Category Archives: Home Loans

Is a HUD home right for me?

When the United States Department of Housing and Urban Development (HUD) acquires residential properties following foreclosure actions, those properties become what are known as HUD homes. These houses have gone through foreclosure as a result of the homeowners defaulting on FHA-insured mortgages. More often than not, these homes are single residence houses, but they can be multiple resident properties up to four units.

Those that are interested in purchasing a HUD home can view a nationwide listing of homes for sale on the HUD website. The great thing about a HUD home is that almost anyone can qualify to buy. There may be restrictions on the loan and you will have to meet basic qualifications to obtain financing, but it`s a relatively easy process.

The downside of purchasing a HUD home is that HUD does not guarantee the condition of the house nor does the agency pay to have any problems fixed. This could mean buying a money pit. Foreclosed homes are often left in a hurry due to repossession, so the time and care to leave them in good shape is not taken. You can expect many of these homes to be filthy and outdated and some may not even be structurally sound. You`re basically taking a gamble and the wiring might not run properly or the plumbing might not work. There might be termites eating away at the attic and there may be a number of other issues that won`t turn up until after you`ve moved in.

This isn`t to say that HUD homes are necessarily bad. In fact, buying a HUD home is one of the most affordable ways to get a nice house. They are generally cheaper than those being sold through realtors where the final price is decided upon by the owner.

HUD also strongly recommends that potential buyers pay for a professional home inspection before making an offer. This gives you a chance to see if there are any major problems with the foundation elements of the home. Cosmetic issues like paint, outdated cabinetry and retro flooring can be fixed over time.

Another great thing is that FHA loans tend to be more lenient with qualifications, so people with past credit mistakes or a weak credit score may still be able to qualify for the mortgage. In order to apply for this type of loan, however, you need to be the owner occupant who plans on making the house your primary residence. Investors need not apply.

HUD homes are good long-term investments because they are often sold at below market value. Since they are also sold “as-is”, you may be surprised at how much less you could end up paying for a HUD home. The downside of this is that these houses are often not in the best neighborhoods, but keep checking the database listings to see if something worthwhile comes up.

Since buyers must obtain financing through FHA, it`s a good idea going into the house hunt knowing where you stand financially. This means knowing how much house you can afford based on interest rates, loan terms and monthly payments. Utilize a mortgage calculator prior to any home purchase, HUD or not.

Mortgage Mistakes That are Easy to Make

Getting a good mortgage deal could save you thousands of pounds, but slap mortgage fees on to your mortgage and you’ll be undoing your hard work at the last minute.

With interest rates at a record low over the last 2-3 years, banks have had to find other ways to make extra profits from their mortgage customers.

As a result, mortgage fees have steadily been climbing year on year and can now easily run into the thousands rather than the hundreds of pounds.

Read more: The Mortgage Mistake That’s Easy to Make

Usda Home Loans ? 100% Financing For Rural Areas And Small Communities

Usda Home Loans ? 100% Financing For Rural Areas And Small Communities

Few people are aware that the USDA also provides home loans. Financing is available for eligible applicants who are looking to purchase a home in many small towns and rural areas. Benefits of a USDA Home Loan: • No Down Payment • No PMI (private mortgage insurance) • Low Fixed Rates • Finance your closing costs • No maximum purchase price • Perfect credit not required • Low up front closing costs • In some cases closing costs can be financed • Minor credit problems OK • No maximum loan amounts • Fixed Rates Only USDAHomeLoanApproval.com is committed to helping more people achieve the American dream of homeownership. A USDA home loan is a government insured loan created to increase the population and strengthen the economy in rural America. A common misconception is that USDA home loans are only for farmers. Almost any area outside a major metropolitan city will qualify. When you inquire with USDAHomeLoanApproval.com you will be contacted by an experienced rural development loan expert from our network of approved lenders. You will not be contacted by more than one loan consultant and we don’t require your social security number or a credit check to inquire. The loan consultant will determine your eligibility and answer all of your questions about the USDA Home loan process. Don’t let someone you don’t trust handle one of the most important financial transactions in your life. Allow one of our rural development loan experts to analyze your situation and determine if a USDA home loan meets your needs. Visit our website at USDAHomeLoanApproval.com to learn more about the USDA Home Loan process.

First Time Home Buyer Programs

Calculator for Home Loan Repayment Calculations

Looking for a home loan can be an interesting task. In many cases, it’s a matter of figuring out how much money one is able to borrow on the Loan. This often involves a number of things to consider, and having the best information means that you’ll be able to make the right selections on picking your options

What is the Amount I can Borrow?

This is the first question to consider when looking for a home loan repayment calculator. In many instances, you’d be surprised to see how much money can be borrowed on a property. This can mean that based on current interest rates and other factors, a home can be much for afforadable than you once thought.

Lenders mortgage insurance estimator

Lenders often calculate mortgage insurance based on the amount of down payment as well as how affordable it is with your current job situation. Mortgage insurance is important to have for low ratio mortgages, and having the right calculations can mean that your mortgage insurance costs are reduced.

