Many homeowners do not understand the manufactured home loan refinance facts in today's mortgage market. Many lenders have stopped lending on these properties or they have tightened up their guidelines.

The first thing you need to determine is if you need cash out or you would just like to lower your rate. There are not a whole lot of cash out options available under Fannie Mae guidelines. The maximum cash out is 65% for a manufactured home on land and the maximum term is 20 years. Homeowners can go up to 95% loan to value for a rate and term refinance. Interest rates are typically in the high 6% to low 7% range.

There are a few lenders that lend outside the Fannie Mae guidelines. I will touch bases on the manufactured home loan refinance guidelines and I will also highlight the FHA Secure Loan and what that means for borrowers who need help.

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