What Lenders Go For Older DW?
You guys were so helpful with my last problem that I'd like a little more advice. The mortage on the 1984 DW with lot that I bought from the owner was sold to some Pathfinder company who turned around and sold it a week later to American General Finance. I rent it to my son and his family. It will be paid off in Oct and I want to refinace to get as much cash as possible. AGF says they will give me 50% of the appraised value, and with the points and closing costs its looking like $1200 or so to refinace. Does this sound usual? I called two banks I do business with and they won't even consider a loan on an older DW, let alone one that is rental propery. Any other avenues for me? I don't want the rent as income, I need the interest write off on my fed taxes so I want as large a mortage as possible.
I just came across your April post. Hope this info will still help you.
Actually, your calling your 1984 double wide manufactured home "old" is incorrect. There are many lenders that will loan on your manufactured home especially with it being on it's own lot.
Check out this website that has a few lenders that specialize in mobile home & manufactured home parks (HOME ON LAND).
Cheryl Lopez
And you should realize that your owning the land/lot is a huge plus, that makes refi a fairly simple matter, and lots of institutional lenders do make those loans.
A lot different picture than the stand-alone MH in a MHP. Not realty, not lender desirable (not big institutions that is) and that's why there's so much opportunity for those who do Lonnie deals.