I really only want about a 12 year loan. I'll go 15 if I have to, but would prefer 12.
Thanks for any help or info!! - Bill
I basically have 2 problems: the first is an issue of time. It has only been about 8 months since we bought this place, and most banks don't want to talk to you unless it's been at least 12 months since the purchase. That problem would take care of itself in a few more months. The other issue is that just about all lenders won't do cash-out refinancing (even for debt consolidation) on a manufactured home. We have pumped thousands into this house to improve it, and it has been well worth the effort, but we would really like to unlock the equity to consolidate debt. Those who WILL actually do cash-out refi will only go up to about 75% LTV on a manufactured home (and some only 50-60%), but I really need 90-95% to accomplish what I want to do. I've been told that if I were purchasing it, a 95% LTV would be no problem. Makes no sense to me, since I am, in fact, "purchasing" my own home even if I am refinancing it.
I had a bankruptcy that was discharged in Oct. 2001, and have had lots of credit since then, including 2 mortgages. Not sure what my credit score currently is, but it was in the neighborhood of 685 last Oct. when we bought this place. My income has taken a substantial hit this year, but the numbers should still be right with regards to income/debt ratio for what I'm looking for.
Anyone know of any lenders who can help me with a 1st or even a 2nd mortgage? The other issue is, I really only want about a 12 year loan. I'll go 15 if I have to, but would prefer 12.
Thanks for any help or info!! - Bill