Posts filed under 'mortgage lenders'

What is the best way to finance a manufactured home?

Manufactured homes are as popular as ever. People are making a beeline for them. The recession is over and it makes sense to buy one. Some buyers have ready cash. Others have to take out loans. Finding the right lender is a process. Many mortgage lenders do not dole out cash to buy a manufactured home. The FHA Manufactured Home Loan is the only type of mortgage available for manufactured homes, with a few exceptions.

The FHA Manufactured Home Loan is preferred by most lenders. A plethora of opportunites are available for people who opt for this loan. Usually people want a Title 1 loan. This type of loan is advantageous to the lender because it is not based on government support or grants. These loans give home owners a twenty year fixed rate.

You can meet lenders that can handle your needs be because the loans are insured. With this loan, you can buy either a lot or both a home and a lot. It is required that the home should be your permanent residence.

An FHA Manufactured Home Loan lets you borrow between approximately $70,000 and $93,000. You can repay the loans withing 25 years in some instances. To secure an FHA loan, you must meet certain requirements.

Although conventional creditors do not offer financing for manufactured homes, FHA Manufactured Home Loans are available, even for existing homes.

Add comment May 28th, 2010

Mobile Home Lenders Are Soft Towards Bad Credit Barrowers

Manufactured homes or Mobile homes have become the order of the day, arising out of the bungling of the real estate market with custom built housing properties.  The investment needed for a Mobile Home, when compared to a traditional brick and mortar home is far less. As such they are within the reach of many middle-income group families and it goes without saying that in a downward economy and rising cost of living saving money for a custom built house in a prime location can never be aspired for by these people.
For the purpose of a home loan application for a traditional housing property the basic factors checked are the credit history of the borrower as well as the repaying capacity. Barrowers with bad credit history are looked down upon and are diverted to sub-prime lenders with exorbitant interest rates.
But the scenario is entirely different in respect of Mobile Home loans where even applicants with bad credit history are also considered for eligibility with certain flexible and realistic guidelines.  In fact with the foreclosure crisis engulfing the U.S. real estate business and millions of home owners having forfeited their homes to mortgage lenders and have become people with bad credit history thereby, this realistic approach by lenders is timely.
Therefore there are mortgage lenders advertising that they are ready to offer Mobile Home loans with conditions – Loan amounts from $10,000 to $500,000; any year home ok; bankruptcy within 1 year ok; current lates ok; full stated income with 6 or 12 months bank statements; New or used purchases (up to 70%); singlewides, doublewides and triplewides okay; debt to income ratio up to 55% admissible; principle & interest only loans; no prepayment penalties; loan repayment terms 5;7; 10; 15 or 20 years. They are offering loan for main niche as In park homes on leased land.
With so much of flexibility which were never there in regard to the traditional home buying, it is now ripe time for going in for Manufactured Homes that is best suited for you in a location convenient to your work place and with other amenities and comforts.

Add comment July 27th, 2008

Loans For Tenants To Buy A Mobile Home

Though it is tougher for tenants to get loans to buy mobile homes than homeowners, there are loans that are available. The question is, should it be a secured or an unsecured loan? Because he has no equity, a tenant cannot get a secured loan against that but what could be done is to put up the home that you buy as collateral. Let’s take a look at what loans are available and what these two types of loans entail.

Secured loans are tied up with the property – in this case, your mobile home. So unless you keep paying your mortgage installments on time, you could lose your home. Now if you have no other place to go to this could be a disaster.

An unsecured loan on the other hand, does not tie down the mobile home in case you can’t pay an installment or you pay it late. Here, the lender cannot come and take the vehicle away and there is a legal process which has to be gone through.

You will find it easier to get an unsecured loan and very often, you can get your mobile home in a few days. You can go online and look for brokers who are well-versed with this and they will find you the lenders, and also give you competitive prices so you can choose. Try and work out the best deal with the broker so you can then proudly be the owner of your new mobile home.

