Christian Manufactured Home Loan
A Christian manufactured home loan is a special mortgage for purchasing this type of housing. Much like typical mortgage programs, manufactured home loans come in many forms, with options for a fifteen, twenty, or thirty-year term. Since this housing option is a growing trend, financial assistance is more widely available than it once was. However, many lenders require that a manufactured home have a permanent foundation in order to be financed with them. Before pursuing a lender for assistance, homebuyers need to learn all they can about the available programs and funding.
Before purchasing a house, a buyer needs to calculate the costs of the mortgage. It is important to consider the possible closing costs, down payment, and other fees attached to a manufactured home loan. They need to make sure that the monthly mortgage is affordable. With all of these facts and figures involved, it may be impossible to pursue that dream home. The individual may have to seek a lower price and size range. After determining this, homebuyers can look into the different types of manufactured home loans.
There are many things that must be taken into consideration, including the type of mortgage to pursue. Like other loans, a manufactured home loan comes in the form of both a conforming and nonconforming mortgage. A conforming mortgage is typically fixed rate at either 15 or 30 years. They are good for people who plan to stay in a house for many years. Adjustable rate mortgages or nonconforming manufactured home loans are better for people who plan to live in their house for a few years. Otherwise, a conforming mortgage can be very expensive. Compared to a nonconforming mortgage, a conforming mortgage can offer lower interest rates and a lower risk of foreclosure. Manufactured houses do have special types of financing that are different from ordinary structures. Buyers can finance through the retailer and their retail installment contract.
To find actual quotes, buyers can do their own research or hire a mortgage broker. A broker knows many lenders and what they require for a manufactured home loan. They will determine how much funding the homebuyer can get and afford. On the other hand, homebuyers can find assistance themselves through the Internet. Many lenders have websites and even allow the consumer to apply online. Also, buyers can compare lenders on mortgage rate quote websites.
Individuals interested in pursuing this type of housing may want to begin their hunt by talking to retailers to see their financing requirements. Manufactured home loans are readily available, but consumers need to watch out for scams and work with a lender who is reputable. Buyers also need to make sure that their finances are in order before they take out a mortgage or other major financial assistance. "Prepare thy work without, and make it fit for thyself in the field; and afterwards build thine house" (Proverbs 24:27).
Modular home loans are customized for home buyers who want to finance a factory built house but not necessarily the land that it will rest upon. It is a unique opportunity for houses that are manufactured elsewhere, almost to completion, but which are assembled on site-- it is not necessarily the same kind of financing needed for a mobile manufactured home which is built on a steel chassis. This type of financing is similar to loans designed for site-built homes which share the same building code requirements, except they have terms which better anticipate the needs of modular construction and do not need to be tied to a property deed or title. This makes a modular home loan advantageous if someone wants to live on rental property, family land, or have separate mortgages for the land and home.
This type of financing can be obtained from any lending source, including the contractor or modular house dealer. Variables can allow a person to anticipate cost overruns such as unforeseeable excavation expenses, changes in specifications, assumptions made that are incorrect, and unfortunate building delay costs. Modular home loans will vary in amount depending on the needs and whether or not a contractor is hired. A modular home loan can have fixed or adjustable interest rates, the same 30 or 15 year terms, or various down payment options; rates will depend on credit standing, employment history, and the down payment. If a person is looking for a modular home loan from the Veteran's Administration , it can be processed through the VA's regular program. Making decisions can be stressful and confusing, but knowing God is listening can be very comforting. Psalm 46:10 says "Be still, and know that I am God: I will be exalted among the heathen, I will be exalted in the earth."
A person needs to talk to a lender to make sure that they can use the same lender for both the construction and the mortgage. Plus, it is helpful to plan ahead in two other ways: get prequalified by one or two lenders and apply for pre-approval. A modular home loan lender is going to assess the value of the house to protect his investment. Expect to pay some fees and "points" which may equal one point per one percent of the construction loan. Make sure to get the exact fees in writing. A person will typically only pay interest on the money borrowed during construction. When the house is complete, and the final construction disbursement is issued, a person will begin to pay off the mortgage, both the principle and interest. Modular home loans are going to make it possible to enjoy a house, constructed elsewhere, but assembled permanently in the location of choice.
