Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Types of mortgage loans - Compare and choose the best option

The mortgage industry offers a variety of loan programs suitable for a wide range of borrowers. There are loans that require high payments but there are also programs specially developed to provide homeownership opportunities to low-income families. These mortgages have special features and one really needs to get a brief idea of their pros and cons before he applies for it.

This section provides you with an explanation of mortgage types and their features. Apart from highlighting the types of mortgage loans, this section also mentions who all are suitable for the different types of mortgages. The purpose is to help you explore the features of various types of mortgage loans so that you can compare and choose the one that's best for you.

Types of mortgages Features Eligible Borrowers

Fixed rate mortgage
(40, 30, 15, 10 years)
Fixed rate of interest and hence fixed Monthly payments throughout the loan term. [list:3a558a1514][*:3a558a1514]Borrowers who are planning to occupy the property for at least 10 years.[*:3a558a1514]Those who don't prefer higher payments.[/list:u:3a558a1514]

10/1 year ARM

Interest rate and the monthly payment remain the same for 10 years. From the 11th year, the rate is adjusted every year. This will change the payments each year for the rest of the loan term.
[list:3a558a1514][*:3a558a1514]Intend to occupy the property for more than 10 years.[*:3a558a1514]Like to make stable payments initially but can afford higher payments later on.
OR

[*:3a558a1514]Plan to leave the property within 10 years.[*:3a558a1514]Want to continue with the loan even if there are changes in the plan.[/list:u:3a558a1514]


7/1 year ARM

Interest rate and monthly payments remain fixed for the first 7 years. From the 8th year, interest rates are adjusted every year. The payments are thus changed every year till the loan period is over.
[list:3a558a1514][*:3a558a1514]Plan to stay in the property for more than 7 years.[*:3a558a1514]Prefer stable payments initially but can keep up with higher payments later on.
OR

[*:3a558a1514]Plan to vacate the house after 7 years.[*:3a558a1514]Want to carry out with the loan in case the plan changes.[/list:u:3a558a1514]


7/23 (2-Step)

Fixed rate and monthly payments for first 7 years. On the 8th year, the interest rate is adjusted according to prevailing market rates. The resulting payments will remain constant for the remaining loan period.
[list:3a558a1514][*:3a558a1514]Plan to occupy the property for more than 7 years.[*:3a558a1514]Those who can afford just 1 payment adjustment.
OR

[*:3a558a1514]Those who plan to move out within 7 years.[*:3a558a1514]Those who want to continue with the loan in case there is any change in the plan.[/list:u:3a558a1514]


5/25 (2-Step)

Interest rate and monthly payment remain the same for the first 5 years of the loan period. The rate is adjusted on the 6th year to reflect the prevailing rate. The resulting payment remains constant throughout the rest of the loan term.
[list:3a558a1514][*:3a558a1514]Borrowers intending to stay in the property for more than 5 years.[*:3a558a1514]Those who can bear with one payment adjustment
OR

[*:3a558a1514]Borrowers who plan to move within 5 years.[*:3a558a1514]Those who want the loan to remain in force in case of any change in the plans.[/list:u:3a558a1514]


5/5 and 5/1 year ARM

For the first 5 years, the interest rate and monthly payment remain constant. But from the 6th year, the rates adjust after every 5 years and 1 year respectively.
[list:3a558a1514][*:3a558a1514]Those who can put up at the property for more than 5 years.[*:3a558a1514]Borrowers who like stability in monthly payments initially although there may be increase in payments later on.
OR

[*:3a558a1514]Those who may leave the house within 5 years.[*:3a558a1514]Borrowers who want to continue with the loan in case plans change.[/list:u:3a558a1514]


3/3 and 3/1 year ARM

The interest rate and monthly payments remain fixed for the first 3 years. From the 4th year, the rates are adjusted in every 3 years and 1 year respectively.
[list:3a558a1514][*:3a558a1514]Borrowers who plan to stay in the property for than 3 years.[*:3a558a1514]Those who can accept initial payment stability and any changes later on.
OR

[*:3a558a1514]Borrowers willing to abandon the property in less than 3 years.[*:3a558a1514]Those who want the loan to remain in force in case of any change in the plan.[/list:u:3a558a1514]


1 year ARM

The interest rate is adjusted every year as a result of which the monthly payments also vary each year for the entire loan term.
[list:3a558a1514][*:3a558a1514]Borrowers who want to take advantage of low rates.[*:3a558a1514]Those who can bear additional costs due to yearly payment changes.
OR

[*:3a558a1514]Borrowers who cannot qualify for high rate loan programs.[/list:u:3a558a1514]


5 year Balloon Mortgage

Interest rate and monthly payments remain unchanged for the first 5 years. After 5 years, the borrower must [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan (which is largely due) at the prevailing rates.
[list:3a558a1514][*:3a558a1514]Borrowers who plan to occupy the residence for more than 5 years.[*:3a558a1514]Those who can refinance their previous loans at the prevailing market rates.