Add comment January 20th, 2008

Mobile Home Loans And Financing Options

If you are looking for a mobile home, you’ll realize that there is a vast selection of loan programs and financing options to help you buy the affordable home of your choice. There are even quite a few mobile home sellers who offer financing for their customers. So when you go shopping for one, ask the company about the type of loan programs it can offer. Even if you have poor credit, you may be able to obtain the funds for a mobile home.

Interest rates would be higher, but could be refinanced on a later date when the credit rating improves. One can even find FHA loans suitable for mobile homes, such as loans for people who own their own land for a mobile home, and loans for those who would be living on an established mobile home park. FHA loans have certain requirements such as being capable of providing a 5% down payment and possessing an acceptable credit rating. And there are maximum loan amounts along with max-level terms. For instance, the loan term requirements are twenty years for a mobile home, fifteen years for a lot and twenty-five years for both.

Now, not all mobile home loans and mortgages are FHA and there are quite a few specialized private lenders who offer loans for mobile homes and/or manufactured homes. Now, interest rates for these privately funded loans could be quite high. Nevertheless, mortgage loans are frequently available for refinance at a later date. This is the reason why many people start off with a mobile home or manufactured home. If you do have bad credit and want to own a home, this would be a good idea. And you can always move on, once your credit rating has improved.

Add comment January 2nd, 2008

Florida And Mobile Home Mortgage

Are you looking for an effective way to finance the purchase of your Florida mobile home or for refinancing one? The news has a new story everyday about the market slump and lenders going out of business. But the fact is that the interest rates are at an all time low and going lower so borrowers for Florida mobile homes can get loans at competitive rates for either a manufactured home or mobile homes.

Your position stands good if you have a good credit standing and you are on the look out for refinancing your mortgage or buying a new home. Lenders are willing to fund mortgage loans and they will give you competitive rates for your mobile home loan. With an FHA mortgage program you can still get about 97% financing even if you don’t have money for a down payment.

Guidelines are being rewritten by lenders and most go with the principles of the past. Homebuyers can get good rates of interest through the FHA or Federal Housing Authority. The FHA ensures that if a mobile home buyer or owner defaults on some payment of the mortgage, the lender is insured by the FHA for the same. This gives the best interest rates to would-be purchasers of mobile home loans.

There have been some changes in the process of mobile home purchase but lenders are aware of the regulations pertaining to mobile home loans and they will guide you properly to ensure that you get the best deal on your purchase or refinancing needs of a mobile home.

Add comment December 20th, 2007

Getting Low Interest Loans For Your Manufactured Home

Considering that a little more than 30% of single families are living in manufactured homes, how competitive are the mortgages that you can get? If you were looking at loans from the manufacturer, he would no doubt present you with mortgage options for you to choose from.

What you first need to decide is whether you would like to place the home in a plot of land that you own or whether you would like to go to a mobile home park. If you do own land, you should ensure that you will be within the regulations when you place your manufactured home there.

If you shop around, you will get low rates for your mortgages. What the agent will do is to fix an interest rate for you depending on your credit rating. A bad credit rating could mean a 20% interest rate.

However, do not take a decision till you have shopped around. Armed with the rates you have been given, shop around for other mortgages, do an online search and compare all the rates you get before taking a decision. It would help if against each rate you were to also put down the advantages and disadvantages so that it makes it easier for you to decide. Keep ticking off the ones you don’t want so that you can get the best deal as far as payments go – they should be easy for you to afford right through the whole repayment term.

All it takes is a little extra work and you’ll be glad you took that extra time to decide when you are able to hone in on a mortgage plan that you find easy to handle month after month.

Add comment November 30th, 2007

Manufactured homes: are fewer lenders willing to lend?

The fact is that there are fewer manufactured homes being built and shipped and set up. This is especially so in the cities. While in the rural areas, there is still a high percentage of manufactured homes being financed, the percentages in the more populated areas seem to be going down. So are lenders wary of giving loans for manufactured homes? Considering that it isn’t really the high-income folks who are about to invest in manufactured homes and who would be looking for a manufactured home loan, this does sound plausible.

