Mobile Home Loans | NC FHA Expert

Mobile Home or Modular

The term Mobile Home is not “politically correct” since the folks that make them ( and I guess the industry) refer to them as MANUFACTURED HOUSING… but still, I’m from NC, and I grew up callin’ ‘em Mobile Homes – so I hope I don’t offend anyone in this discussion.

We’ve had several folks come to us seeking financing for a a Mobile Home / Manufactured Home that said they had problems at other lenders… not because the borrower had credit or income problems… but because the folks they were talking to didn’t want to finance a mobile home.

In the credit crunch of the last year – mobile home financing has taken a direct hit. Lenders who “use” to do those loans – stopped. But there are still financing options available! Here’s the “real” trick. Do you know what “sort” of manufactured property you own?

Sounds like a simple question – and I guess in truth it is – but what you’re looking for is a sticker. The home should have a HUD sticker (normally near the fuse box or under the sink) OR it will have a NC “Plate” in the same area. The “Plate” means that your home is a MODULAR home – and you can get just about any kind of financing you want! The STICKER means you have a mobile home – and you can get financing – but in today’s market you’re probably looking at an FHA loan.

FHA guidelines require an inspection of the foundation – modular home financing does not. Other FHA “perks” include:

•· Low Down Payment of 3% and 100% financing options available.

•· 95% of Appraised Value Cash-Out Refinance

•· FHA Streamline Refinance

•· NO Income Maximum Limits

•· Gift Funds: 3% down payment can come from FRIEND, FAMILY MEMBER OR NON PROFIT

•· Seller CAN PAY UP TO 6% OF YOUR CLOSING COST!

•· Down Payment Assistance

•· NO Cash Reserves Required

•· Gap in Employment OK•· Self Employed 2 Yrs OK – 2nd job income with 12 month history considered

•· Permanent Alien OK

•· NO pre-payment penalty

Qualifying for a FHA loan is somewhat easier, because FHA allows us to consider “compensating factors.” They allow credit score down to 580, and they allow you to “build” credit if you don’t have enough for a score!

If you or your friends and family have questions about using FHA to purchase a mobile home, or a modular- and you think you meet the income and credit qualifications – call us! Steve and Eleanor Thorne, Connect With Us on Facebook, 919-649-5058

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USDA More Than a Brand on Meat

mobile homes Are you looking for a mobile home? It can be difficult to get a mortgage loan for a mobile home – but there are still some programs out there. FHA and USDA loans are excellent choices – and they are 100% loan programs!

USDA Home Loans were once called Rural Economic Development – and prior to THAT it was called Farmer’s Home – but it’s all the same thing. The loan is designed for folks living in a more rural setting. There are TONS of places in North Carolina, and near metropolitan areas like Raleigh and Charlotte that qualify for this program.

Here are the basic guidelines:

It is their Guaranteed Rural Housing program.

1. Must have a minimum 620 mid FICO

2. Must be within income guidelines for the county in which the subject property is located (These tend to be significantly higher that the HUD median income limits).

3. Subject property must be within an eligible area.

4. Ratios cannot exceed 29/41 ( although with clean credit they will issue a ratio waiver ).

5. If there is a Bankruptcy, it can be discharged as recently as yesterday.

If these 5 guidelines are met then the loan is guaranteed approval. Any collections that may appear on the credit report do not have to be paid off. The bank does have to go through regular underwriting to verify funds, value, etc. but what I like the most is it is GUARANTEED to be approved if the above 5 guidelines are met.

Click here to see if your property would qualify for one of these loans!

If you are interested in a USDA Home LOAN, Contact the NC USDA EXPERTS, Steve and Eleanor Thorne 649-5058 Connect With Us on Facebook.