Refinancing

[summutt]

Not sure what happened..this may be a double post. Want to refinance our mfg home. We refinanced a few years ago with our original lender, no problem. Tried it recently and were turned down...lender no longer does mfg homes. We have much more equity and better credit scores than with previous refi. Same story with all lenders in our area. We do want to go no doc (stated income) as we are self employed small business owners with a lot of write-offs, but we have always gone this way and it has not been a problem. We're being told that they simply will no longer do mfg homes. Are we overlooking some sources here? And are these specialist sources (if they exist) charging exorbitant rates? We have requested info on this website, but no reply to date.

[rmurray]

Sorry about the delay with posts...All post have to Be reviewed by a moderator and approved for live posting...All because of persistent spamers..Sorry also about your refi problems...Low doc, stated income mortgages are hard to come by in the manufactured home business..Since you have tried here and gotten no response, I would suggest you find a local office of Wells Fargo Mortgage...They have no problems with manufactured homes with land...The originator will have to advise you about no income verification loans..

[summutt]

Are tthere similar problems if I choose to change tack and go for an equity loan or line of credit?

[rmurray]

These kinds of mortgages with stated income are all credit score and equity related...Expect a 700 plus Fico score requirement and over 20% equity...Then stated will have a higher rate than Full Doc conventional mortgages...Stated 2nd mortgages (equity lines) are rare except for the highest credit scores...This kind of sub prime type of mortgage is harder for all types of homes now...Foreclosures last month were the highest in decades..1.3 Million nationwide and designer and sub prime have lead the way...Investors are pulling back in these areas nationwide..

[rmurray]

This article in the New York Times today illustrates the point on why things are getting tougher....You may have to register for free with them to read it...

http://www.nytimes.com/2007/03/11/busin ... &th&emc=th

[summutt]

Our FICO scores(both wife and myself) are over 700 and we have almost 50% equity. Don't think we should be having this much trouble. Isn't there something as a group we can do to combat this unfairness? My Skyline mfg home is much better than many of the stickbuilts in my subdivision and I've never had a prior problem. I'll check out the NYT story...I'm already a subscriber.

[[email protected]]

Will the problem in the sub-prime loan area effect manufactured home sales in general and the sale of new manufactured in particular. Might it drive prices lower? I'm thinking of what happened in the late 90's early 2000's.

[rmurray]

It probably will slow new factory built home sales..especially lower end modular homes..Manufactured homes have not qualified for designer loans for sometime..but mods have..I have done more than a few no doc/no income verification mortgages on mods...If new factory built home sales lower much lower than last year..You will see more than 1 of the major manufacturers closing or worse...I do not expect home prices to drop unless quality or standard features follow...The profit margin is very low and there is no room to lower it..