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I live in a fifty plus community and my Maufactured home sits on leased land can i refiance my home

by lizandlarry51610 from Lakeland, Florida. Jan 26th 2017 Reply


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Jan 26th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Generally speaking, if income, credit, etc., all look OK, you will probably be able to find some sort of financing, although generally not your standard loans like Fannie Mae, Freddie Mac, FHA, etc. Also, there is a big difference in the term 'manufactured'. I prefer to use the terms modular and mobile. Mobile homes (steel frames, towed to the property with their own axel) are harder to finance. Modular homes, typically wooden frames, built off site, trucked in on a semi, and bolted together are simply considered a regular home with no special treatment.

Jan 26th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Unless the home has been architecturally attached to the land it sits on, then it's not considered "Real Property".. and you cannot get any type of mortgage on it.. You can refinance however, but you would need to find someone who will do MFH's that are not attached to land.. Typically, you can find these types of lenders, but the finance rate is usually higher on a refinance then when you first purchase.. think of automotive financing.. when you buy, you get 2.75%, but if you try to refinance a used car that 5 years old.. the best rate you can get is 6%.. the same would apply to your scenario. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 26th 2017
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