Single Wide Mobile Home Refinancing

Single wide mobile home refinancing is virtually identical to double wide refinancing with the exception that in order to qualify for refinancing, the mobile must be valued at $20k or more. Refinancing rates are determined by the credit score of the loan applicant. Credit scores are the leading factor in determining interest rates for any loan. Mobile financing is different in that it only includes the actual home whereas real property financing includes the house and the land.

Mobile homes are typically set in parks or communities on a rented lot or leased piece of land. Single wide mobile home refinancing is contingent upon the amount of money still owed on the original chattel mortgage. A chattel mortgage is a term for a mortgage on personal property, or property without land attached. If the amount owed on the loan exceeds the worth of the mobile, then a lower amount may be approved. The entire amount of the loan however would go to pay the original chattel mortgage. Mobile home refinancing lenders have strict restrictions on the applicant and on the home for approval.

The applicant must have a good credit score (above 660) and have at least three active credit accounts. They must have a stable credit history for the past 24 months, and have no repossessions, no charge offs, and no credit cards in collections. They must have a verifiable consistent and stable income and provide the loan officer with two years of federal tax returns. The applicant must not have filed for bankruptcy in the last five years and should have made over three monthly payments towards the original chattel mortgage. As of yet, there are no single wide mobile home refinancing lenders that offer programs for applicants with less than perfect credit.

The stipulations for qualification for a single wide mobile home refinancing loan are strict as well. The home must not be older than 25 years; if the home loan is equity cash out, then it cannot be older than 15 years and must have been built to meet HUD standards. It cannot be worth less than $20k and must be over 768 square feet. It should already be placed at a site, whether in a Mobile Park or community or on leased land, it needs to be already placed on the lot. It also must be livable and skirted. If the applicant and their home meet these qualifications, then the refinancing will be processed. "Behold, the Lord God will help me; who is he that shall condemn me?" (Isaiah 50:9)

For more information: http://www.christianet.com/homerefinance