As every good mortgage broker knows, FHA will insure loans on mobile homes built after 6/15/1976. What one unfortunate mortgage broker that called me last week for advice DIDN'T know, was that once a mobile home has been moved from the factory or dealer's lot and set up, it cannot be moved and re-set.
In Florida, if it is titled to someone and somewhere, it is disqualified if a buyer or owner seeking a refinance if it is moved somewhere else. So, the great deal on a beautiful repo isn't such a good deal after all, unless it's a cash buyer.
Why is this so? I've gone to great ends to solve this mystery and no one seems to know at HUD or FHA that I've talked to. I suppose that statistically, more defaults happen on moved mobile homes than unmoved mobile home. Significantly more! But that's just my guess.
Lakeland and Winter Haven are sprinkled with 55+ mobile home parks. They are beautiful for the most part, safer and full of ammenities. But if you want to sell your home, where can your buyer obtain financing these days?
Financing IS still available for these Chattel Loans or homes without land. We also have co-op'ed land, which means the home is in a park and everyone owns a share of the whole park.
Today, higher credit scores are required in these types of loans, depending on the lender. My lender also want to see a 25% investment in the deal as well. Each situation is different and I'm happy to help!
In Polk County, call Randall at 863-229-1235
Financing IS still available for these Chattel Loans or homes without land. We also have co-op'ed land, which means the home is in a park and everyone owns a share of the whole park.
Today, higher credit scores are required in these types of loans, depending on the lender. My lender also want to see a 25% investment in the deal as well. Each situation is different and I'm happy to help!
2009 is upon us! Are you updating your goals? Why not update what you do, not just how well you do it?
Think outside the box. How will people be doing what you do 10 years from now?
Can you benefit from horizontal integration? Let's say you sell more tomato soup than anyone, well why not try selling chicken noodle too? Build on your strengths and tap new markets for more market share.
What about vertical integration? Do things happen before you do your thing or after you do your thing that you could offer your customer in addition to what you now do?
Increase technology! I see so much time wasted in business these days. Scan papers you may need later, don't file them. Organize, organize, organize, efficiency gives you more time for opportunity.
Unli
ke a car, you can't pick out a mobile home and take it home. The home is typically ordered, the land is prepped for the home. Insecticide is blanketed where the home will go. An apron off the road may need to be poured. You my need a well and septic system put in. Impact fees and county licenses will need to be acquired.
Then, when the home arrives, there is a set up crew, steps to install, and foundation system to construct, the A/C package . . .
It's a lot more complicated than you might think. A good mobile home dealership, coupled with an experienced mortgage broker could make this process as easy as pie. If you need a mobile home construction loan, 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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