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Bolties
04-25-2006, 02:02 PM
So I had no idea that NOBODY seems to do "single wide" mobile home loans anymore. This is crazy. I even offered to put down 25% and the best they come up with is like 10% interest! What a rip-off :mad: I have talked to like 30 banks. They claim that since it is a secondary/ vacation home they kill you on interest. Help please.....

Mandelon
04-25-2006, 02:07 PM
Refi the first on your house and use that $$$??

Bolties
04-25-2006, 02:08 PM
Refi the first on your house and use that $$$??
Yeah I thought about it but my rate on my house is soooo low that I would regret it later. Any other options??

HM
04-25-2006, 02:10 PM
Refi the first on your house and use that $$$??
This is your best option.
2nd Option:
10% is a DEAL on a single wide especially with only 25% down.

Mandelon
04-25-2006, 02:12 PM
I thought Fannie did those loans, as long as you were on a foundation. If you are just on jacks and skirts, then as you know its tougher.
I wonder about a bank or lender from somewhere further east, that does more mobile homes...
Maybe call a mobile home sales center and see who their customers use.

HM
04-25-2006, 02:12 PM
Yeah I thought about it but my rate on my house is soooo low that I would regret it later. Any other options??
Closed end 2nd or HELOC on your current so you don't have to mess with the first. I just did a 25 year closed end 2nd Interest only at 7.5%.

Todd969
04-25-2006, 02:15 PM
where is it located? I may be able to help. What year is it?

Bolties
04-25-2006, 02:15 PM
Closed end 2nd or HELOC on your current so you don't have to mess with the first. I just did a 25 year closed end 2nd Interest only at 7.5%.
May I ask which bank?

Bolties
04-25-2006, 02:16 PM
where is it located? I may be able to help. What year is it?
Havasu RV resort, Lake Havasu, 2004, and the purchase includes the land.

essexjet
04-25-2006, 02:17 PM
I thought Fannie did those loans, as long as you were on a foundation. If you are just on jacks and skirts, then as you know its tougher.
I wonder about a bank or lender from somewhere further east, that does more mobile homes...
Maybe call a mobile home sales center and see who their customers use.
Also if you own the land its on or not has alot to do with it. Holy Moly has the best answer, the closed end second will give you the lowest rate.

Todd969
04-25-2006, 02:18 PM
Havasu RV resort, Lake Havasu, 2004, and the purchase includes the land.
Hang tight. Making a call.

HM
04-25-2006, 02:20 PM
May I ask which bank?
You may.
May I not answer? :D
IndyMac. They have one of the best closed end 2nds right now. But, requires great credit and great reserves. Basically, prove to them you don't need it, and they will give it to you.
If you go with a HELOC, just walk into Wells Fargo or Washinton Mutual and they will do them for free of all upfront fees, get you the lowest margin, which is sometimes less than prime depending on your FICO and LTV, and have your money ready in 2 weeks or less.

Jrocket
04-25-2006, 02:22 PM
From what I understood is that they wont loan if its on BLM or Indian land.Hard to do if its even on any type of month to month type leases.True?The trailer also has to be a newer dated trailer.?

Bolties
04-25-2006, 02:28 PM
From what I understood is that they wont loan if its on BLM or Indian land.Hard to do if its even on any type of month to month type leases.True?The trailer also has to be a newer dated trailer.?
Yup, you'd think that they would rather you purchased the land, but after talking to most of these guys, they prefer it on a month to month lease. From what alot of them are telling me, they have numerous people walk out on their "single-wide" homes. I'm not some white trash dumb-ass that wants somewhere to live for a while and walk out. This is a beautiful resort, only a couple years old. I have excellent credit and just a mortgage and truck payment.......

Todd969
04-25-2006, 02:29 PM
Yup, you'd think that they would rather you purchased the land, but after talking to most of these guys, they prefer it on a month to month lease. From what alot of them are telling me, they have numerous people walk out on their "single-wide" homes. I'm not some white trash dumb-ass that wants somewhere to live for a while and walk out. This is a beautiful resort, only a couple years old. I have excellent credit and just a mortgage and truck payment.......
Check your PM
Good Luck :)

HM
04-25-2006, 02:33 PM
Yup, you'd think that they would rather you purchased the land, but after talking to most of these guys, they prefer it on a month to month lease. From what alot of them are telling me, they have numerous people walk out on their "single-wide" homes. I'm not some white trash dumb-ass that wants somewhere to live for a while and walk out. This is a beautiful resort, only a couple years old. I have excellent credit and just a mortgage and truck payment.......
Do a 2nd or HELOC and there are no strings attached. Tell them cash out is for modest home improvement and to build cash reserves, and you are good to go.

sigepmock
04-25-2006, 02:38 PM
Do a 2nd or HELOC and there are no strings attached. Tell them cash out is for modest home improvement and to build cash reserves, and you are good to go.
This is the way to go. Funny it is easier to buy just the lot than one with a park model on it......crazy banks don't understand the diff. between this and your typical white trash mobile home park.....
Good luck. We need as many HB's in the park as we can get.
Chris

Advantage Adam
04-25-2006, 02:44 PM
Closed end 2nd or HELOC on your current so you don't have to mess with the first. I just did a 25 year closed end 2nd Interest only at 7.5%.
I use Indymac everyday and I have never seen a closed end 2nd that low. In fact, I have never seen a closed end 2nd below the prime rate. Did you go through a retail location?

slink
04-25-2006, 02:44 PM
What's a ballpark figure for spaces there? both empty and w/ a mobile on it. I was thinking about checking them out on Thursday while I'm up there getting the boat service done, just seeing if it's worth while. thanks

HM
04-25-2006, 02:53 PM
I use Indymac everyday and I have never seen a closed end 2nd that low. In fact, I have never seen a closed end 2nd below the prime rate. Did you go through a retail location?
Pretty sick, huh? 25 year closed end 2nd, I/O. It is a wholesale product, but not available on E-Fits - I mean E-mits. You can get their 30/15 down below prime. FICO and Rerserves & LTV make it happen. I have used IndyMac several times this year because we were able to bet below prime on a fixed.
The 25 year program I get through a correspondant lender for IndyMac. IndyMac themselves are a bit of a pain.

