1976 Manufactured Home

[Wanda Weiss]

I have a 1976 Manufactured Home (double wide) on 1 1/4 acre and the value is 100k. I have been trying to refinance but having difficulty finding lenders that do this old of manufactured home. My credit is alittle blemished due to we have filed bankruptcy chapter 13. Do you have any idea of lenders that will do this? Also will FHA finance this old of manufactured home?

[rmurray]

Wanda..there might be more than 1 reason for the problems finding a lender...

Age is usually not a consideration if the home has the HUD seals which yours should...Few 76 models will have the required "permanent" foundation lenders must require....I would highly doubt that your home is set to the FHA'S requirements....Few would have been set that well in the 70's...Credit may well be the real problem..you would have to be 2 years out of the 13 and have established some good references since to qualify...If a lender even sees 1 blemish after the BK...they will turn you down...A refi of a manufactured home is tough...but with credit problems nearly impossible...

Good Luck in your quest....

[Wanda W]

Murray,

Thanks for your reply. Our home was set up 6 years ago. We have credit scores over 500+. We have been in chapter 13 since 2003. As far as the foundation, I recently looked at the Hud website and also called FHA hotline and they say that it can be on blocks too. Just wondering if we cannot go FHA, is there any lenders out there that would do a conventional loan?

Thanks
Wanda W

[rmurray]

Sorry for the bad news...but....Conventional lenders will NOT even consider a loan while you are IN the BK...You will have to be discharged (meaning all bk payments have been paid as agreed) for at least 2 years....It is true FHA does do mortgages for folks in bk...FHA does not consider credit scores..You would have 2 hurdles you cannot get over for the FHA.....1) the set up will have to meet the rigorous FHA setup rules..I highly doubt that it does...2)..FHA does NOT finance ANY home that has been moved from its original set up location..FHA will NOT waive that rule...

I would give up on the FHA it is not a source for you...No matter what you will have to complete the bk....And then build a credit record for a couple of years..In the mean time..I would be working on my credit files..I have never seen a file of a bk person without mistakes....Federal law requires the old creditors to no longer bad mouth your credit...but many ignore the rule..You will have to follow your credit files for the next 10 yrs..to make sure things do not pop back up.....Your credit problems were a long time in the making...only time can get you by this hump in the road...

If your trustee agrees..The FHA might well finance a new home on this lot..This age double will not bring a whole lot of value for a trade...but a good dealer will be able to get you through the maze of documentation required to get this done. The land will have to have good equity in itself...You will need to have 4 references since the bk..NONE with any 30 day late payments..The trustee's payments can be one of them...Electric, phone, water, gas, land payment all can also count...Even then your credit files will need a little work...An experienced dealer can help you through this as well..

The major benefit to you would be far less energy bills...A new home with warranty..less maintenance bills..Pride in home ownership as well...

If you try to do this..find a dealer who has done one before for a client while in bk...It will take experience to help you through this process..I would NOT try to work with a lender directly..Most loan originators will give up before they start once they find out how much work they will have..The whole process can well take many months..

If you decide on this route...Do NOT bother running out and looking at the 3000 sq ft high quality $150,000 plus homes...It is highly unlikely your trustee ever agree to this size payment...Shop basic quality NOT size and luxury goodies

Good Luck with your housing future,,