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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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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

Find More Home Loans Articles

Home Loans

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

www.lendinguniverse.com MOBILE HOME LOANS Texas 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
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FHA home loans for Buying a Florida home, ((97%w 540 FICO))

FHA home loans for Buying a Florida home, ((97%w 540 FICO))

FHA home loans for Buying a Florida home.

Florida 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 home buyer the FHA home loan program can simplify the purchase of buying a  Florida home, making financing easier and less expensive than an other home loan program. Some highlights of the Florida FHA loan program 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 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application at www.FHAmortgageFHALoan.com

 

Common FHA Mortgage Questions Why should I apply for an FHA home loan?

There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:

You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house.   You’re worried about qualifying for a loan. You don’t have perfect credit.

If any of these things describe you, then an FHA home  loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:

Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.

Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.

Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.

Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.  

More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

FHA insures loans for lenders against defaults – it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

What kinds of FHA home loans does FHA offer?

Fixed-rate loans – Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…

Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.

Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More… 

How do FHA-insured loans compare to subprime loans?

Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a 0,000 mortgage, the monthly payment for a subprime loan would be over 0 a month higher than an FHA-insured loan.

The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.

Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.

Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!

How do FHA home loans compare to conventional loans?

Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.

Do you have to buy mortgage insurance on an FHA home loan?

Yes – as you will with most loans.

The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008.  Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio.  The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below.  Mortgagee Letter 2008-16 is rescinded in its entirety.  Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.

UFMIP= Upfront Mortgage Insurance Premiums:  FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage: 

Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent Streamline Refinances (all types) = 1.50 Percent

Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.

Compare the cost of FHA home loan home loan compare  to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.

 

 

First Time Home Buyer Programs

http://www.fhamortgagefhaloan.com/
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