They want to refinance this into a traditional loan but.

Go to  a bank and get a traditional loan for 80% of its value through REFINANCING, which is 64K (80% x 80K).

I believe I would like to go with a larger reputable lender for my first time out but I have read that it is sometimes difficult to go the traditional mortgage route with mobile homes.

I believe I would like to go with a larger reputable lender for my first time out but I have read that it is sometimes difficult to go the traditional mortgage route with mobile homes.

The banks have become pretty good over the last few years at extracting maximum value for themselves out of these situations.So assuming traditional sale, not much meat on the bone on this deal.

I was not in a hurry, and they were difficult homes to sell with unique features.It sounds like 5% is the typical rate (It is a violation of the Sherman Anti-trust Act to say there is a going rate.) in your area, and you are offering less than the traditional 50-50 split for the buyers agent.If your market is red hot, you should be able to sell this property FSBO.

Thanks again,Earl MelendresEarl,HELOC's are similar to a traditional mortgage.

I would imagine that you finding the property on your own, negotiating the deal, etc. would keep this separate from a traditional agent agreement.

I talked to a local (Traditional) lender and he said he's got some HML's but they will only lend at 70% of the purchase price, no matter what you get the deal at.

Stated income is only just starting to make a come-back with non-traditional lenders.