Looking for financing for owner financed home since March 2007. Payments always on time.

Asked by Brandon/Judy, Wheatland, CA Fri Oct 19, 2012

I have steady guaranteed income 3000 per month that I can prove. Owe approximately 148K. Zestimate is around 172K. It has a 1996 manufactured home set on a 433 permanent foundation on 10 acres. We did the owner finance on the land and bought the home cash, put in the home, electric etc with all county permits. My credit fico through Identity guard monitoring is TU-609, EX- 664, EQ- 654. I do have some charge offs in the past two years due to a serious illness I went through and husband death. I got behind for some months. I did however pay them off even though a few accounts charged off during that time. I have a car payment and about 4-5 credit accounts always paid ontime for the past 1-2 years. My questions is, would this be a refinance or new loan? And would I qualify for FHA or USDA loan? Which is better for my situation? I would like to do this in January and am seeking a very experienced person to help me get this done and out of the high interest rate. Thank you.

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Norbert Kominsky’s answer
Norbert Komi…, Agent, Browns Valley, CA
Tue Oct 23, 2012
Hi JW,

Was the Manufactured home new when you bought it, if not, FHA becomes complicated since the home would not be original to your location. You say you owe $148K, what do you owe that on, the land? You may have to go Conventional with 20% down. Remember the 3 C's of Lending, Collateral (the property has to qualify), Credit (your payment history), and Capacity, your income and ability to re-pay the loan. Give us an update when you can.
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, ,
Sat Oct 20, 2012
J Wilson - if you haven't already secured new financing, feel free to reach out to me and I'll see if I can locate a lending source...you've probably already learned there aren't too many sources for manufactured home financing.

To answer your question, this would definitely be a refinance since you already own the home....and there's really no difference comparing a refi to a purchase loan..

Best of luck,

Jeff Marr
Alpine Mortgage Planning
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Mark Wisterm…, Agent, Oroville, CA
Fri Oct 19, 2012
Thanks for your question. This is certainly more of a lender question than a REALTOR question. It will be a refinance since you already have a loan on it. I would be happy to provide the name of a very good lender that can answer your questions in a more confidential way than on this site. If that would be of help to you e-mail your contact information to me and I will get you in touch with the lender.

Have a great day.
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