Posts filed under 'mortgage programs'

What Is Blue Book Value?

The Blue Book value of mobile homes is meant to serve as a vehicle appraisal service. Previously there were many books for this function. Today, one of the more definitive ones is the National Automobile Dealers Association or the NADA that has been publishing since 1933. The NADA Manufactured Housing Appraisal Guide had been identified by professionals to be more than useful to find out the value of a manufactured or mobile home.

Now, there are a variety of rating parameters that are used to estimate a mobile home’s Blue Book value. Firstly, there is model and size of home, then there is the age, and geographical location and the make. To knowing the Blue Book value is something that is quite useful if you are selling or even buying a mobile home. Most lenders would ask for the Blue Book value when one is taking a mortgage to purchase a home.

Even if you have the book at your disposal, it is still a good idea to get a professional appraisal. The formula for determining book value is actually complicated and a better opinion wouldn’t hurt much. The Book Value for mobile homes and areas that are considered average and low-quality can be easily determined while sometimes it just isn’t. One can also determine the value of your mobile home by purchasing such services from certain internet sites.

The NADA guides are also known as one of the prime providers of vehicle information to a majority of the nation’s leading banks, dealers, insurance companies, government agencies, credit unions, fleet and lease organizations, and financial institutions.

Add comment January 6th, 2008

Living By The HDMA Act

All online lenders involved in real estate home mortgage loans are required to abide by the Home Mortgage Disclosure Act (HMDA), that is also known as “Regulation C”. They are required to provide information that is meant to prevent any discrimination in lending practices. For instance, all internet lenders have to garner information on every prospective borrower’s national origin, race, sex, income and other information. This is meant to permit monitoring for discriminatory lending practices.

Regulation C also applies to certain financial institutions, such as banks, credit unions, savings associations and other mortgage lending institutions. HMDA is especially subjected onto mortgage loans or home improvement loans for the acquisition and/or repair of residential dwellings, including condominiums, manufactured homes, mobile homes, or multi-family dwellings.

The regulation also intends to provide public information of a financial institution’s record of lending, in the communities where they are based. It is meant to assist public officials in scrutinizing public programs that are designed to draw investments by the private sector, by studying a lender’s mortgage loan record in order to determine whether there are any prejudiced practices against any classes of individuals.

Now, this information should be found on the Real Estate Loan Application Form 1003 in the government monitoring section. It would request a borrower for all information regarding national origin, race, sex, income relied on, sum of the loan, intention of the loan, location of property, and the action taken and date of such action.

The regulation would also allow the borrower an option as to whether they would like to provide the data concerning national origin, race and sex and they do not have to provide information on national origin, race, or sex if the application is taken by a telephone interview.

Add comment January 2nd, 2008

About Manufactured Home Loans And Mortgage Programs

Manufactured homes tend to depreciate quicker than traditional homes and they don’t last as long either. While there are a lot of programs and mortgage loan options available for people who are keen on buying a manufactured home, remember the interest rates are much higher because of the depreciation aspect.

Generally the manufactured home is purchased with personal property loan or chattel. This means the manufactured home is recognized as personal property like a car but it is not real estate. When the down payment is almost nil, the interest rates will be very high. The loan term is generally shorter than traditional home loans but if you own the land your home is on then you may get a longer loan period. Then you may also be considered for a traditional real estate mortgage in place of a personal property loan and you may get real estate tax breaks too.

The 80/20 Loan is one where the down payment has to be at least 20% of the price you have bought your home for. Once the owed amount goes below 80% of the home value, inform your mortgage company to drop the private mortgage insurance which was for the company’s safety, not yours. This way your monthly installment will also reduce.

VA Loans are for veterans who qualify as being able to buy a manufactured home. These loans are guaranteed by the federal government. This is a good option as the rate of interest is low and there is no down payment needed.

FHA insures private loans for people who either want to renovate or buy a new home. This is a good option because the buyer will pay the same mortgage insurance rate irrespective of their credit score. The Federal Housing Administration is part of the Department of Housing and Urban Development.

Add comment December 18th, 2007

When It Comes To Refinancing…

Refinancing is generally an accepted means to get reduced rates of interest which will bring down the monthly installments. What has to be kept in mind is that before you sign any contract for refinancing your manufactured home, you work out the math. It must show that money is being saved on a long term basis and your installments are lower. Basically refinancing means getting a new loan at better rates than the one you are paying so you pay off the old and start afresh with the new.

The internet will give a lot of information on the prevailing rates of interest. If the rates are low then you could consider the option of refinancing. The internet will also give you information on how to judge if you stand to gain or lose by going in for refinancing.

While on the internet you will come across a lot of companies who conduct business online. There are some important aspects of refinancing to be kept in mind if you have decided on this option. Here they are.

