Can I Get Approved For Cash-Out Or Debt-Consolidation On My Manufactured Home?

Renovations On Manufactured Homes Qualify Too!

Manufactured homeowners and their families have various loan options available through Conventional, FHA, and VA loan refinance programs.

Depending on your situation, you may benefit from taking advantage of cash-out refinancing options.

If you're an eligible Veteran, then the VA cash-out loan allows up to 100% of your home’s equity to be pulled out. 

In other situations, if you are maxed on the home's value, you may be able to do an update/rehab loan that extends over your home's maximum value. Imagine having access to 35,000 extra right now for updates you need.

We also have other Renovation programs going much higher and will pair many of our loans with our Unsecured Personal loans for well-qualified borrowers.

It may even be possible to lower your rate and payment while pulling cash out of your home, consolidating debt, or creating home updates.  So, plan smart moves when considering a cash-out refinance.

FHA will allow up to 80% cash-out if you are not a veteran, and conventional programs with NO PMI allow up to 75% of your manufactured home equity to be pulled out in cash.

Again, suppose you are strictly looking to update the home’s interior or exterior and are already at 100%. In that case, some program options may still be available, like our renovation loans that calculate your value based on the future repairs you wish to complete.

The USDA does not currently offer any cash-out programs.

What is a cash-out refinance, and can I qualify with a Manufactured home?

Are you struggling to pay back a significant amount of credit card debt?

Are you suddenly facing expensive bills or other emergency expenses?

Have you been making a dated and poorly designed kitchen work for yourself, and are you finally done with the hassle?

Cash-out refinancing allows you to walk away with the money you need right out of your home's equity. 

A cash-out is simply accessing the equity you built from property appreciation and paying down your loan to use as you wish now instead of later.

Absolutely, yes, Manufactured Homes qualify the same as stick-built properties for most of our loan programs. 

Does My Manufactured Home Appreciate & Create Home Equity Like Traditional Homes?

What Is Home Equity, And How Do I Access It?

First off, YES, your manufactured home gains equity, like traditional homes. However, the amount it appreciates is determined by more factors than we can track across the country.

Your home’s equity is the value of the property you’ve already paid for; in other words, it’s the value of the property that does not belong to the lender.

To efficiently estimate your home’s equity, subtract what you still owe on the mortgage from the home’s value.

You access it by choosing the best loan program that meets your needs. To qualify for the highest amount allowable, you would need to be a Veteran at 90% access or FHA programs allowing up to 80%.

However, suppose you already have a mortgage near 100% of your home’s current value. In that case, we may be able to do an update/rehab loan providing up to $35,000 over the value for these interior or exterior updates. Or you may be able to take advantage of our Unsecured Personal loans offered to our well-qualified clients undertaking a mortgage transaction up to $50,000 extra.

While we do offer these programs in 50 states, it should be known that Texas does have restrictions on the cash-out they will allow homeowners to access.

We Offer Multiple Cash-Out Refinancing Programs For Manufactured Homes.

Manufactured Nationwide can offer up to 90% cash-out refinances for Veterans and 80% FHA programs with low rates, fast closing times, and incredible customer service.

There are even VA & FHA Rehab Update programs allowing homeowners already at 100% value to access additional money.

Are you looking into refinancing your current mortgage loan? Call us, or skip the line and check your eligibility now. We can’t wait to help you with your situation.