Cash out refi for 20 y.o. manufactured home in CA

Private Lending & Conventional Mortgage Advice
5yFollow

Cash out refi for 20 y.o. manufactured home in CA

Justin Bass
New to Real Estate · Pleasant Grove CA · Member since 2021 · 3 posts · 2 votes

Having issues finding a company to refi a 20 y.o. manufactured home in Sacramento area of CA. Companies we have spoken to say they can only cash out on one that is 2 years or younger. Home appraises with enough equity, but no takers. Help please.

1Reply
17 views

5 Replies

Jump to latestLatest
  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    5y

    Perhaps hml may be an option . Many will fund 76 and older as well as the home does not need to be on a permanent foundation . The land usually must be owned .

    [email protected]
    0Reply
  • Justin Bass
    OP
    New to Real Estate · Pleasant Grove CA · Member since 2021 · 3 posts · 2 votes
    5y

    @Jo-Ann Lapin thank you for replying. I am new to all of this so I want to make sure I am on the same page. By hml you are talking about home modification loan? If so, the ones I have found want you to be underwater or behind on the mortgage.

    0Reply
  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    5y

    @Justin Bass...hit me.  I'd like to know more about what you're trying to do.  Is the manufactured home on a permanent foundation?  What type of value vs. loan amount are we talking? I'd like to know more. Thanks,

    Jared Rine United Lending Partners53 Reviews
    View Page
    0Reply
  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 642 votes
    5y

    Is this a primary residence, vacation home, or investment?  On permanent foundation?  Owned land or leased land?  What is the value vs loan amount?

    [email protected]
    Stephanie Medellin, Loan Factory58 Reviews
    WebsiteView Page
    0Reply
  • Justin Bass
    OP
    New to Real Estate · Pleasant Grove CA · Member since 2021 · 3 posts · 2 votes
    5y

    Thank you all for the replies. I've been waiting for my appraisal to come in, unfortunately the person who was trying to do our refi failed to send over the right paper work on the property. This is my primary residence, it is not on a permanent foundation. we do own the land it is on. there is $215,500 left on the loan and I am very confidant it will appraise for at least $400,000.  

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free