• Construction of the house in question should be on or after 1990.
• The current balance of the mortgage must be over $15,000 and the period of repayment on the original loan must exceed 15 years.
• Land mortgages are not covered under the refinancing scheme.
• Ensure that the company you select is a legitimate company and be sure to check with the Better Business Bureau.

Once a company approves the homeowner interested in refinancing his home there are some basic requirements to be met like job and income verification. The company may ask for other pertinent documents also.

A company bases its approval on three basic criteria:

• Can the borrower afford it?
• What payment history does he have?
• What is the home worth?

So if you are considering refinancing your manufactured home then ensure that you do the necessary research and get the right information before you take a decision or you may end up paying more than what you started out with.

Add comment December 12th, 2007

HUD-standard Manufactured Homes Have FHA Refinancing Option

Manufactured home owners till now had to cope with high interest rates when it came to refinancing their loans. Considering that manufactured home loans have to be paid off in a very short period of time, home owners start looking around for refinancing very quickly.

FHA has pretty strict guidelines when it comes to manufactured home loan financing and refinancing but it is possible now for a manufactured home owner to get an FHA loan at the low mortgage rates prevalent. Like any other FHA loan, this one too comes with the usual advantages of building in the option for streamlining refinances later in case interest rates were to go up. As long as the manufactured home in question meets the requirements specified, the loan is like any other FHA loan.

What you would need to do if you are looking at an FHA loan to refinance is to first go look at the side of your manufactured home. Do you see an HUD tag there? The house has to be built according to the HUD standards to qualify and your tag should be on the house. If it isn’t, you will have to go find out to see if you do have a tag number or not. The next step is the foundation. You will have to check if this too was laid according to the detailed guidelines issued by HUD. This needs a structural engineer to tell you whether it was or not and this cost could go in with your new loan. All clear? Well, congratulations! You just qualified to being considered for the loan.

So if you do have problems with a short term balloon loan at your bank and you are looking for refinancing, FHA might be the way to go. You might not qualify for a 30 year fixed rate mortgage if the value of your property does not meet the minimum requirement norms but they could just have a scheme for you.

Add comment November 22nd, 2007

Mobile Home Lenders That Will Be Able To Provide You with Loans Even If You Have Poor Credit Rating

A lot of people are now considering getting a mobile home instead of a conventional one. If you’ve never seen the recent mobile home designs today, you will be amazed on the architectural designs that they now have . Try visiting a company that manufactures mobile homes and you will see that they will be able to offer you different types of homes with different designs.

If you are a first time home buyer, you can consider getting a mobile home as it is way cheaper than conventional homes. Besides, with today’s economy and high cost of living, you will see that buying a mobile home is indeed practical as it will enable you to save a lot of money.

However, what if you have a bad or poor credit score? Surely you know that it would be next to impossible to get a mortgage to finance your purchase of a mobile home. Today however, the great news is that even people with poor credit score is now able to qualify for mobile home loans. Although only few lending institutions will be able to work with people who have poor credit scores, you can be sure that you will be able to find one that will be able to work with you.

You have to remember that your past payment delinquencies on loans are the ones responsible for your poor credit score. Because of this, you tend to be riskier to trust when it comes to approving you of the loan you want to apply for. So, in order to provide additional security, most lenders that will be willing to work with you will charge you with higher interest rates for the loan.

Although this means that you will spend more money on your mobile home loans, you will see that it will be able to work for you in two ways. The first is that you will be able to acquire the mobile home you have always wanted, and the second would be giving you a chance to repair your credit score.

Always remember that you need to pay on time in order to minimize the risk of getting your new mobile home repossessed or foreclosed, and also avoid making your credit score get worse than it already is.

You may want to shop around for lenders that offer mobile home loans for people with poor credit score. You have to consider that not a lot of lenders will be willing to work with people with poor credit. However, there are lenders out there that also offer mobile home loans specially designed for people with poor credit scores. It is all just a matter of finding the ones that you want to work with.

Try shopping around for the quotes for mobile home loans designed for people with poor credit score. Through this, you will see that you will be able to find the best loan programs even if you have poor credit score.

However, you need to remember that you need to put up with higher than normal interest rates for mobile home loans.

These are the things you need to know about mobile home lenders who offer loans for people with poor credit score. With this, you will not only get the home you want, but you will also have a chance to repair your credit score. In time, and after your credit score improves to a favorable level, you can now try and refinance your mobile home loan to get lower interest rates.

Add comment October 19th, 2007

Greentree Mortgage Services: The Mobile Home Mortgage Lender That You Can Trust

Most of the time, looking for a mortgage loan program can be a very hard task. However, thanks to Greentree Mortgage Services, you will see that getting loans is easier than ever before.

