we have mean credit scores of 672 & 676
debt ratio about 52%
want to reduce debt ratio a bunch
own .4 ac with 2000 dblewide affixed free & clear in cordes lakes/mayer az
I’m self empl. for 10 years real estate but no LLC till now
my husband for 6 mo. (left nursing after 20 years)
2005 Taxes show good profit
want to get loan to pay ourselves back… pay off cards we used to rehab it easily appraise at $110K-$115K
best quote we have gotten on stated income for a 3-5 yr arm is
60% LTV 8.5% 1.25 points/orig fee
I’m not clear what you are asking for. Are you looking for a loan on a doublewide mobile home? If so, is it in a park or on its’ own land ? What is the loan amount you are looking for? How long have you owned the property?
Your scores are good, your debt ratios are high but can be brought down after paying them off… bit more information would help determine if this is more of a conforming loan or not. The Loan to value of 60% seems low to me, but I guess that is why I asked the questions I did.
Let me know if I can help after looking at the entire scenario…on first glance it doesn’t seem like a big deal to finance as far as your scores are concerned, but merely could be the property is in question.
“…own .4 ac with 2000 dblewide affixed free & clear in cordes lakes/mayer az…”
it is affixed to the land… not in a park
what I am wondering is if the terms we have offerd to us so far sound decent or if in others opinions we should search more for lower rate & better LTV… would like closer to an 75-80% LTV
we intend to pay off & close 2-3 cr card accounts with the new mortgage which would really improve our debt ratio
If your doublewide is set on your land that is owned by you (on foundation or slab) it should be considered more like a regular type property and you should have other/better options. I can check out some programs for you if you like and get back to you with some preliminary numbers if you’d like.
Most lenders restrict cash-outs on manufactured homes. The highest LTV on a MH I have ever seen is 65%. You should definetly shop around for better rates than that. Hope this helps.
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again, we own all of it… land and home… no debt on it… no leins… no mortgages… paid cash for all of it
it is on piers… it is affixed to the property meaning that it is taxed as real property in AZ… for $3000 we can make it qualify for FHA with a cement peirs but from what I am told only about 3-4% of loans are FHA so not worth it for us to spend more $$$
as far as LTV
I have had 75%-85% LTV cash out refi loans & construction on mfg. homes more than once with M & I & Wells Fargo etc
the low LTV this time is due to debt ratio & stated income, or so I’m told
I’m thinking that if the debit ratio is significantly reduced with the cash out refi, I was hoping to get better rates & at least 75% LTV