Refinance Manufactured HomeWe refinance manufactured homes, whether you want to lower your rate or get cash out.
Refinance Manufactured Home Loan Options.
Whether you just set your manufactured home up and you have a high rate that you would like to lower. Or if you want to access your homes equity, we can help. We refinance manufactured homes back to June 15, 1976. We can refinance double wide manufactured homes or single wide homes. If the home is a double wide then we can refinance it as second home as well. You must own the land in order to utilize our manufactured home refinance options! The land can not be leased. Home owners associations are okay, but the home can not be in a co-op. If its in a condo association there can be no singlewide homes in the community.
We love to refinance people into lower rates who initially got a high rate from the set up of their home.
Refinance Manufactured Home with Conventional Financing
When you have just installed a manufactured home refinancing with conventional financing is the best option if your credit score is good enough. If you have owned the land for less than 12 months we use the lessor of the cost of your land and the new home set up, or the total appraised value of your home and land together. If you have owned the land for more than 12 months we can use the current appraised value of your land and then include the cost of your set up. The minimum credit score is 620 for conventional financing but the higher your credit score the better your interest rate will be.
Cash out Refinance for a Manufactured Home
Utilizing conventional financing or FHA financing you must have owned the home for 12 months to do a cash out refinance. When utilizing conventional financing the maximum loan amount will be be 65% of the value of your home. This can include a pay off on a mortgage and any cash out beyond $2,000. If the cash out is less than $2,000 you can do a limited cash our refinance up to 95% of the value of the home. Additionally with conventional manufactured home refinancing the maximum term is 20 years. With FHA financing you can go up to 80% of the value of the home and utilize a 30 year term mortgage. Cash out is only allowed on double wide homes using conventional financing and it must be your primary residence. If you have a singlewide home your can utilize FHA financing.
When doing a cash out refinance you can pay debt off directly at closing. This can also allow your debt ratios to be lowered in the event you need to pay off debt to qualify. Utilizing your homes equity to pay off high interest loans and lower your monthly payments can be a great way to create more financial freedom for you and your family.
Refinance Manufactured Home Via FHA Financing
In order to refinance your home with an FHA mortgage you must have owned the home for 12 months. The value of your home will be determined solely by the current appraised value at that point. FHA allows for more flexibility with credit score requirements and debt ratio requirements so depending on your situation you may need to wait the 12 months from the time of your purchase to use refinance your manufactured home. Otherwise if you have owned less than 12 months conventional financing is a good option. We go down to a 580 credit score via FHA financing. An engineer report will be required to inspect the homes tiedowns but if your home is new then you are most likely compliant. FHA can be used for both double wide homes and singlewides.
Tied Down Requirements for Refinancing a Manufactured Home.
If your home was set up before July 13, 1994 then its possible your tie downs may not be up to code. With conventional financing as long as there are no changes to the roof line or porches added an engineer report may not be called for, its up to appraiser discretion with conventional financing. Utilizing FHA financing you will always need an engineer report to inspect the tie downs and make sure they are up to code. If the tie downs are not up to code then it will need to be remedied before closing. Some contractors will do the work and collect the cost at closing in the event you are doing a cash out refinance and have funds coming back to you.
VA Financing to Refinance Manufactured Home
The VA allows you to refinance a manufactured home using your VA entitlement as long as their is an existing lien on the property whether its a VA loan or not. You can also get cash out of your home up to 100% of the manufactured homes value. Additionally the VA does not require an engineer report when purchasing or refinancing a manufactured home. If your home has a well the VA will require you to get both a water test for bacteria and lead. If your home has been moved from a previous installation VA financing will allow for this.
Refinance Manufactured Home Guidelines to Note:
- We do not refinance on leased land, you must own the land. It can not be in a co-op or condo association unless there are no singlewides. HOA’s are allowed though.
- With FHA financing the home must be above the flood plane.
- We can not do cash out on a second home.
- FHA requires an engineer report, VA does not. Conventional financing requires one 95% of the time.
- Home owners policies must included the replacement cost endorsement or coverage needs to meet a replacement cost estimator. Its possible that your current policy does not meet the minimum requirements of Fannie Mae.