Looking for the Best Mortgage Broker

Investment properties can be a lucrative way to make money, and having the right options for these are important when looking at a home loan repayment calculator. In many instances, paying down a home loan fast enough can mean that you own a place free and clear, and the every month it is bringing in money to your pocket. Home loan calculations can be important in determining this, and over time it’s important to remember that normally the value of the house increases.

Is an Investment Property Affordable?

If you’re looking to make money, an investment property can be a great option to consider. It’s really a good way to make money, and with the right home loan repayment calculator, you can figure out the total involved in costs on your loan. This can be either interest costs, or monthly payment costs.

Variable and Fixed Home Loans – Is there a Difference?

Absolutely there is a difference between variable and fixed home loans – variable costs can change as the prime rate at the bank changes, meanwhile, fixed loan prices will be the same through the duration of the loan. These are important calculations to consider when looking at the options from a home loan repayment calculator

When looking for a home loan repayment calculator, consider all the options and remember that in many cases the best option is to do the proper research beforehand, and know the different options that are important to you.

Want to find out more about a home loan repayment calculator, then visit Jacques Builder’s site on how to choose the best home loan repayment calculators for your needs.

MOBILE HOME LOANS Miami

www.lendinguniverse.com MOBILE HOME LOANS Miami lenders provide financing and Mobile Home refinancing also nationwide. Banks, mortgage brokers, credit unions and private investors compete for all your residential and commercial loan requirements, simply complete our simple form and we will…
First Time Home Buyer Programs
Video Rating: 5 / 5

The VA mortgage loan programs are one of the great benefits out there for soldiers who have stepped forward to servce their country. Tim Lewis discusses how choosing the right VA lender can make a difference.
First Time Home Buyer Programs
Video Rating: 5 / 5

COMPARE MORTGAGE RATE-REFINANCE-MORTGAGE LOANS-HOME EQUITY LOANS-HOME LOANS VISIT US NOW AND APPLY ONLINE NO FEES GUARANTEED APPROVAL

COMPARE MORTGAGE RATE-REFINANCE-MORTGAGE LOANS-HOME EQUITY LOANS-HOME LOANS VISIT US NOW AND APPLY ONLINE NO FEES GUARANTEED APPROVAL If you’re looking for a low payment and the security of a rate that won’t change for the life of your mortgage, the 30-year fixed is probably right for you….
First Time Home Buyer Programs
Video Rating: 5 / 5

Usda Home Loans ? 100% Financing For Rural Areas And Small Communities

Usda Home Loans ? 100% Financing For Rural Areas And Small Communities

Few people are aware that the USDA also provides home loans. Financing is available for eligible applicants who are looking to purchase a home in many small towns and rural areas. Benefits of a USDA Home Loan: • No Down Payment • No PMI (private mortgage insurance) • Low Fixed Rates • Finance your closing costs • No maximum purchase price • Perfect credit not required • Low up front closing costs • In some cases closing costs can be financed • Minor credit problems OK • No maximum loan amounts • Fixed Rates Only USDAHomeLoanApproval.com is committed to helping more people achieve the American dream of homeownership. A USDA home loan is a government insured loan created to increase the population and strengthen the economy in rural America. A common misconception is that USDA home loans are only for farmers. Almost any area outside a major metropolitan city will qualify. When you inquire with USDAHomeLoanApproval.com you will be contacted by an experienced rural development loan expert from our network of approved lenders. You will not be contacted by more than one loan consultant and we don’t require your social security number or a credit check to inquire. The loan consultant will determine your eligibility and answer all of your questions about the USDA Home loan process. Don’t let someone you don’t trust handle one of the most important financial transactions in your life. Allow one of our rural development loan experts to analyze your situation and determine if a USDA home loan meets your needs. Visit our website at USDAHomeLoanApproval.com to learn more about the USDA Home Loan process.

First Time Home Buyer Programs

Related Home Loans Articles

FHA Manufactured home loans Florida 97%w 580 FICO

FHA Manufactured home loans Florida 97%w 580 FICO

FHA Manufactured home loans Florida 97%w 580 FICO

Under the Title I program, Florida FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a Florida manufactured home and/or lot. FHA insures the Florida mortgage lender against loss if the borrower defaults. Credit is granted based upon the Florida mortgage applicant’s credit history and ability to repay the loan in regular monthly installments.

Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida manufactured home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional manufactured mortgage loan. Some highlights of the Florida FHA loan program for manufactured homes  include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:  

No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3  years after a Foreclosure.

Apply today at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml

FHA does not lend money to Florida mortgage applicants, they only insure the FHA loans made to mortgage applicants. The Florida Title I manufactured home loans are not Federal Government loans or grants. These FHA mortgage loans to Florida mortgage applicants  fixed for the entire term of the loan, which is generally 15-30 years.

Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.

