Hi everyone!
We own a manufactured home that is completely paid for, but sits on a rented lot. Last year’s value was $11,500 and we know it is worth more now. We are trying to get a loan for about $5000, based on the home’s equity. I am self employed and can’t really show income and my husband is temp. disabled due to accident, but he receives child support for his son. Because of the accident, our credit is shot!
Anyways, we’ve been looking into hard money loans. The problem is “manufactured home”. We reside in OR. Has any of you been in a similar situation? I’d be interested in any info/help you could pass on. Thanks ;D
“Manufactured homes” are tough to find money for. Especially when you do not own the property that it is on.
Manufactured Homes have a “title” just like your vehicle. So financing and refinancing them is a little different than a normal transaction.
My suggestion would be to try a local Wells Fargo or Household Finance office to obtain your funds. They will use your personal property as collateral for the funds
If you’re credit is decent, you can probably borrow $5K at about the same rate on a signature loan…I can get $4,999 on a signature loan for 8.9% at either of my credit unions.
Keith