Bolties
04-25-2006, 02:54 PM
What's a ballpark figure for spaces there? both empty and w/ a mobile on it. I was thinking about checking them out on Thursday while I'm up there getting the boat service done, just seeing if it's worth while. thanks
They have one for sale w/ a park home on it for $149K, the lots vary by price depending on size, some are at $129K right now.

sigepmock
04-25-2006, 02:59 PM
What's a ballpark figure for spaces there? both empty and w/ a mobile on it. I was thinking about checking them out on Thursday while I'm up there getting the boat service done, just seeing if it's worth while. thanks
There a few phase I lots for $55k, the second phase lots are $75k and up, there's one with a park model type travel trailer on it for $88k or so and then the rest vary by size and how much is built on it. Definately worht stopping and taking a look. Some are through the park but the better deals are through private sellers, look for the for sale signs on the lots.
Chris

Todd969
04-25-2006, 03:01 PM
a correspondant lender for IndyMac?
That's interesting, so you get it from some broker who claims they can get it if it's approved by and sold to Indy? Just curious.

Restless22
04-25-2006, 03:02 PM
I am on the retail lending side. Here at Chase we offer a heloc no closing cost, Prime up to 80%, Interest only with lock option.... :220v:
I would do a 2nd on your home so you do not have to deal with getting a loan for a mobile home. They are a pain in the ass to get.

SoCalSouthpaw
04-25-2006, 03:06 PM
So I had no idea that NOBODY seems to do "single wide" mobile home loans anymore. This is crazy. I even offered to put down 25% and the best they come up with is like 10% interest! What a rip-off :mad: I have talked to like 30 banks. They claim that since it is a secondary/ vacation home they kill you on interest. Help please.....
:idea: Maybe recycle a few more shopping cart loads of aluminum cans. :idea:

slovolvo
04-25-2006, 03:45 PM
I am a manufactured home dealer, so I can answer a few questions. In regards to why it is so hard to finance park models, it is that park models are like big travel trailers, must be less than 399 sq ft, and are registered through the department of motor vehicles. As such, their construction is not regulated by HUD, which makes lenders nervous. Also, their resale value is (generally speaking) not very good. Single wides can be a bit of a pain too, in fact I don't even sell them, but I can help you get it done. If you still haven't found a solution, send me a PM and I will get you in touch with some of my lending sources.
-Paul

HM
04-25-2006, 04:21 PM
a correspondant lender for IndyMac?
That's interesting, so you get it from some broker who claims they can get it if it's approved by and sold to Indy? Just curious.
No, they fund in their own name. Then 30 microseconds (or faster) after the loan funds, they sell it to IndyMac. It is pretty common. They underwrite to IndyMac guidelines (or who ever) and have contract with them to sell it to them on the secondary market. Most lenders offer some kind of program (say country wide - there are only a few thousand correspondant lenders for them) that they correspondant lend for. They are participating in the secondary market, but have contracts with specific lenders. They don't make as much on the sale in the secondary market when they contract this way. But there is an extra .75 - 1 point for funding this way(over and above the yeiled spread). Some of these guys have retail arms and don't have to disclose any yield spread as it is all aquired on the secondary market. These are some of the people that claim that they give you "no fee and no cost" loans and don't have to disclose they are making 3-5% yield spread in the secondary market, many times with little to no risk due to correspondent contracts.
I plan to go correspondent by year end. I will fund in my name, then sell them faster than Kim Hanson can down a 24 pack of molson. I am not interested in the additional profit (but will take it), but am interested in removing more variables of the loan process for my clients, especially at month end. Ever have a loan guy tell you your loan should fund today?...but it doesn't?, then tomorrow?, and then tomorrow? I hate that too as a broker. So, by funding my own loans, this process will be very controlled as I just walk into the next room and stab the underwriter in the neck with a pen. J/K Our underwriter won't be overloaded with loans from 10's to 100's of moronic brokers and will be able to focus on the loans we have and fund them as we promise.

Jrocket
04-25-2006, 04:24 PM
HM,
Always has the angle,Amway rep #1. :p

HM
04-25-2006, 04:27 PM
HM,
Always has the angle,Amway rep #1. :p
LOL...only, now I make money. And don't recruit people into a business that recruits people into a business, that ....well, you get the picture.
:D

Jrocket
04-25-2006, 04:30 PM
LOL...only, now I make money. And don't recruit people into a business that recruits people into a business, that ....well, you get the picture.
:D
:D Sweet...now stay away from those rough chicks and you'll be just fine.

HM
04-25-2006, 04:33 PM
:D Sweet...now stay away from those rough chicks and you'll be just fine.
But then how will I make you laugh? According to some...I am not funny anymore. :D

Jrocket
04-25-2006, 04:35 PM
But then how will I make you laugh? According to some...I am not funny anymore. :D
Dude your hilarious...your a regular Clinton when it comes to laughs!