Answers
I inherited the mobile home and have lived in it for less than a year and I'd like to get the loan for home repairs and a new/used car. But I'm not sure where to go or how to go about getting the loan.
https://www.lowermybills.com
They have a section on home equity loans and mobile home is listed as a choice for a loan. I've never heard of getting an equity loan on a mobile home, but as long as it's worth more than what's owed, I don't see why not. I've always heard mobile homes don't appreciate, though. Good luck!
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an equity line of credit of about 10,000. We have good credit but have a bankruptcy on our credit from about 3 years ago. I know that is bad but other than that everything lookd really good. Our credit score is right below 700. No one wants to help us because our home is considered a mobile home. It's bricked and considered real property. Who should we ask? Has anyone out there who has a mobile home got an equity lline of credit? Please tell me with who you did so we can call them. A direct e-mail to the company would be great too. Any suggestions? Thanks
no it's not on rental property, we own a few acres, our mortage is with a reputable company known world wide (I won't say the name). were not in a trailor park or anything, we are in a nice community with mostly all "stick built" homes, brick and whatnot.
Go to your local banker and take a loan on the land and the mobile home as a whole.
Good Luck!
I have a 1971 mobile home that sits on .66 acre. The house was actually completely tore down and rebuilt in 2000, despite that, I am finding that it is darn near impossible to refinance. I owe $157,000 on the house and comparables in my area are going at about $350,000. If I can't refinance because my place is a 1971, is it possible to take out a home equity line of credit on a mobile home?
On a 36 year old mobile home, most likely not.
Not to mention, you have done work on it... Most lenders will not refinance even a 5 year old mobile home if it has been modified in any way... EVEN if the modifications are really nice, and done by a pro. Banks think of mobile homes like cars... they are worth less as years go by, not more.
If you have really good credit, and it is at least a double wide, your local bank or credit union MAY lend on it... but that is about your only option.
Good Luck!
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money was that the current CEO saw a chance to establish equity and credit lines at good rates three or four years back, long before the collapse. and more »AZ Central.com - Dec 29, 2009
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and all are equally culpable: Fewer customers with less to spend, banks who won't make loans, tighter credit generally, the end of the home equity ATM,