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Updated over 7 years ago on . Most recent reply

User Stats

3
Posts
1
Votes
Troy Shadle
  • Carson City, NV
1
Votes |
3
Posts

Manufactured home refinancing

Troy Shadle
  • Carson City, NV
Posted

I have owned my 2003 1550 sq.ft. on 4.75 acres for 12 years as a rental. it is currently occupied by great tenants and rents for 800.00 mo. I intend on keeping it a while. I owe 80k I have about 60k equity in this property but my original loan is a ARM which varies between 7-9%. this unit is a break even for me when the rate is at 7%. I want to refi this unit to a conventional loan to decrease the mortgage so I can become cash flow positive but in the Northern Nevada area, I cannot find any lenders that will touch because it is non owner occupied. I am looking for advice on how to improve my status. Suggestions?

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