The other reason that cities are seeing fewer manufactured homes coming up is because the older parks where these houses were situated sometimes had a stigma attached to them so there was a kind of resistance to new parks.

There is also the argument that manufactured homes tend to go down in value with time. This however does not hold water. A home appreciates or decreases in value depending on its location. Other homes depreciate in intrinsic value too. If a manufactured home is in a good location, rest assured its value will appreciate.

Let’s face it, a manufactured home is an affordable home and if you were to take a look around, most of them have doubled in the last few years. So to say lenders don’t want to give out loans for manufactured homes would perhaps be stretching it a bit. Not when a new home could sell upwards of $60,000 plus the rent and the price of the land. Thanks to fewer manufactured homes coming up within the city limits, it could just be a perception. All things considered, manufactured homes still appreciate in value at the end of the day.

Add comment November 16th, 2007

Mobile Home Mortgage through a Reputable Mobile Home Lender: Finding the Right Mobile Home Lender

First of all a manufactured or mobile home is a home that has been manufactured in an assembly line in a factory. It is built at the factory and is shipped to the real estate of the buyer. Mobile homes can readily be purchased just like a fixed home. However, for people who are always on the move, mobile homes are perfect as people will be able to take their home with them.

Manufactured or mobile homes are also a lot cheaper than your average traditional home. The main disadvantage of mobile homes is that it is already made and you will never have a chance to do a bit of your architectural preferences. Nevertheless, mobile homes are great for people who are either first time home buyers, or people who are in need of a home in just a few days.

Mobile homes are gaining in popularity in the United States because of its low price. Although mobile homes are a lot cheaper than traditional homes, you have to consider that it will still take quite a lot of money to purchase one. If you are a person who dreams of owning a home but don’t have the money for it, you can consider getting a mobile home mortgage.

Just like taking out a traditional home mortgage, you will be able to have financial help from a lender in purchasing the mobile home. However, unlike traditional home mortgage, you will notice that mobile home mortgage programs have higher interest rates than traditional or conventional home mortgage programs.

The reason for this is that mobile homes tend to depreciate in value over time.

However, because of the low price that mobile home have, high interest rates will still be affordable for the average individual. But it is still important to remember that you should still know how to find the right lender in order for you to get the best offers and also get the best savings that you can ever have for a mortgage loan.

If you find a good lender, you will be able to get the best deals that they have to offer. And, you will also save a lot of money from the fees and the interest rates.

However, you have to remember that it is quite impossible for you to find a lender that will provide you with a mobile home mortgage with rates that are comparable to conventional home mortgage programs. What you can do is find an offer that is lower than most available mobile home mortgage offer.

In order for you to find the right lender, you might want to try shopping around for them. Always remember to be patient as it can take some time before you can find the right lender that will be able to help you get the best mobile home mortgage that will suit your needs.

You also need to remember that you will be working with the lender you choose for quite a long time. So, it is important that you find one that you are comfortable dealing with and one that you can trust. If you are not comfortable with the lender, then trust your instincts. Go to another lender to provide you with another deal for a mortgage loan for a mobile home until you find one that you are comfortable working with and one that you can easily afford.

These are the things you have to remember when finding the right kind of lender to help you finance your mobile home purchase.

Add comment October 13th, 2007

Manufactured Home Lenders: How to Find the Best One

Owning a home nowadays is quite difficult as mortgage companies and lenders are now making it difficult for people to get approved for one. Also, recent changes in the rules about lending may cause you to pay high amounts of fees before you can actually get approved for the loan.

If you are a first time home buyer, you might want to consider getting a manufactured home as your first home. It is cheap and there are quite a lot of lenders out there that will be able to provide you with a mortgage to finance the purchase of the manufactured home.

However, it is very important to remember that you need to find the right lender or mortgage company in order for you to avoid paying a lot of fees. There are some features that you should look for in a manufactured home mortgage program. By knowing about these features, you can be sure that you will be able to get the right mortgage that you will be able to afford.

