trouble getting older home and land financed

[bigrick44]

Iam trying to get financeing on a 1978 custom built single wide home on a half acre of land has a lot of extras 2 care garage a 26x9 addtion home looks like it just came off the lot . but all the banks can see is its age .any suggestions

[rmurray]

Yes..try the finance link at the top of this page..Your home IS a HUD certified home but most non manufactured home lenders do not finance single section homes,but all the lenders at the above link specialize in factory built homes and will finance single often with land...Of course your credit rating and down payment can make a difference...Give it a free try..be honest answering the questions.You should have some offers very soon..Go For IT

[lockman89]

i've had the same problem and have went through six lenders and 2 credit unions. Unfornunately anything older than june of 1976 can't be financed the traditional way. Some of the credit unions had loans sitting for me but at 7%. my credit rating is 700, with the fed at half a point I would at least like to have 6.25 or 6.4 max. Even with a land only loan they will only finance upto 70% of its value. What i want to know is how to rewrite the assesment when your modular has been turned to real property and remodeled, title eliminated and is no longer a modular except for maybe the floor. Having the finance company read 50x40 remodeled 3 bedroom dwelling etc. etc. instead 1975 manufactured brodmore home converted to real property. changing that on the assesment papers means your on your way to financing your home.

[David Oxhandler]

Is you home a modular built to the local state code or a mobile home built prior to the Federal HUD code? If it has a steel frame under it it will be considered a mobile home in most states regardless of what the original builder called it. Unfortunately changing the information on the assessment or the appraisal would be considered fraud and should not be a consideration.Finance companies and banks are reluctant to put up money for homes that were built in a time before there were national construction standards.... as they have no way to know what it is they are investing in. If you can get a loan for a pre-code home at 7% I would grab it. Most pre code MH loans are made with owner or private financing with a rate well above what your credit union is offering. As the Fed dropped interest rtes yesterday your credit union might consider a slightly lower interest rate. Even if they dont it will be the absolutely best deal you will find.

[coal32tigers]

I have a 1974 Brosodmore that we have been remodeling the last 5 years. It was put on a full unfinished basement in 1974 when the original owner had it. I have lived in it for the last 15 years and have had hard times finding lenders. It had an external stair case, we since have enclosed the stairs, added 2 bedrooms and a bath room down stairs. We refinanced 7 years ago and had to go through a broker to find a lender, I even work for a larger local bank and they would not touch it. Our problem now is with all the remodel and updates we still cannot refinance, we were hoping to do this since one of the kids will be heading off to college this next fall and wanted to get some equity out...come to find out its not worth anything now except the land its on (in town). How did you get yours refinanced? Were you able to get it assesment re done? Can you go through HUD would they help?
I feel we were taken advantage of in the first place and wish someone would have told us it wouldn't help updating things in it. We are out the money and now its not worth it. Do you have any ideas?

Thank you!
Kayla McCann @
Washington state

[David Oxhandler]

You are not "out the money" you are enjoying it daily, in the form of what sounds like a great home. You are facing the same problem as many Americans today, who have always considered their homes a piggy bank. A renovated home on a full basement has value... it sounds like you are living mortgage free in a home that is more than adequate for your family. There has to be value in that today, with so many around us loosing their homes.

In a better part of the economic cycle you could have and will again surly be able to sell it for quiet a bit more than the raw land. You are not alone. We are all feeling the effects of the current recession. Credit is tight even for high score individuals with newer homes. Home and land mortgages will become available again, even for older homes, when the credit market loosens up.

[lmprice]

We have a manufactured home that is totally remodeled and want to sell it but no one can finance it....a friend of ours took the steel beams out of his house and the bank was willing to finance it as stick built then. Have you heard of this? We want to do this too. What do we need to know about removing the steel beams and what should we replace them with?

[rmurray]

You will find a reply to your question here;

http://mfdhousing.com/phorum5/read.php? ... #msg-79227