I just off the phone with a very established and worthy borrower. She said she wants to reduce her low interest rate from 2003 to a lower rate for 2009. Plus, we are going to pay off a 7.5% HELOC she used to build an addition last year. Her monthly savings will exceed $500!
I have to believe she is the tip of the iceberg with mortgage note rates under 5.0% in many cases. Man your phones mortgage brokers, news travels fast!
For mortgage solutions in Florida and Georgia,
call Randall at 863-229-1235
Most first time home buyers don't realize how important their credit history, or a lack thereof, is. To do a mortgage, we look at how a borrower has paid his past obligations, to project the future. The weight is on the most recent history and history older than 24 months is almost useless.
I can't tell you how many first time buyers have NO credit history. It's not impossible, but this is going to be a difficult loan. If someone would have instructed these borrowers on how easy a "Secured Visa" could work miracles for them.
Go to most any bank and tell them you need a "Secured Visa". You give the bank $200 to hold as security and they give you a REAL visa card with a $200 limit. If you don't pay the bill, the bank keeps the money. If you do pay the bill, they report tons of good news to the credit bureau.
It's an easy way to a great credit history!
In the world of FHA lenders, you have the lender, which is usually a mortgage broker like me and a sponsor, which is the bank that supplies the money at closing. If the FHA will insure a manufactured or mobile home, then the sponsors can fund FHA insured manufactured homes. But they may also reserve the right NOT TO. 
This week, one of the remaining sponsors of manufactured / mobile home FHA insured loans stopped accepting applications for this type of collateral. Ouch!
The problem is, we keep losing sponsers and we are not replacing them. Soon, this illiquidity is going to cause a problem, especially in Florida where we have so many homes like this.
I can't say I blame the sponsors if they are forced to foreclose on an extremely large percentage of these loans, but they are FHA insured and what about all the good apples?
If you need a loan on a manufactured home any time in the near future in Florida or Georgia, I'd encourage you to move fast. Rates are low and lending is tightening for the best of credit risks.
I dreaded this day. It seems the incidence of foreclosure are MUCH higher on single wides than block or frame homes. I can think of reasons that could cause this, but that's another post. Polk County has manufactured / mobile homes everywhere. From homes on land to homes in 55+ mobile home parks, every imaginable situation can be found in Polk County, and in abundance. They are beautiful, safe and affordable. But who lends on these homes these days?
Financing is still available for these homes for purchasing or refinancing. It just became more limited geographically and another FHA sponser just threw in the towel, but give me a call and we'll figure out a plan.
Any year, any size, call with your scenario and I'll be happy to guide you!
Call Randall at 863-229-1235
Polk County has manufactured / mobile homes everywhere. From homes on land to homes in 55+ mobile home parks, every imaginable situation can be found in Polk County, and in abundance. They are beautiful, safe and affordable. But who lends on these homes these days?
Loans are still available for these homes for purchasing or refinancing. Whether the land comes with the property or the land is rented, financing is available.
Any year, any size, call with your scenario and I'll be happy to guide you!
In Polk County, call Randall at 863-229-1235
Specializing in helping Realtors increase their production by financing their client's dream home! I also help clients refinance their homes into LOW interest mortgages. CALL RANDALL - 863-604-0169
I started doing mortgages years ago by helping clients that were denied by their local bank. Sure, if you have excellent credit, stable employment, lots of money to put down, by all means see what your bank can do for you. If you are self-employed, credit score challenged, in need of 100% financing, working with a Mobile Home or any other in a list of things CALL RANDALL @ 863-604-0169.
As a great mortgage broker, you need to have a wide variety of options and experience to best help your clients. I have an extensive background in conventional, sub-prime, FHA, VA, commercial and hard money loans. Most of my peers are limited to one or two types of mortgages due to the complexities associated with such a wide range of lending options. I believe in giving my clients the mortgage that suits THEM best. If we can save $100 per month in mortgage insurance by doing an FHA insured mortgage, then let's do it. If I need to help a veteran get 100% financing on a single wide mobile home, let's do a VA loan. If a senior is falling behind on expenses, let's look at a reverse mortgage. My tool box is loaded!
No loan is too small, no problem is too big. Call the Super Broker @ 863-604-0169
Challenge me! I have performed miracles and closed loans that were denied a half dozen times elsewhere. If the loan "Makes Sense", then some lender will fund it - if it is presented properly. Obviously, I prefer to do EASY mortgages, just like everyone else, but the challenging loans are more interesting and add to my experience.
Wholesale Interest Rates: I'll let you in on a little secret! Most of the lenders that you are aware of accept wholesale loans from mortgage brokers like me. It is an easy way for them to get a lot of extra loans. Since they didn't have to meet with the client, pay their loan officer and all the other overhead costs associated with going directly to their bank, they give mortgage brokers DISCOUNTED interest rates! I've had cases where my client saved 1/2% off their interest rate, compared to going to THEIR own bank directly. 1/2% interest over a 30 year period is A LOT OF MONEY.
Manufactured / Mobile Homes: I am an expert when it comes to manufactured home financing. There are tons of nuances when it comes to this type loan; wind zones, DMV titles, HUD plates, VIN numbers, foundation inspections and so on. To do this type of loan you need a mortgage broker that knows about loans AND all of these other nuances. It took years to master this type of loan!
Reverse Mortgages: Seniors over 62 years of age can apply for a Reverse Mortgage. That's right Reverse, the bank makes monthly payments to the senior. This tool is an excellent option to consider when a senior's needs change or if some debt consolidation might increase the quality of life.
The Super Broker can do the immpossible! D. Shay, Dade City
Randall got our loan approved quickly after our own bank turned us down! - R. Quincy
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