Sub To Re-fi On A Manufactured Home?
I'm working with a manufactured home owner who is pretty motivated to sell me his home subject to.
Problem is his current 7.6% loan and $1220+ PITI puts him way over current market rents in the area. I couldn't take over his loan and hope to make even a break-even cash flow until I got it sold.
He told me his credit is about 650 and he can't find anyone willing to re-fi him, mainly because it's a manufactured home. Although I suspect his credit is probably playing a part as well.
This is a pretty tight deal regardless but I'm curious about the claim that re-fi's on manufactured housing are that much tougher to get than a regular home.
Anyone have experience there?
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