Cash Out Refinance on a Mobile Home
I purchased a mobile home in Florida and am trying to cash out refinance. Every lender I speak with is now telling me that I need to wait 12 months before I am able to cash out. Is anyone else buying mobile homes and refinancing them? If so, which lenders are you using? Would love to get any feedback on options.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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I don't know any lenders lending on mobile homes much less at 6 months.
Adrian, We mainly buy parks and our tenants are either paying cash or using one of 3-5 different lenders for new loan origination, but maybe one of them would be able to do refinances? Vanderbilt, Triad, 21 Mortgage or Park Lane Solutions are 4 off of the top of my head that work for new loans.
Also, did you purchase it as a rental investment or for a primary residence?
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Is this an investment property? Are you on a land lease? There are lenders that can do cash out refinances on mobile homes on permanent foundation with less than 12 months seasoning. LTV is capped at 60-65% though.
Quote from @Chase Louderback:
I purchased it as an investment property currently tenant occupied paying $1000 a month
Understood - Yes, you will likely need to wait that long for a cash out refinance, but you can always check with other chattel lenders or the ones I mentioned above to see if they can do anything sooner.