About Home Equity Loans for Mobile Homes

Video Transcript

"Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today, are there home equity loan programs available for mobile homes. Traditionally most lenders, when it comes to manufactured housing or mobile homes, if they're going to do a home equity loan, first off the loan has to be secured by real property by land. So, for example if you have a mobile home and it's in a park where you're just renting a space, but you maybe own the home within that space, traditionally a home equity loan is not available. They really like to have a home that's permanently affixed to land in order to grant a home equity loan. In the tightening arena that we're seeing on the lending standpoint here in the United States going in to 09, they've really restricted the home equity loans altogether. It's getting harder and harder to get a home equity loan on a mobile home. Now, FHA for example will do a refinance with cash out on a mobile home up to ninety percent loan to value. So that may actually be a better option for you at a much lower interest rate, plus keeping a fixed rate in payment. So again, home equity loans on mobile homes are getting tougher to get. You may be better off refinancing your first mortgage with an FHA cash out refinance. Again, my name is Matt McKillen and I'm with Innovative Financial Group."