Want to refinance

[Danny]

I bought a new double wide home in March of 2001. It's not a bargain basement model, it has 2x6 walls, double pane insulated windows, and all the insulation I could get. I got an interest rate (9.5%) that was decent for the time. I want to take advantage of the low interest rates available now but it seems they aren't available to me. To refinance all the banks want a "permanent foundation" which is nothing more than a concrete facade around the perimeter that bears none of the weight of the home and serves no real purpose. I didn't opt for this when I bought the home because I thought that would be money better spent elsewhere. I can't get the banks to understand that this no more makes a manufactured home permanent than a site built home. Site built homes with a "permanent foundation" can be moved as well as manufactured homes. I have an excellent credit rating. Is there anywhere I can get a good rate (

[Pat]

If this is just a matter of stacking concrete blocks around the perimeter of the home and has no loadbearing, it seems to me you could do that yourself with the help from a few friends. And here the price of concrete blocks are +-$1.00 ea. If you look you might get them cheaper. I would think you could get the materials for at least $500 if not less. I'm wondering where the $3 to $4 thousand comes from?

[rmurray]

Actually...."permanent foundation" does not require block underpinning..Often the inexperienced loan originators do not know the terms well..

You should put your info into some of the lenders sites advertised on this site...All the lenders here are experienced at manufactured homes and understand the terms...If you could post which state you are in...I might be able to supply other lenders to call...

If your credit is good...You should be able to get as ;ow as 5 3/4% right now...this would be very beneficial to you....Good Luck

[DannyP]

I am in Kentucky. I forgot to mention that I do own my own land (55 acres).
I have a 28x80. I have heard that to dig a footer as a base for the block, pour the concrete and lay the blocks that is the price I am looking at. I really don't have the time to do it myself, but if I could save a bundle of cash I guess I could find the time.
Murray, If you can recommend some lenders that would work with me with or without having to to do the block thing let me know.
Thanks,
Danny

[rmurray]

You have a different problem...Your property is too large for many lenders...If you owe a large balance on the land....It might be possible to subdivide a section to 5 acres or less..the section with the home and improvements...Most housing lenders are not in the farm business...

If you can do that....there are many lenders...the homes must be "permenent" set...but that is not as tough as it first sounds...It only means...no wheels and axles, no hitch, anchored to the ground and underpinned (with any material allowed under local law)...Steps might have to be permanently attached to the ground with anchors or in concrete...You should be able to meet these requirements very easlily...

Have you listed your request in the "loan finder" here at this site.???...You should get some good response..

For the larger property..you might be restricted to farm credit companies...The federal land bank and Farmers Home Loan Administration will do the deal but might require a retro fit of the stem wall and other items..but even this could not cost more than $ 3000 to $ 4000....The rates are now as low as 6% on these programs...saving more than $ 2500/yr in interest on the home and maybe some on the property...

[Danny]

The 55 acres are paid for, no leins. I don't mind to survey off an acre or so with the house. I did fill out the loan finder form.
Thanks,
Danny

[Mrs. X]

I'm on the way up there to meetcha' , boy!

[DannyP]

Before you pack your bags let me check to make sure my wife doesn't mind.
; )
Danny