Mobile Home Loan Freedom

u know that you have to have a good reason to get a traditional loan? Banks will not dole out loans to anyone unless they know how you intend to spend loan money. Banks aren’t willing to let borrowers spend loan money any way they choose, and this can be entirely frustrating.

It’s within the interest of every bank to know exactly how a borrower will spend loan money. Why? This way, a bank can ensure that their money will be paid back. For example, no borrower can obtain money for a business venture unless the bank in question agrees upon the venture itself. Of course, in order to convince a bank that you will be spending money wisely, you’ll have to come up with a fairly concise business (or other) plan.

What happens when you need money, but your bank doesn’t see your cause as being a worthy one? In most cases, you’ll be instantly turned down for a loan. In other cases, a bank may decide to deliberate over the necessity of a loan for many weeks or months.

Then again, people who have bad credit won’t even be considered for a bank loan. When your record is marked with bad credit, banks won’t take a risk – it’s that simple. Unfortunately, this leaves a lot of people in need of money without any hope of a loan. In addition, it leaves many people scrambling to find a good enough reason to ask for a bank loan.

In stark contrast, a mobile home loan that is gained through a private lender is not restrictive in any manner. A private loan will allow you to use your loan money as you see fit. Whether you intend to take a vacation or make home repairs, your private mobile home loan is yours to spend in any manner.

In this way, mobile home loans allow people a lot more freedom when compared to a traditional loan. The best part is that private lenders do not base your loan acceptance upon your past credit history. All you need to apply for this type of loan is to own a mobile home.

If you can prove that your mobile home is yours, then you can apply for a private loan right away. You won’t have to wait for months, the application process is simple, and you will have your money in a flash. In short, a mobile home loan is the only way to go if you want complete and total loan freedom.

By: Molly Wider

FHA loans Have NO Min Credit Score for Florida Homebuyers

omebuyers should consider an FHA loan over Conventional or Sub prime loan mainly because FHA has NO MINIMUM CREIDIT or CREDIT SCORE REQUIMENTS. At the same time FHA loans to not penalize Florida buyers with a higher interest rate because of having less then perfect credit.

There are many other good reasons for Florida homebuyers to choose an FHA loan, especially if one or more of the following applies to you:

If you’re a Florida first-time homebuyer If you’re worried about qualifying for a loan If you don’t have perfect credit If you don’t have a lot of money to put down on a Florida house If you want to keep your monthly payments as low as possible If you’re worried about your monthly payments going up If you’re worried about what will happen if you fall behind on your payments

If you are a Florida homebuyer and any of these things describe you, then an FHA mortgage loan may be right for you. An FHA-insured loan offers many benefits and protections that you won’t find in other loans including:

Lower Interest rates: An FHA mortgage loan has competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA mortgage loan with other loan types.

Easier to qualify: Because FHA insures private Florida mortgage  lenders, FHA lenders are  more willing to give you loan terms that make it easier for you to qualify.

If you have less than perfect credit: If you’re a Florida homebuyer and you don’t have to have perfect credit and worried you will not qualify because of a bankruptcy or foreclosure FHA loans make it easier for you to qualify for a Florida mortgage in a shorter period of time than conventional financing options.

More protection to keep your home:  FHA mortgage loans have been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, the FHA has many foreclosure avoidance options to help you keep you in your home and avoid foreclosure.

FHA does not lend money to people to purchase a home and it does not set the interest rates on mortgages it insures. FHA insures loans for lenders against defaults. 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 Florida Mortgage application process.

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

What types of loans does FHA offer?

Fixed rate loans - Most FHA loans are fixed-rate mortgages (loans). In a fixed rate mortgage, your interest rate stays the same during the whole life of the loan, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.

Adjustable rate loans – Most first-time homebuyers are a little stretched financially, so they want payments as low as possible at the beginning. 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 (1 Yr CMT the most widely used index, 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 amount that the interest rate on your 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, again depending upon the type of ARM you choose. The advantage of an ARM is that you may be able to afford more house; because your initial interest rate will be lower, as will your payment.

Purchase – FHA 203K 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 FHA 203K program. You can get just one mortgage loan which includes the mortgage and the cost of repairs combined up to 35,000. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The advantage of the FHA 203K Mortgage loan Florida homebuyers can buy a home that needs a lot of work, and include all the repair cost into one low interest mortgage payment and complete the repairs after you purchase the home.

I hope this article gave you some in site to the FHA mortgage Program.

By: FHA home loan Lender

Floirda FHA Loan Programs offer many Benifits to Floirda buyers and Homeowenrs

Florida FHA Loan Programs

Florida FHA Mortgage Insurance Program

Florida FHA Programs that help low and moderate income families achieve homeowners by lowering some of the costs of their Florida mortgage.

Florida FHA Mortgage Insurance Costs

An FHA loan the borrower will be charged a mortgage insurance premium equal to 1.75% of the purchase price of the property and a renewal premium of .55% in subsequent years.

Florida FHA Escrow Refunds

If you have ever paid off a home loan backed by FHA mortgage, you may have money owed to you.

Florida Down Payment Gifts for FHA Loans

FHA allows 100% of the down payment on your next Florida home to be a gift from friends, family or other sources.

Florida FHA Mortgage Closing Costs

Closing costs can also be financed to reduce the up front cost of buying a Florida home.

Florida FHA Streamline Refinance Loan

A program that reduces the amount of documentation and underwriting that needs to be performed by the mortgage company.

Florida FHA Single Family Rehab Mortgage – Section 203k to buy a Florida Fixer upper home

An FHA single family home rehabilitation program that enables you to finance both the purchase or refinance of a Florida house and/or the cost of its rehabilitation through a single mortgage.

Florida FHA Single Family Mortgage Insurance for Outlying Areas – Section 203(i)

A single family Florida mortgage program that provides Florida mortgage insurance for a person to purchase a principal residence in a rural area.

Florida FHA Adjustable Rate Mortgage

A single family adjustable rate mortgage that provide mortgage insurance for a person to purchase or refinance a principal residence at a lower initial interest rate.

Florida FHA Property Improvement Loan Insurance – Title I

A program that makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements.

FHA Energy Efficient Mortgage

A program that provides mortgage insurance for the purchase or refinance of a principal residence that incorporates the cost of energy efficient improvements into the loan.

Florida FHA/HUD Reverse Mortgage

A program for homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining. The program allows homeowners to borrow against the equity in their homes in a lump sum, on a monthly basis for a fixed term or for as long as they live in the home, or on an occasional basis as a line of credit.

 

By: FHA home loan Lender