I am a single father of 2 in grants pass oregon who owns a riverfront property with a 1963 single wide mobile. The house appraised at 270,000 but i am having the HARDEST time finding a lender for a heloc on an older mobile. The house is paid off in full and i still cant find a lender. I do t want to sell the place i want to take a heloc on the property to invest into rental properties or a fix and flip. I am so stressed right now not being able to get a heloc to start my real estate portfolio on a house i own free and clear. Does anyone have any help on finding a lender on a 1963 single wide mobile? Anything helps. I am trying to get my children and i's future started in real estate and i cant even use my home thats paid off to do it with. Breaks my heart
Rental Property Investor · Las Vegas, NV · Member since 2018 · 15 posts · 1 vote
7y
@Jacob Ries, I am sure that you can’t refinance a paid off home. However, I know you can apply for HELO. I know for a fact Quicken Loans does these and maybe will get you approved within the next 24 hours.
yes it is an owner occupied residence. my kids and I live here. I have a great credit score and dti ration is great as well but the 3 banks I have filed applicatons with are telling me they can't help me due to the age. I even went ahead and got flood insurance and everything.