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Loan Scenario: CA, $195,000, 782, 65% LTV, Cash Out Refinance

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Forums » For Mortgage Professionals » Loan Scenarios » Loan Scenario: CA, $195,000, 782, 65% LTV, Cash Out Refinance
 

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Latest post Wed, Nov 4 2009 8:01 PM by Steven Nagy III. 3 replies. Viewed 322 times.
Page 1 of 1 (4 items)

  • Tue, Sep 22 2009 10:40 PM                

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    Loan Scenario
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    Loan State: California
    Loan County: Mendocino
    Loan Type: Cash Out Refinance
    Loan Amount: $195,000
    Property Value: $300,000
    LTV: 65%
    FICO: 782
    DTI: 34
    Occupancy Type: Owner-Occupied
    Property Type: Manufactured D/W

    Looking for an FHA or conventional lender that will do a cashout loan on a manufactured home.  Property is rural on 10 acres.  I've checked with US Bank and it wont work.

    PREMIUM MEMBER
     Eric J. Leithliter, BMC Mortgage Company
    eric@barronmortgage.net
    415-454-3644 x24
    Visit my mortgage blog at www.bayareamortgageguide.com
    "I work to find the right loan for your dream home"

  • Wed, Sep 23 2009 11:21 AM                 In reply to

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    Check to make sure the property complies to what FHA will allow for financing under the definition of "Manufactured Housing".  The link below should get you the information you need and once you have confirmed that FHA will insure this property, finding a lender should not be difficult. 

    http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-9d.cfm

    Good Luck,


    Steven Ceceri, CMPS

  • Wed, Sep 23 2009 7:09 PM                 In reply to

    |Contact

    I would agree that FHA would be the best option.  If you find that FHA is not providing enough cash out or your running into comp issues, look into another like FHA portfolio lender.

     

     

    Voyage Home Loans

    Mike Kim

  • Wed, Nov 4 2009 8:01 PM                 In reply to

    |Contact

    FHA no longer does manufactured homes as of this month.  I would try to find a private investor.  Good luck.

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