 Florida FHA Mobile Home loan Criteria

 General Eligibility Criteria for Florida Manufactured loan by FHA/HUD.

The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the Florida manufactured home. If the RED TAG is missing the house is not eligible for Section 184 financing. Only Florida manufactured homes built after June 15, 1976 will bear that seal. Florida manufactured homes built before that date are ineligible for Section 184 financing. The Florida  home must be classified and taxed as real estate (as applicable). The Florida mortgage must cover both the manufactured unit and its site or the appropriate lease documents must be in place. The Florida mortgage must have a term of no more than 30 years from the date amortization begins. The Florida manufactured home must not have been installed or occupied previously at any other Florida site or location. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The Florida manufactured home must be permanently attached to the foundation system. Existing Florida homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place. The Florida home must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.

Purpose of the Loan

The Florida FHA loan for Manufactured homes can be used for the purchase or refinancing of a Florida manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrower.

Locating a Florida manufactured home Dealer

Florida Manufactured homes are usually purchased through Florida dealers or retailers that sell the homes. The names of lenders in your area which specialize in financing of Florida manufactured homes can be obtained from local Florida retailers. These retailers are listed in the yellow pages of your telephone directory. They have the required application forms.

Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements governing the installation and construction of the manufactured home foundation system.

An Eligible Manufactured Home Must:

Meet the Model Manufactured Home Installation Standards. Must carry a one-year manufacturer’s warranty if the unit is new Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

The proceeds of a Title I manufactured home loan may not be used to finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.). However, built-in appliances and equipment and wall-to-wall carpeting are eligible for financing.

 

Answers to Mobile Home Questions

First Time Home Buyer Programs

Apply for FLorida Manufactured home loan financing at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml,
http://www.trulia.com/blog/jimmy_joe_allen/2009/04/florida_mobile_home_loan, http://www.trulia.com/blog/thomas_martin_1/2009/01/florida_manufactured_hom, http://www.hud.gov/offices/hsg/sfh/title/repair.cfm


Article from articlesbase.com

Related Home Loans Articles

FHA Manufactured home loans Florida 97%w 580 FICO

FHA Manufactured home loans Florida 97%w 580 FICO

FHA Manufactured home loans Florida 97%w 580 FICO

Under the Title I program, Florida FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a Florida manufactured home and/or lot. FHA insures the Florida mortgage lender against loss if the borrower defaults. Credit is granted based upon the Florida mortgage applicant’s credit history and ability to repay the loan in regular monthly installments.

Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida manufactured home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional manufactured mortgage loan. Some highlights of the Florida FHA loan program for manufactured homes  include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:  

No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3  years after a Foreclosure.

Apply today at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml

FHA does not lend money to Florida mortgage applicants, they only insure the FHA loans made to mortgage applicants. The Florida Title I manufactured home loans are not Federal Government loans or grants. These FHA mortgage loans to Florida mortgage applicants  fixed for the entire term of the loan, which is generally 15-30 years.

Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.

 Florida FHA Mobile Home loan Criteria

 General Eligibility Criteria for Florida Manufactured loan by FHA/HUD.

The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the Florida manufactured home. If the RED TAG is missing the house is not eligible for Section 184 financing. Only Florida manufactured homes built after June 15, 1976 will bear that seal. Florida manufactured homes built before that date are ineligible for Section 184 financing. The Florida  home must be classified and taxed as real estate (as applicable). The Florida mortgage must cover both the manufactured unit and its site or the appropriate lease documents must be in place. The Florida mortgage must have a term of no more than 30 years from the date amortization begins. The Florida manufactured home must not have been installed or occupied previously at any other Florida site or location. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The Florida manufactured home must be permanently attached to the foundation system. Existing Florida homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place. The Florida home must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.

Purpose of the Loan

The Florida FHA loan for Manufactured homes can be used for the purchase or refinancing of a Florida manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrower.

Locating a Florida manufactured home Dealer

Florida Manufactured homes are usually purchased through Florida dealers or retailers that sell the homes. The names of lenders in your area which specialize in financing of Florida manufactured homes can be obtained from local Florida retailers. These retailers are listed in the yellow pages of your telephone directory. They have the required application forms.

Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements governing the installation and construction of the manufactured home foundation system.

An Eligible Manufactured Home Must:

Meet the Model Manufactured Home Installation Standards. Must carry a one-year manufacturer’s warranty if the unit is new Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

The proceeds of a Title I manufactured home loan may not be used to finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.). However, built-in appliances and equipment and wall-to-wall carpeting are eligible for financing.

 

Answers to Mobile Home Questions

First Time Home Buyer Programs

Apply for FLorida Manufactured home loan financing at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml,
http://www.trulia.com/blog/jimmy_joe_allen/2009/04/florida_mobile_home_loan, http://www.trulia.com/blog/thomas_martin_1/2009/01/florida_manufactured_hom, http://www.hud.gov/offices/hsg/sfh/title/repair.cfm


Article from articlesbase.com

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