We NOW Offers the FHA 203(K) Streamline Limited Repair Loan Program
for Manufactured Homes
This program allows homebuyers to finance up to an additional $35,000
to improve or upgrade their home.
Purchases & Refinances available
Standard FHA underwriting guidelines apply
For more information on FHA 203(K) Loans and our other programs for
Manufactured Homes call us today at 843-281-8108
Friday, August 15, 2008
Thursday, July 3, 2008
How to get cash out of your manufactured home and have a low rate of interest to boot
If you own and/or are buying a manufactured home with land, it is very likely you have accumulated equity you can access.
In today’s market, there is a manufactured home friendly low rate mortgage program that allows you to borrow up to 95% of your home’s value. You can utilize the money for home improvement, debt consolidation, college tuition etc.
This type of refinance is termed a “cash-out” refinance.
The mortgage program is the FHA single family loan or 203B for short. FHA (Federal Housing Administration) is a part of Housing and urban Development (HUD). A part of HUD’s mission is to facilitate homeownership, particularly affordable homeownership. As such, the FHA mortgage does not have different credit standards, loan terms and loan to value ratios for standard site/stick built homes and manufactured homes. This is significant because all other mortgage programs for manufactured homes and land have stricter credit standards and much more restrictive loan terms and loan to value ratios. As an example, the other mortgage programs restrict the “cash-out” refinance to 65% of the value of the home as opposed to 95% for FHA.
If you have a manufactured home and land and are interested in getting cash out of your home, there are a few requirements that must be met for your home to be eligible:
• Home must be a multi-section/Doublewide or larger, and
• Home must have been placed on the property as a new home, and
• Home must be a 1976 model year or newer, and
• Home must have a foundation (perimeter wall, piers and anchors) that meet HUD’s foundation requirements. Many manufactured homes when initially sited were set-up to local codes. The vast majority of the local codes do not comply with the requirements set-forth by HUD. However, there are solutions in the market today that will retrofit a home and bring it into compliance with the HUD requirements and thus make the home eligible for FHA financing. The retrofit solutions are both cost effective and can generally be installed in less than one day with no disruption to the homeowner.
In addition to the ability to get up to 95% of your home value in a cash-out refinance, there are numerous other benefits if your home is eligible for FHA mortgage financing:
• Should you decide to sell your home, the pool of buyers who can purchase your home is increased significantly because the credit standards for FHA loans are less stringent than conventional mortgages and the down payment required to purchase the home is significantly less. FHA requires a minimum down payment/investment of 2.25%/3% (2.25% is the minimum down payment and the remaining .75% can be applied towards closing cost) whereas the requirement for conventional mortgage loans range from 5%-10%. As an example specific to the credit standards: A customer with a credit score of 620 has a good chance of purchasing the manufactured home and land utilizing a FHA loan. However, they would have no opportunity to purchase the home utilizing a conventional mortgage loan as their credit score would be significantly less than the minimum requirement of 660. This one example can give you a good indication of the difference in number of qualified prospective buyers between the two mortgage programs.
• When either buying or selling a manufactured home that is eligible for FHA financing, the seller can pay up to 6% for closing cost. This will significantly reduce the out-of-pocket investment needed from the buyer and subsequently make both the selling and buying of the home much easier.
• If a home is currently mortgaged with a FHA loan, the loan is assumable for a new buyer should the homeowner decide to sell the home.
If you own and/or are buying a manufactured home with land, it is very likely you have accumulated equity you can access.
In today’s market, there is a manufactured home friendly low rate mortgage program that allows you to borrow up to 95% of your home’s value. You can utilize the money for home improvement, debt consolidation, college tuition etc.
This type of refinance is termed a “cash-out” refinance.
The mortgage program is the FHA single family loan or 203B for short. FHA (Federal Housing Administration) is a part of Housing and urban Development (HUD). A part of HUD’s mission is to facilitate homeownership, particularly affordable homeownership. As such, the FHA mortgage does not have different credit standards, loan terms and loan to value ratios for standard site/stick built homes and manufactured homes. This is significant because all other mortgage programs for manufactured homes and land have stricter credit standards and much more restrictive loan terms and loan to value ratios. As an example, the other mortgage programs restrict the “cash-out” refinance to 65% of the value of the home as opposed to 95% for FHA.
If you have a manufactured home and land and are interested in getting cash out of your home, there are a few requirements that must be met for your home to be eligible:
• Home must be a multi-section/Doublewide or larger, and
• Home must have been placed on the property as a new home, and
• Home must be a 1976 model year or newer, and
• Home must have a foundation (perimeter wall, piers and anchors) that meet HUD’s foundation requirements. Many manufactured homes when initially sited were set-up to local codes. The vast majority of the local codes do not comply with the requirements set-forth by HUD. However, there are solutions in the market today that will retrofit a home and bring it into compliance with the HUD requirements and thus make the home eligible for FHA financing. The retrofit solutions are both cost effective and can generally be installed in less than one day with no disruption to the homeowner.
