Refinance your Mobile Home without the land:

Purpose of loan:

1. Lower your rate and payment: Yes. Credit must be at least good to excellent. (For Bad Credit click here or see below). Minimum credit scores = 620. Yes. Full income documentation only.
2. Cash Out / Home Equity Loans: Yes. Available on a limited basis for homes without the land!
3. Debt Consolidation / Pay Off Bills: Yes. Available on a limited basis for homes without the land!
4. Home Improvement Loans: Yes. Available on a limited basis for homes without the land!
5. Remove My Ex-Spouse from the loan: Yes. This is a common request - we can help.

Refinance FAQ's

1. What are the oldest mobile homes you will finance?
2. My mobile home has an addition to it. Will that increase the value? Can I still finance it?
3. Why are cash out or debt consolidation loans so difficult for mobile homes without the land?
4. My credit is not the best. Can I use a co-signer on my loan?
5. I am self employed. Can I still refinance my MH?
6. How come most banks won't finance mobilehomes?
7. My house is in a trailer park. I want to re-finance it and move it to a piece of land. Can I do that?
8. Is there a minimum loan amount for your in park mobulhome loans?

Answers to FAQ's

What are the oldest mobile homes you will finance? For loans on homes where you don't own the land the best programs are available for those homes that are up to 15 years old. It is also important to note that there are now some limited options available for mobile homes as old as 1970! If you have one of these older homes and have been searching at all, you know how rare this opportunity is. Bear in mind that on a property this old the loan is primarily based on your credit and has little to do with the blue book value of the house. This means that your credit must be outstanding in order to qualify for one of these programs.

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My mobile home has an addition to it. Will that increase the value? Can I still refinance it? Mobile homes with additional square footage added on, stick built roofs added, or modified structurally are not eligible for financing under any of our programs. Under our guidelines these modifications do not increase the value of the home, but rather decrease it as the home can no longer be compared with other standard mobile homes. 

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Why are cash out or debt consolidation loans so difficult for mobile homes without the land? Homes in parks or on leased land are difficult properties to re-sell if a customer were to default on his/her loan. As far as we know, we are one of the few companies in the nation even willing to help customers lower their current rate to as low as 7%. We must limit our risk and be careful not add too much additional money to the loan. The very high default rate (foreclosure rate) on this type of property also contributes to the difficulty with cash out loans.

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My credit is not the best. Can I use a co-signer on my loan? Yes you can, but the co-signer must reside in the house. Non-occupant co-signers are not allowed. Most of the time this ends up to where we use the other person as the borrower and leave you on the title to the house. One important note; if we use your income for the loan, we must use your credit also. 

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I am self employed. Can I still refinance a mobile home? Yes, but there are some restrictions. 

First, you must have been running your own business for at least 2 years. You must also be able to prove that you have had this business for that 2 year period. Proof includes 2 years business licenses, tax returns in the business name, professional license, etc. 

Next, you must still be able to verify enough income to qualify for the loan. The most common scenario for small business owners is that they write off as much income as possible in order to pay the least amount of taxes. The catch-22 in this is that you end up looking like you don't make enough to survive on and this won't qualify you for a loan. We do not allow 'stated income' or 'no income documentation' for mobile home loans. 

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How come most banks won't finance mobile homes? The major reason for this is that the current default or foreclosure rate for mobile homes is far in excess for that of stick built homes or single family residences. With rates as low as they are and an abundance of customers, most banks have decided not to deal with the higher risk properties such as mobile homes. 

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My house is in a trailer park. I want to re-finance it and move it to a piece of land. Can I do that? Yes as long as the house you want to move is a Doublewide or larger. This would actually be considered a land/home loan. Click here to go to the appropriate page. 

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Is there a minimum loan amount for your in park mobulhome loans? There is no minimum amount for refinance loans however in order to realize a significant savings it is best that you owe at least the following amounts and that your current rate is at least 10%:

1. Singlewides: $15,000.
2. Doublewides: $20,000.

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Direct Application Links: Use these direct applications only if you are totally sure that you meet all of the guidelines for these programs. If you still have any questions we highly suggest that you use the Automated Underwriting System.