First of all, you need to find out about the interest rate. For manufactured homes, the interest rates for the mortgage you take out will usually be higher than mortgages for traditional homes. Although this is the case, you will see that because manufactured homes are rather cheaper than traditional homes, you will still be able to afford the monthly payments. Try shopping around for lower interest rates.

Through the internet, you will be able to get quotes from lenders that specialize in manufactured home mortgages. Try asking for quotes online as you will be able to compare the different offers and know what you will be able to afford.

Another factor that you need to consider is the fees. Try asking the lender about the fees associated with the loan program they offer and you will be able to know the total amount of money that you have to pay for the loan. You need to be extra careful with this as there are quite a lot of lenders out there that don’t disclose some of the fees before.

The lender should be able to help you decide on what type of loan you need. They should never rush you in making a decision and they should be able to explain all the loan programs they have for manufactured home loan programs and mortgages. By getting them to explain each loan program, you will be able to know what you need.

Although manufactured home loans can have high interest rates than traditional home loans, you will still be able to find the best deals by finding the right type of lender. Always remember that by finding the right lender, you will be able to find the right type of home loan programs that you need.

Try asking your friends and colleagues who took out manufactured home loan mortgages before. You will see that they will be rather helpful when it comes to getting informed about the technicalities associated with manufactured home loan programs.

These are the things that you need to know about manufactured home loan programs. Always remember that taking out a mortgage or loan for financing the purchase of manufactured home is always a big decision. So, take your time and shop around. In time, you will be able to find the best deals available for a manufactured home loan program by finding the right lenders.

Add comment September 30th, 2007

Manufactured Home Lenders: How to Find the Best Deals and the Best Lenders for Financing a Manufactured Home Loan

In today’s day and age, manufactured homes or mobile homes are now becoming more and more popular for a lot of people. In fact, for many first time home buyers, a manufactured home is the number one choice. It is more affordable than traditional homes, and because manufactured homes are mobile, it can be moved from one location to another if necessary.

If you are one of the many people who are looking for a manufactured home and you don’t have the extra money for it, you can try looking for lenders that specializes in financing the purchase of mobile homes. Manufactured or mobile home lenders are individuals or businesses that specializes in providing financial help for people who are seeking ownership of mobile homes.

However, it is important to understand that there is a significant difference between traditional home loans and manufactured home loans. Because of the fact that manufactured homes tend to depreciate in value over time, the loans will usually consist of higher interest rates. Another reason why the interest rates for manufactured home loans are high is that it is not regulated by the United States government.

The only great thing about manufactured home loans is that because of the high interest rate, you will be able to qualify for it even if you have bad credit. This means that you will be able to get the loan approved even if you have bad credit history. So, owning a home will be easier.

Although the loan will cost you more money, you will see that manufactured home loans will work for you, especially if you are having trouble finding low interest loans. You have to remember that manufactured homes are quite cheaper than your traditional home. Because of this fact, you will only loan a small amount of money. So, in a 25 year fixed interest manufactured home loan, the payments will never be that hard even if the interest rates are high.

Today, there are quite a lot of manufactured home lenders that will be able to help you make your dream come true when it comes to home ownership. However, you need to make sure that you only get the best deals out of the mortgage offers.

To do this, you should first try asking mortgage lenders about their offers for manufactured home loans. By doing this, you will be able to compare the offers and choose the best one that will suit your needs.

You can make this a lot easier if you use the internet for looking for manufactured home mortgage quotes. Here, you will be able to get quotes instantly and you will also have a wide variety of choices.

You have to consider the fact that there are many manufactured home lenders out there that advertises their offers in the internet. So, this means that you won’t have any problems finding one.

So, if you dream about owning your very first house but you are short on budget, you might want to consider getting a manufactured home first. With manufactured home lenders, you will see that your dream of homeownership will definitely come true. Try to remember the fact that manufactured home mortgages will usually have high interest rates. So, try to consider shopping around for the best deals available.

Add comment September 28th, 2007


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