In addition to the ability to get up to 95% of your home value in a cash-out refinance, there are numerous other benefits if your home is eligible for FHA mortgage financing:
• Should you decide to sell your home, the pool of buyers who can purchase your home is increased significantly because the credit standards for FHA loans are less stringent than conventional mortgages and the down payment required to purchase the home is significantly less. FHA requires a minimum down payment/investment of 2.25%/3% (2.25% is the minimum down payment and the remaining .75% can be applied towards closing cost) whereas the requirement for conventional mortgage loans range from 5%-10%. As an example specific to the credit standards: A customer with a credit score of 620 has a good chance of purchasing the manufactured home and land utilizing a FHA loan. However, they would have no opportunity to purchase the home utilizing a conventional mortgage loan as their credit score would be significantly less than the minimum requirement of 660. This one example can give you a good indication of the difference in number of qualified prospective buyers between the two mortgage programs.
• When either buying or selling a manufactured home that is eligible for FHA financing, the seller can pay up to 6% for closing cost. This will significantly reduce the out-of-pocket investment needed from the buyer and subsequently make both the selling and buying of the home much easier.
• If a home is currently mortgaged with a FHA loan, the loan is assumable for a new buyer should the homeowner decide to sell the home.
Wednesday, June 11, 2008
MANUFACTURED HOME LOANS CAN BE EASIER THAN YOU THINK!!!
EQUITYACCESS MORTGAGE
SPECIALIZES IN FACTORY BUILT HOME LOANS
&
WE HAVE LOAN PROGRAMS FOR
HOMES WITH OR WITHOUT LAND
WE ALSO HAVE GREAT PROGRAMS & RATES
ON SITE-BUILT HOMES & CONDOS
GIVE US A CALL OR VISIT OUR WEBSITE TO LEARN MORE
843-281-8108
equityaccessmtg.com
LITTLE RIVER, SC
Forward this Email
EQUITYACCESS MORTGAGE
SPECIALIZES IN FACTORY BUILT HOME LOANS
&
WE HAVE LOAN PROGRAMS FOR
HOMES WITH OR WITHOUT LAND
WE ALSO HAVE GREAT PROGRAMS & RATES
ON SITE-BUILT HOMES & CONDOS
GIVE US A CALL OR VISIT OUR WEBSITE TO LEARN MORE
843-281-8108
equityaccessmtg.com
LITTLE RIVER, SC
Forward this Email
Friday, May 30, 2008
WE SPECIALIZE IN MANUFACTURED HOME MORTGAGES IN NC & SC
&
WE WANT TO BE YOUR SOURCE FOR LOANS ON HUD FORECLOSURES
OUR LOAN PROGRAMS INCLUDE FHA, VA, RURAL DEVELOPMENT HOUSING & CONVENTIONAL LOANS
“I would like to say Thank You to EquityAccess Mortgage. Not only were they able to help my clients obtain the home they liked and could afford, they made the purchase process extremely easy. Will I use EquityAccess again? YOU BET!! I’m looking forward to the next successful transaction already!” - Beth Ross, Carolina Pines Realty (Surfside Beach, SC)
“Working as a Realtor I know how difficult it is to help a client acquire financing for a home purchase, especially a young first time buyer. EquityAccess Mortgage worked with my referral and myself every step of the way and we are so pleased with the service we received. Your response time to any questions or concerns was immediate and the staff should be commended for a job well done! I look forward to working with EquityAccess Mortgage in the future!” - Lois Akers, ReMax at the Lake (Lake Norman, NC)
CHECK OUT OUR WEBSITE
www.equityaccessmtg.com
866-573-8010
&
WE WANT TO BE YOUR SOURCE FOR LOANS ON HUD FORECLOSURES
OUR LOAN PROGRAMS INCLUDE FHA, VA, RURAL DEVELOPMENT HOUSING & CONVENTIONAL LOANS
“I would like to say Thank You to EquityAccess Mortgage. Not only were they able to help my clients obtain the home they liked and could afford, they made the purchase process extremely easy. Will I use EquityAccess again? YOU BET!! I’m looking forward to the next successful transaction already!” - Beth Ross, Carolina Pines Realty (Surfside Beach, SC)
“Working as a Realtor I know how difficult it is to help a client acquire financing for a home purchase, especially a young first time buyer. EquityAccess Mortgage worked with my referral and myself every step of the way and we are so pleased with the service we received. Your response time to any questions or concerns was immediate and the staff should be commended for a job well done! I look forward to working with EquityAccess Mortgage in the future!” - Lois Akers, ReMax at the Lake (Lake Norman, NC)
CHECK OUT OUR WEBSITE
www.equityaccessmtg.com
866-573-8010
Tuesday, May 13, 2008
WE OFFER A WIDE VARIETY OF LOAN PROGRAMS FOR MANUFACTURED HOMES
“I would like to say thank you to EquityAccess Mortgage. Not only were they able to help one of my clients obtain the home that they liked and could afford, they made the purchase process extremely easy. Their Can Do Attitude and positive spin on everything helped make an often stressful time, easier to contend with.”
