Financing in 21869>Question Details

Snbear24, Home Owner in Vienna, MD

i owe 75,000 on property appraised @ 105,000. 26.21 acres in remodeled mobile home. credit score near 800. can't refinance. why?

Asked by Snbear24, Vienna, MD Fri Oct 21, 2011

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Banks typically will not finance a mobile home so they are probably only looking at the value of you actual land and will probably only finance at 20% of that value. Mobile homes like automobiles depreciate in value over time rather a home built on your property that would normally appreciate in value - of course in our current economy and housing market that us not happening either. Is the $105,000 a recent appraised value or a tax assessment?
0 votes Thank Flag Link Fri Oct 21, 2011
The acreage and the fact that a mobile home is the reason that you can't refinance. You need a small LOCAL bank or perhaps a credit union. Plus the loan is small and that is another legative factor. Sorry to put it like that but I wanted you to know why you were having such trouble. If you have any follow up questions please let me know. I don't have a source for your loan though or I would tell you.
0 votes Thank Flag Link Fri Oct 21, 2011

Properties that have more value in the land than in the home, is harder to find financing. Typically you will need more equity to be able to do a refinance. You may want to check your local Banks and Savings and Loans to find a financing program that will work for you.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
0 votes Thank Flag Link Fri Oct 21, 2011
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