As-Is Property Value
This loan scenario was submitted by a Broker
Additional Loan Information
Looking for a loan against my manufactured home located in a mobile home community park. (I dont own the land). I purchased it used in 2010 for $50,000, but it appraised last month for $145,000. Looking for $77,000 - $125,000. I do not owe anything on this home. Looking to pay off 2 HELOCS on another property ($50,000), pay off credit cards ($27,000) and cash out to do home improvements ($30,000) with the loan. I recently got an FHA/HUD appraisal done on my home and it appraised for $145,000. My Credit score is about 640. Only due to high revolving credit limit which the loan will fix that. I don’t plan to use them any time soon. Once I get my credit score higher by getting rid of the credit card debt, I will be able to get a refinance loan through a company that gives loans for this type of property. Im only getting turned down because of the Credit card utilization and need a credit score of 680-700. Park is located in Westminster, CA. Owner-occupied. Annual income $52K. Prefer long-term loan.
October 14, 2020 - 12:28pm
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