Manufactured with Land

[Rosie]

Hello  would someone tell me if they know of a lender that refinances a 1978 manny on land value for both...260k  owed...190k  needs to consolidate ...please help    ???  oregon

[Mdhaas]

Rosie......is the "manny" on a cement block foundation?

[Rosie]

yes its on a foundation.. cement

[Mdhaas]

Sounds easy enough so far.  How much is needed?  What are primary wage earners scores?

[Rosie]

he owes 190k appriased at 260k  20k out for consolidate...656 mid

[Mdhaas]

It sounds like this should fit into normal conforming parameters.

You are looking for approximately 80% LTV.  The "mannie" has had  foundation put on it which attaches it to the property.

What is the issues that the client has been facing or have they not tried to gain financing yet?

[Rosie]

going stated ....and he owes more than he purchased it for.

[Mdhaas]

How long has he owned it.  Unless he recently purchased it I do not see the issue.?  You should be able to get this done about anywhere.

[Rosie]

couple years  

[lender4developers]

Many conforming lenders are now requiring older "mannys" to be no older than a 1990 to 1995 especially if you do not have a garage.

There are some specialty lenders who only finance a manny but they typically cap at 60% to 70% LTV or lower especially with cash out refinance requests.

Also many conforming lenders are no longer willing to refi a manny for cash out or debt consolidation purposes becasue they do not want the exposure unless you are willing to accept & can qualify for a 15 or 20 year term especially with a 1978 or older unit.