dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

Can I refinance my manufactured home?

Q: My manufactured rental property is underwater. Is there any hope for a modification or refinance?

A: It is not surprising that you are having trouble getting mortgage relief on your manufactured rental.

First, most refinance and modification efforts are available only for owner-occupied properties; yours is not. Also, modification programs are usually aimed at homeowners in some form of financial hardship; you don't mention that this is the case.

As well, the only "official" refinance program for most underwater borrowers is the Home Affordable Refinance Program, but that is only available if your loan is owned or backed by Fannie Mae or Freddie Mac; presumably, your loan is not.

If your loan is an FHA-backed loan, you might be eligible for a streamline refinance, which appears to also apply to rental properties. Presumably, if the FHA backed the loan initially, they would generally re-back it.

However, lenders are skittish about putting "risky" loans into the FHA pool these days, so you'll probably need to shop around long and hard to find a mortgage lender who will help. Also, all indications are that even though the process is streamlined, you cannot finance the closing costs into the loan, so you'll need to pay them out-of-pocket.

More help from HSH.com

  • Can we do a "cash-in" refinance?

  • How do I remove or add a name to a home loan?

    In general, the only way to remove a name from your mortgage will be to refinance or pay off the debt. This is also true when trying to add names to the mortgage. Lenders will not add nor remove names from such an obligation without the opportunity to ensure that the other borrowers have the ability to pay.
  • I'm trying to refinance a jumbo loan.

  • Is there a ten year refinance mortgage out there?

    Almost any lender that offers a fixed-rate mortgage will offer a 10-year mortgage. Mortgage rates for a 10-year mortgage usually aren't any better than the rates offered for a 15-year mortgage. That said, be sure to shop around to find a competitive rate. Getting a fixed-rate mortgage with a term as short as 10 years will save you a lot of money on interest costs.
  • Living on investment income. Can we refinance our Jumbo mortgage?

    Have you talked to your investment advisor (if you have one)? Some firms will make mortgages for clients with different rules than those you'll find in the open market.

No Comments

Leave a Comment
 
 
 
Mortgage Rates from 0.00%
CUSTOMIZED RATESfrom lenders in your area
In Seconds
Select mortgage purpose below
Refinance
New Home
Type of Property
Single Family
Multi-Family
Condo minium
Your Credit Rating?
Excellent
Good
Fair
Poor
Property State?
*required field
See My Match
You're almost there...
Processing your information