Christian Mobile Home LoanMobile home loans are very difficult to receive, especially since many finance companies and banks do not offer this type of financing. Often these homesteads are viewed as items that will lose value quickly, making it risky for banks to take interest in financing them. Many websites and internet based finance companies are, however, taking up the slack and presenting the mobile home loan financing as an option for consumers interested in purchasing them. This provides great opportunities for competitive rates and a variety of available sources and companies.
Mobile homes are often much cheaper than other housing options, making them much more attractive to homebuyers. Many a family who could not afford to purchase a house can still purchase a home by opting for the alternative. By offering mobile home loans, companies provide a much larger market and selection for the consumer. Whereas the average home sells for around $100,000, a nice alternative can be found for under $50,000 and under.
This financing is offered at competitive rates through the majority of companies. Interest rates and terms are often factors that make purchasing mobile homes seem less appealing to a homebuyer due to the rapid depreciation rate. And this can cause the interest rates to be fairly high. However, with more finance companies and mortgage brokers, even some banks, now offering mobile home loans to consumers, it is much easier for these homebuyers to obtain this financing and because there is such a competitive market, there are deals to be found.
When opting for a good deal in this area, it is important to do some research also. For the same reason that finance companies used to decline a mobile home loan, the insurance companies have picked up on. The construction of a modular or mobile home is such that a small hurricane, mud slide or tornado can totally devastate it. Therefore the insurance rates will reflect the risk. There are also zoning laws in some areas that forbid the erection of such a dwelling. When first purchasing the property where the home will be placed, look into whether or not it is possible to place the house there.
"For every house is builded by some man; but He that builds all things is God." (Hebrews 3:4) Mobile homes have come a long way, no longer seen as tin cans being towed behind a vehicle and they dot the geography all over the United States. They have been built onto and made into vast living areas. Obtaining a mobile home loan may be the solution to being able to afford one's own residence and the beginning of obtaining the American dream.
Single wide mobile home refinancing is virtually identical to double wide refinancing with the exception that in order to qualify for refinancing, the mobile must be valued at $20k or more. Refinancing rates are determined by the credit score of the loan applicant. Credit scores are the leading factor in determining interest rates for any loan. Mobile financing is different in that it only includes the actual home whereas real property financing includes the house and the land.
Mobile homes are typically set in parks or communities on a rented lot or leased piece of land. Single wide mobile home refinancing is contingent upon the amount of money still owed on the original chattel mortgage. A chattel mortgage is a term for a mortgage on personal property, or property without land attached. If the amount owed on the loan exceeds the worth of the mobile, then a lower amount may be approved. The entire amount of the loan however would go to pay the original chattel mortgage. Mobile home refinancing lenders have strict restrictions on the applicant and on the home for approval.
The applicant must have a good credit score (above 660) and have at least three active credit accounts. They must have a stable credit history for the past 24 months, and have no repossessions, no charge offs, and no credit cards in collections. They must have a verifiable consistent and stable income and provide the loan officer with two years of federal tax returns. The applicant must not have filed for bankruptcy in the last five years and should have made over three monthly payments towards the original chattel mortgage. As of yet, there are no single wide mobile home refinancing lenders that offer programs for applicants with less than perfect credit.
The stipulations for qualification for a single wide Christian mobile home refinancing loan are strict as well. The home must not be older than 25 years; if the home loan is equity cash out, then it cannot be older than 15 years and must have been built to meet HUD standards. It cannot be worth less than $20k and must be over 768 square feet. It should already be placed at a site, whether in a Mobile Park or community or on leased land, it needs to be already placed on the lot. It also must be livable and skirted. If the applicant and their home meet these qualifications, then the refinancing will be processed. "Behold, the Lord God will help me; who is he that shall condemn me?" (Isaiah 50:9)