Manufactured Housing Loan Advice

A reader tells the Las Vegas Review-Journal he purchased a new manufactured home in 2006 for $85,000 with $50,000 down and financed the balance for 20 years at 6.5%. The loan balance is $30,500 and the home is assessed at $56,000, but he cannot find a lender to help him take advantage of today’s low interest rates. Peter G. Miller, responding for the Review-Journal, says a new loan for a manufactured home would be about six percent because manufactured homes are considered personal property, not real estate that can be secured with a mortgage. He recommends using the money the reader would have spent on refinancing to pay down the current loan, which will reduce the loan balance and financing expense, as MHProNews has learned.

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