First of all, mobile homes are now the premier choice of many people seeking home ownership today. Mobile homes are very popular because of a number of reasons. The first reason is that because it is a lot cheaper than buying a conventional home or getting one built. Secondly, mobile homes are what its name suggests. It’s mobile. This means that you can take it anywhere you like. So if you need to move, you will be able to take your mobile home with you.

However, when it comes to financing the purchase of mobile homes, most lenders refuses to do so. This is because mobile homes tend to be riskier to take as collateral than conventional homes. The fact that mobile homes tend to depreciate in value quicker than conventional homes, many lenders refuses to have mobile homes as collateral.

Besides, if you are a lender and you were offered to take something that depreciates in value very quickly as collateral, it will be very scary to do so. What if the person you loaned the money to wasn’t able to pay up? Surely the next step you need to take is to repossess the agreed collateral. When this happens, you need to sell the collateral in order for you to get the money you loaned back. Because the collateral depreciates in value quickly, there is a huge chance that you will need to sell it at a much lower price, forcing you to settle with the little amount of money you will get.

This is one of the few reasons why many mortgage companies refuse to finance or take mobile homes as collateral for mortgage loans.

However, with Greentree Mortgage Services, you will see that they will be able to finance your mortgage for mobile homes. They understand your needs to own a home. Because of this, they will be able to offer you attractive rates for mobile homes.

But you need to remember that Greentree is still a company that does business for profit. They may approve you for mortgage loan on your mobile home, but the interest rate will be significantly higher than conventional home mortgage loan programs.

Greentree Mortgage Services is one of the most trusted names in the mortgage industry. Here, you will see that you will be accommodated by qualified real estate professionals who will be able to guide you on the type of mobile home mortgage loan program available. They will not force or insist you to agree on the mobile home mortgage program they offer you. They will guide you on the different quotes they offer and will explain each of the offers to you until you get it.

These are the things that you have to know about mortgage loan programs with Greentree Mortgage Services. With them, you will see that it will be easier to get a mobile home mortgage, and you will be able to find the best offer that will suit your needs. So, the next time you plan on applying for a mobile home mortgage, think of Greentree Mortgage Services.

Add comment October 15th, 2007

Manufactured Home Mortgage Lenders: Helping You Find the Best Mortgage That Will Suit Your Needs

In the past few decades, the cost of living in the United States has been steadily increasing. Because of this fact, many people now find it difficult to buy a home or get some financial help to buy a home. With this fact alone, many people are now opting to buy manufactured homes instead of buying traditional homes that are built from the ground up.

So, if you ever want to own a home but you find it difficult because of the steadily increasing cost of living, getting a manufactured home for your first home is the next best thing to living in an apartment that offers cheap rent.

Manufactured homes are a lot cheaper than traditional homes. However, it is still quite expensive. If you are an average person with an average income, you might want to consider taking out a mortgage in order to help you finance the purchase of a manufactured home.

The first barrier in getting a mortgage to finance the purchase of a manufactured home is by finding the right lender. You can always go to your local bank and ask about their manufactured home loan programs but this will only serve you with limited choices. If you want to find the best lender to finance the purchase of a manufactured home, then you may want to try the internet for it. Today, lenders and mortgage companies in the United States are now offering their services online. Here, you will be able to find out about their manufactured home loan programs and you can even get free quotes.

With this, you will be able to compare the quotes and determine which manufactured home loan and mortgage program is best suited for you.

The best lenders are the ones that will be able to help you in your decision on what kind of loan program or mortgage that you need in order to finance the purchase of a manufactured home. They should never rush you in making a decision and they should also be able to explain the different mortgage program they have for manufactured homes. With this type of help, you will be able to fully understand how each program works and determine what will suit your needs.

The right lender should be able to help you understand the interest rates, and they should also help you understand the monthly payment options as well as the different mortgage plans they have, such as the fixed rate mortgage and the adjustable interest rate mortgage. Also, they should be able to explain to you about their 10 year, 15 year, and 25 year mortgage plans and how the payments will differ.

You can broaden your choices in manufactured home mortgage by asking the company that sold you your manufactured home about their financing. Normally, most manufactured home companies will be able to offer you with attractive mortgages and will refer you to a lender that will be able to provide you with the mortgage. However, you need to keep in mind that the company that sold you the home may be making additional revenue for financing. So, make sure that you compare your options first before making a decision.

As you can see, shopping around for manufactured home mortgage lenders and programs is the best thing that you can do to get the best offers. Remember these tips and you will definitely get the best mortgage offers for financing manufactured homes.

