Sellens Real Estate Lending

Mobile Home Cash Out Loans

We offer Cash Out Programs, forĀ Mobile Homes in a park

Our Lowest Loan Amount for Mobile Homes is $25,000.00

Homes are older than 15 years, are limited to a cash out loan of 65% to 80% of the appraised or book value of the home, whichever is the lesser.

Cash out loan programs.Homes are newer than 15 years, as much as 80% of appraised or book value, whichever is the lesser.
Date Prepared: AugustĀ 2015

Cash out loan means just that. The total value of your home, at this time, establishes the potential equity you have in your home. Then that number is multiplied by the maximum amount of the loan you can obtain. This may be as much as 80% of the total value of your home.

Borrowers must have good credit with at least a 680 – 700 middle credit score.

Mobiles up to 15 years old can borrow 80% of their value. Cash Out is limited to $25,000.

Mobiles older than 15 years can borrower 65% of their value. Cash Out limited to $25,000. Homes must be build later than July, 1976.

Homes must be owned for 12 months or more, prior to submitting the cash out loan refinancing application, and you must show proof of your down payment or cash purchase.

Many things are considered, but mostly your credit history determines the loan to value calculation.

Let’s say your home was worth $100,000,
and you could borrow 70% of the value of your home, which would be $70,000.
And let’s say you owed $40,000 on your home. Then the amount of cash you could receive at the close of the transaction, would be $30,000, less the closing costs.

At the moment this program is only available to mobile home borrowers. In the past we could offer this program to manufactured home owners, who owned the land under their house. We hope this program will return in the future. Please check with us.

Also, please visit the following pages for more details about mobile home loan programs.

Key Mobile Home Program Information
Mobile Home Hybrid locations, Condo Communities, and Cooperatives
Mobile Home High Loan to Value Program
Moving Mobile Homes

Please contact me for updates in programs. judy@sellenslending.com

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