The procedure for loans to refinance a mobile home with land is basically the same as that which is used for regular homes. You may want to approach the various credit unions, brokers, mortgage companies, banks, and other lenders when you want to refinance your mobile home with a permanent foundation.
If the estimated value of your mobile home that you had purchased along with the land on which it is standing has not declined compared to the selling price, you may be able to obtain some funds for fixing or improving your mobile home.
When you approach a particular lender, you can request for an estimate of the total costs for refinancing to be provided to you in good faith. However, you might experience some difficulties if your mobile home is more than 30 years old as these types of homes are known to depreciate in value much more rapidly than the regular homes. One important requirement for this loan is that you can only utilize the land on which your mobile home is located and this must have been your primary residence for at least six months after the loan takes effect.
The usual down payment is 10 percent of the principal amount but you may be able to get a loan with a smaller down payment. However, this would depend on the lender, your credit score, and your payment of private mortgage insurance.
For those who are self-employed and who have difficulties in providing evidence of their income and assets, there is a special type known as the No Income/No Asset (NINA) loan. Of course, the NINA loan can only be obtained with a higher interest rate to balance the higher risks that the lender will be undertaking. Meanwhile, home improvement loans are also available for those who are only interested in upgrading the value of their mobile homes.