“Will I use EquityAccess Mortgage again? You Bet!! They will be one of the three I always recommend. I’m looking forward to the next successful transaction already! Thanks again!” - Beth Ross, Carolina Pines Realty (Surfside Beach)
843-281-8108 / 866-573-8002
LITTLE RIVER, SC
“Will I use EquityAccess Mortgage again? You Bet!! They will be one of the three I always recommend. I’m looking forward to the next successful transaction already! Thanks again!” - Beth Ross, Carolina Pines Realty (Surfside Beach)
843-281-8108 / 866-573-8002
LITTLE RIVER, SC
Friday, April 25, 2008
FHA & VA LOANS FOR MH & SITE-BUILT HOMES - EQUITYACCESS MORTGAGE
FHA & VA LOANS
MANUFACTURED & SITE-BUILT HOMES
MANUFACTURED & SITE-BUILT HOMES
EQUITYACCESS MORTGAGE
THE ROAD LESS TRAVELED IS OFTEN THE EASIEST PATH.
FHA OR VA COULD BE YOUR CLIENT’S PATH TO HOME OWNERSHIP.
“Thank you for getting us to closing (on our new home). You are so helpful and considerate. Thanks for everything.” – Mr. & Mrs. Wasula (Myrtle Beach – 4/2008)
Government backed mortgage programs such as FHA & VA offer fantastic ways to purchase a home for less investment & cost.
EquityAccess Mortgage specializes in both FHA & VA Home Loans that allow more homebuyers to qualify & afford that special home.
CALL US TODAY & GIVE US THE OPPORTUNITY TO SHOW YOU HOW WE CAN HELP OPEN THE “ACCESS” FOR YOU AND YOUR HOMEBUYERS TO PURCHASE THAT SPECIAL HOME
WE SPECIALIZE IN MANUFACTURED HOME LOANS
843-281-8108 / 866-573-8002
equityaccessmtg.com
THE ROAD LESS TRAVELED IS OFTEN THE EASIEST PATH.
FHA OR VA COULD BE YOUR CLIENT’S PATH TO HOME OWNERSHIP.
“Thank you for getting us to closing (on our new home). You are so helpful and considerate. Thanks for everything.” – Mr. & Mrs. Wasula (Myrtle Beach – 4/2008)
Government backed mortgage programs such as FHA & VA offer fantastic ways to purchase a home for less investment & cost.
EquityAccess Mortgage specializes in both FHA & VA Home Loans that allow more homebuyers to qualify & afford that special home.
CALL US TODAY & GIVE US THE OPPORTUNITY TO SHOW YOU HOW WE CAN HELP OPEN THE “ACCESS” FOR YOU AND YOUR HOMEBUYERS TO PURCHASE THAT SPECIAL HOME
WE SPECIALIZE IN MANUFACTURED HOME LOANS
843-281-8108 / 866-573-8002
equityaccessmtg.com
Tuesday, April 15, 2008
WOULD YOU LIKE TO
REFINANCE YOUR
MANUFACTURED HOME LOAN &
SAVE $$$
REFINANCE YOUR
MANUFACTURED HOME LOAN &
SAVE $$$
EQUITYACCESS MORTGAGE
LAND/HOME LOANS INCLUDING
CASH OUT REFINANCES WITH
LOW FIXED RATES & LOW CLOSING COSTS
THAT CAN BE INCLUDED IN
YOUR NEW LOAN
CALL TODAY FOR A FREE
LOAN ANALYSIS
866-573-8002
WE ALSO HAVE PURCHASE PROGRAMSWITH LOW DOWN PAYMENTS
LAND/HOME LOANS INCLUDING
CASH OUT REFINANCES WITH
LOW FIXED RATES & LOW CLOSING COSTS
THAT CAN BE INCLUDED IN
YOUR NEW LOAN
CALL TODAY FOR A FREE
LOAN ANALYSIS
866-573-8002
WE ALSO HAVE PURCHASE PROGRAMSWITH LOW DOWN PAYMENTS
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