Raliegh, NC · Member since 2018 · 50 posts · 19 votes
Does anybody know of a lender who can do a cash out refinance of a manufactured home? it’s paid off. Income and credit are not issues
Before you post, please understand that this is not my first rodeo. I fully understand that it’s a longshot. The manufactured house is on a permanent foundation. I know that Citadel has a loan program for this, I’m trying to find others that do also, because fit Adele isn’t very reliable with their underwriting guidelines.
Hi Thomas - I am in the same situation, and so far have only found 21st mortgage willing to do a cash out refi on a manufactured home investment property. They offer a 55%LTV on the original purchase price of the land and home - not the current value. Their rates vary from 6-12% depending on credit and age of the home. They also only offer a 10 year term on investment properties, and have a 3 to 5% origination fee. In my case, the original land + home costs were $160k so loan of $88k. With my credit near 700, they quoted me a monthly payment of $1000 to $1050 with interest rates of 7.25 to 8.5%.
I do have a question for you about Citadel. When I called them, they stated that they are not licensed to provide personal loans (I hold the property in my name) in Arizona. Do you hold the property in an LLC, or could they provide you with financing in your name in NC?
The title is it an entity. Citadel has been a nightmare to work with like most of these bait and switch type non qm lenders who just throw everything they can against a wall to see what sticks. I might give them a call. Thanks for the tip. I just need to put the money to work on other projects.
The title is it an entity. Citadel has been a nightmare to work with like most of these bait and switch type non qm lenders who just throw everything they can against a wall to see what sticks. I might give them a call. Thanks for the tip. I just need to put the money to work on other projects.
You're not going to find a non-qm experience that is NOT a nightmare to work with. I tried 4 or 5 non-qm lenders and they were all operationally somewhere in between marginal to incompetent. The reps don't know what exact paperwork they are looking for, and getting the underwriter to review for an answer is a 3 or 5 day process of waiting.
Brace yourself accordingly. Plan for 2-3 month close. If it closes (fewer than 50% do, according to some stats I read).
The issue with qualified mortgages is that you can only get a certain amount before you’re done. A lot of lenders won’t even do more than 5. And that’s just nuts to me. Non qm opens up worlds to people like me, if you can get the right loan officer and the right underwriter - but that’s the tricky part.