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Grunt
21 Posts |
 Posted - 01/12/2008 : 5:25:46 PM
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Singlewide with addition taxed as real estate 50-75% ltv cash out refi, full doc, midscore 738,
ramscourt@mindspring.com
Alex cell 540-220-8488 |
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MisterVA
5939 Posts |
Posted - 01/12/2008 : 5:28:59 PM
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| IT is still a singlewide. |
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Hopland
1814 Posts |
Posted - 01/12/2008 : 11:45:26 PM
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IT is still a singlewide.
No. It's a singlewide with an addition.
The appraiser should verify if the additions represent a structural modification and if so verification is needed for compliance with applicable laws and codes for modifying a manufactured home. The safety of both the improvements and the occupants is at risk if the addition was not properly completed. |
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MisterVA
5939 Posts |
Posted - 01/13/2008 : 06:20:44 AM
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| Are you an underwriter? |
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mortgagemessiah
7907 Posts |
Posted - 01/13/2008 : 06:24:50 AM
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| FHA would probably be your only bet. |
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MisterVA
5939 Posts |
Posted - 01/13/2008 : 06:36:59 AM
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| Or state housing bond program. You can put lipstick on a pig, but it is still a pig. |
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mortgagemessiah
7907 Posts |
Posted - 01/13/2008 : 06:55:18 AM
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| or you can put a fat girl in a in in a little black dress but she's still gonna be fat. |
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keckpas
1163 Posts |
Posted - 01/13/2008 : 06:59:00 AM
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Steve,
Stop talking about me - jk.
I had one just like this in the fall. Singlewide with 1800 sq. ft. addition. Country records made no mention of the singlewide. But the appraisal had to. Every lender that "thought" they could do it, wound up turning it down. I actually had an U/W recommend they get right of the MH.
Guy wound up getting his loan at his credit union instead. |
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Hopland
1814 Posts |
Posted - 01/13/2008 : 08:48:48 AM
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quote:
Originally posted by MisterVA
Are you an underwriter?
No. My parents were married.
Here's a link to the MH alteration matrix for California. Many other states have similar requirements. Check out structural alterations.
http://www.hcd.ca.gov/codes/mhp/HCDMH604.pdf (link does not work)
try http://www.hcd.ca.gov/codes/mhp/ and use the link near the bottom titled "604 - Manufactured Home Alterations and Permit Guidelines — (Adobe PDF)"
Here is a passage from NADA (National Automobile Dealers Association) which is a HUD recognized authority on manufactured homes.
quote:
POST-CONSUMER SALE (regarding alterations/modifications)
At this point the HUD regulation is rather hazy, not specifically preventing the owner/consumer from making their own alterations or modifications.
In NADA's opinion this can have serious liability consequences for all parties involved (lenders, insurance firms, sellers, brokers, appraisers, etc.) in the subsequent re-sale of a structure with non-reported owner completed alterations that may cause, at a later date, the homes destruction or worse, a loss of life.
FHA would probably be your only bet.
It's been my experience that HUD/FHA is even more anal than most in these types of issues.
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jvanpetten
2218 Posts |
Posted - 01/13/2008 : 08:56:47 AM
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| With that kind of score and LTV, his bank IS HIS BEST BET!!! Some will do a drive by only, themselves. Sorry Hopland!!! Sometimes you have to give them their best option, even if it means you don't make a commission. |
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toddblue
1918 Posts |
Posted - 01/13/2008 : 09:06:01 AM
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Try AMX.
They will limit you to a 65% ltv on cash-out.
Be prepared for a structural engineer's report as a condition.
Also watch for 'De-activated title' issues. (We see that a lot here in NM.)
If it is common for the area and comp's are available you may have a shot.
E-mail me and I will shoot back the contact info I have for AMX first thing Monday. You can contact them directly and see if they're interested.
I'ts been several months since I have dealt with them, and I'm not current on their guidelines.
Anyone else have thoughts on this possibly going to AMX? |
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MisterVA
5939 Posts |
Posted - 01/13/2008 : 09:27:13 AM
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quote:
Originally posted by mortgagemessiah
or you can put a fat girl in a in in a little black dress but she's still gonna be fat.
You had to put out the 'Technolure', didn't you? |
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SuperBroker6
3 Posts |
Posted - 05/15/2008 : 12:49:25 PM
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In Florida we use the DMV to figure out if it's a single wide or double wide. If it was born a single wide with one title registered at the DMV, it's a single wide. Positively.
I think most every state and certainly the FHA and VA use this rule.
You can still get many options to finance these in Florida at www.bojacy.com
Good Luck! |
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