Add comment October 3rd, 2007

Refinance Your Manufactured Home: A Great Way to Get That Extra Cash You Need

There are now a lot of people who live in manufactured homes. You have to consider the fact that not all people can afford a conventional or traditional home. Because of this, many are now taking out loans and mortgages to finance the purchase of a manufactured home.

And again because of this, the question whether you can refinance manufactured homes or not is continuing to increase. A lot of people today own manufactured homes and many more are now considering this type of home for financial reasons. The answer to the question whether you can refinance manufactured homes is yes. Fortunately for manufactured home owners, you will see that there are lenders or lending companies that do offer refinancing for manufactured homes.

Basically, people have different reasons on why they want to refinance their manufactured homes. Some people do this in order to get lower interest rates on monthly payments while other people do this to solve financial difficulties, such as consolidating debt, and to pay for their child’s college tuition. Some refinance their homes in order to purchase a new or used car.

No matter what your reason for needing that extra cash, you will see that refinancing your manufactured home will definitely be your answer especially if you need a lot of cash.

First thing’s first, refinancing basically means that you will take out a new loan over your old loan. When you refinance your home, you will be able to extend the amount of time you need to pay off your loan as your old loan doesn’t exist anymore. You will start over to a new loan which will be able to provide you with the funds you need. The funds can then be used to repay your old mortgage and the extra amount that is left will be yours for spending.

Most people do this in order to lower the interest rate on their monthly mortgage payment. Because you will be refinancing your manufactured home, you will basically take out a second mortgage.

If you own a manufactured home, you will see that there are lenders who will be able to refinance your manufactured home. However, you have to remember that manufactured homes do depreciate in value often. Because of this, don’t expect to find very low interest rates. Only expect to find an interest rate lower than your old mortgage.

You can lower the interest rate further if you situate your manufactured home in a fixed foundation. With this, your manufactured home can increase in value over time.

So, if ever you need that extra cash to either pay for your kid’s college, or to finance home improvement, or to consolidate debt, you will see that refinancing your home will be able to provide you with these benefits.

Refinancing your manufactured home is one of the best ways to acquire that extra cash you need.

These are the benefits of manufactured home refinancing. With this, you will see that you will be able to get the cash you need and you will also get lower interest rates when it comes to repaying the loan.

So, when you are in need of cash, refinancing your manufactured home will be your best choice. Although you will end up paying more money for a home loan, refinancing will still be able to provide you with benefits in a different way.

Add comment September 29th, 2007

Manufactured Home Mortgage: The Answer to High Cost Of Living

These days, the cost of living is constantly increasing. In fact, many people are now finding it hard to own a home. You have to face the fact that traditional homes are beginning to get quite expensive compared to the past where many people were still able to afford to buy that dream home in the suburbs.

However, if you are a first time home buyer, don’t get this get you down. There is still a way to own that very first home without spending a lot of money or burden yourself with the high loan repayment programs that most home loans today have.

Today, manufactured homes are now the premier choice of many people living in the United States. Many first time home buyers are now looking for manufactured homes to buy because it is way cheaper than traditional homes. Manufactured homes are constructed out of a factory assembly line and delivered to a lot. Although you may never get to choose the architectural design you want, you will see that manufactured homes are built for simplicity and efficiency, which is the way to go especially if you are a first time home buyer.

Manufactured homes today aren’t actually that simple in construction. You will be amazed at the beauty of these homes and you will see that it will definitely be an ideal home for your first house. Manufactured homes today are composed of different styles. This means that you can be sure that you will be able to find right one for you. All it takes is for you to shop around.

Manufactured homes are much cheaper than traditional homes that are built from the ground up. However, the only fact about financing the purchase of manufactured homes is that manufactured home mortgages are quite high in terms of interest rates. However, in the long run, and because of the low principal of the loan, you will see that you will save a lot of money.

Manufactured homes also have its drawbacks that you need to be aware of. And, because of these drawbacks, the interest rates for manufactured home mortgages are high. One major disadvantage is that the value does not skyrocket when you resell it compared to traditional homes. In fact, the value may even lessen. However, if you do it right, you will see that the value will appreciate over time.

If you plan on applying for a manufactured home mortgage, you should try and check with different lenders as they will have different quotes for the mortgage. Some will have higher quotes than the other ones. What this means is that shopping around for a manufactured home mortgage will increase your chances in getting the best deals.

By shopping around, you will be able to find lower interest rates. Although it may not be as low as mortgages for traditional homes, one percent less in the interest rate will mean big savings for you.

In times like these, manufactured homes are indeed the answer to home ownership. With it, you will not only be able to afford that new home you have been dreaming about, but you will also save a lot of money. So, if you plan on homeownership, try considering getting a manufactured home as your first choice. Although manufactured home mortgages have considerable higher interest rates, you will still be able to afford it.

Add comment September 28th, 2007

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