Equity Home Loans

Looking for a mobile home mortgage with bad to medium credit?

We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us? We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?

Public Comments

1. So if I am understanding this correctly, you want to refinance the land to take cash in order to purchase the 35 year old mobile home from your brother which sits on your land for you to live in? Sorry to tell you but you can't do what you are looking to do. You can't have the best of both worlds. Your options are to find a lender that will refinance your land to give you enough cash to put 20-30% down on the mobile home for the purchase. You will then have to pay them or someone else to move it to your land along with the electrical hookup and plumbing. The only way it will happen even remotely close to what you are hoping for is to put the mobile on a foundation. Then and only then will you find a lender to consider the land and mobile as one for a refinance. This is of course after the above takes place. I am all about helping people so don't think I am being a pessimist. If you were somehow able to find someone that would be willing to do what you are looking for I would be very interested. I would be a wealthy man with this info. We could work out some kind of split I'm sure.
2. Try the SOL Mobil Home Mortgage Company. The Broker took my credit app. while I was in Bankruptcy Court, and had me approved before my case was complete. Gee, Thanks SOL Mobil Home Mortgage Company.