HELOCs for man. homes

[Tanya]

I was wondering if anyone has had any experience in applying for a HELOC when your home is a manufactured home (owning the land, conventional mortgage.) I'm anticipating some difficulty in this regard, just as with mortgages and refinancing. Thank you.

[rmurray]

Mortgage and refi's are not a problem with good credit and equity...A Home Equity Line of Credit can have inherent problems and lenders would probably be more conservative..Since I was unsure about Helocs I looked them up at my favorite mortgage information web site and found this..

http://www.mtgprofessor.com/A%20-%20Sec ... _heloc.htm

[Mac]

I agree. Emphasis on good credit and equity. Loan standards are tightening quite a bit just recently and likely will be tighter for a while - not a bad thing. The mortgage industry is going through what the manufactured home industry went through a few years ago, offering anyone who could fog a mirror a loan. I think in the longer term this is good for the MH industry.