OR

[*:3a558a1514]Those who intend to vacate the property within 5 years.[*:3a558a1514]Those who like stability in payments.[/list:u:3a558a1514]


7 year Balloon Mortgage

Interest rate and monthly payments remain fixed for 7 years. At the end of 7 years, the borrower should refinance into a new loan at the prevailing market rates.
[list:3a558a1514][*:3a558a1514]Borrowers who want to live in the property for a time period exceeding 7 years.[*:3a558a1514]Those who can refinance at the available market rates.
OR

[*:3a558a1514]Those who are planning to move out of the property within 7 years.[*:3a558a1514]Borrowers who prefer payment stability.[/list:u:3a558a1514]

Related Articles[list:3a558a1514][*:3a558a1514]Fixed Rate Mortgage
[*:3a558a1514]Adjustable Rate Mortgage[/list:u:3a558a1514]

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mondextrial,

In most of the cases, you need to wait for at least 2 years after the bankruptcy discharge to qualify for a new mortgage. However, in [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]chapter 13 bankruptcy[/url], if you have been making payments on time as per the repayment plan for about a year or so, you may qualify for a home loan. But in majority of the cases, a minimum of 2 year waiting period is a must if you want to get a loan after bankruptcy.

Like | Dislike | Share | Posted: Tue, 02/23/2010 - 22:21

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

do you know who does manufactured home loans with foundation

Like | Dislike | Share | Posted: Wed, 04/21/2010 - 13:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have excellent credit and want to purchase a second home in the country. A doublewide on 1.5 acre for $50,000. I'm prepaired to put down up to 20% butI an't find a bank or a finance company that would finance land and mpobile home packages. Any suggestions??

Like | Dislike | Share | Posted: Fri, 11/19/2010 - 16:11 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am in agreement with jenkin7 - lenders have no interest in financing an older mobile home. not only that, as he also pointed out, the vast majority of lenders want nothing to do with mobile homes at all.

Like | Dislike | Share | Posted: Wed, 11/18/2009 - 07:38

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a credit score around 710 and my wife's credit score is 680 we have 20% to put down can we get approved for a conventional loan

Like | Dislike | Share | Posted: Sat, 02/12/2011 - 14:43 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Organize,

Mobile home loans are not easy to get these days. Doing cash-out refinance on your current mobile home loan may not be too easy. But given the fact that there is enough equity in the property and you qualify for the refinance, it should not be too difficult either.

However, the lenders may require you to pay certain amount of closing costs for the loan. They may also include the costs into the loan, but in that case the rate of interest will be increased.

You can contact your local lenders or can go for a no-obligation free mortgage consultation with the lenders in this community. They will assess your situation, check your credit scores and other factors and will let you know if you can refinance your mobile home.

Like | Dislike | Share | Posted: Tue, 01/05/2010 - 23:32

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi denise,

If you have a good credit score and stable financial situation, then you can contact the present lender and apply for a mortgage to buy the property. If the lender agrees to your offer, then you'll be able to get a mortgage to buy the property.

Thanks

Like | Dislike | Share | Posted: Tue, 10/05/2010 - 22:20

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi shirley,

Not many lenders are offering loans to help borrowers finance the purchase mobile homes. You will have to search a bit to find out a lender who would finance the mobile home. You have not mentioned the credit scores? What are your scores?

There are lenders in this community, you can go for a no-obligation free mortgage consultation with the lenders in this community to find out if any of them can help you with a mobile home loan and whether you have the sufficient income and credit scores to qualify for it.

Hi Kathleen,

Most of the lenders would not want to finance an old mobile home in this market. So, finding a lender to finance the 1990 mobile home will be difficult for you. But you can check out if the lenders in this community can assist you with a mobile home loan through a no-obligation consultation.

Like | Dislike | Share | Posted: Wed, 03/24/2010 - 00:12

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are currently looking at a property in La Vernia, texas as an investment property, I have outstanding credit above 800 but cant seem to find a lender. Any ideas?

Like | Dislike | Share | Posted: Thu, 06/24/2010 - 17:48 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are currently looking at a property in La Vernia, texas as an investment property, I have outstanding credit above 800 but cant seem to find a lender. Any ideas?

Like | Dislike | Share | Posted: Thu, 06/24/2010 - 17:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am an investor looking for bank foreclosures in mobile homes. How would i find out which banks financed them,

Like | Dislike | Share | Posted: Fri, 08/06/2010 - 14:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have an extremely high debt ratio at the current time. I need to consolidate my bills but my equity isn't that much. I owe 143,000 and my property appraised last time in the 180's and is insured for 186,000 currently. What type of loan would you suggest. Im in Utah and I currently have a rate at 6.125 30 yr. I have high credit card debt.

Like | Dislike | Share | Posted: Thu, 02/18/2010 - 10:13 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Becky,

Are you looking for a mobile home loan? If so, then you will have to contact the local mobile home loan lenders. They will judge your situation and let you know whether or not you would [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

To Vanessa,

If you're unemployed, then it would be difficult for you to qualify for a home loan. If you're unemployed, then the lender will think that you will not be able to pay off the loan and thus he won't pre-approve you for it.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 05/07/2010 - 01:54

netherton's picture
netherton | Joined: June 17, 2010 10:56 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What problems are you running into Bob?

Like | Dislike | Share | Posted: Thu, 06/24/2010 - 18:16

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
I live in Brooksville Florida and I am currently in a lease purchase option contract with a manufactured home/land. I am researching mortgage products for this type of financing. The purchase price is 159.000.00, including the lease purchase option and rent credit, we are putting 15,500.00 down on the home/property. What documentation is needed to when applying for a loan of this type. Its a 1999 Palm Harbor /mobile home 4/3, with land (2.30 acres). What type of credit, down payment, closing costs etc... to close Thank you, D

Like | Dislike | Share | Posted: Mon, 03/07/2011 - 10:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In the state of CA, a mobile home (pre June 1976) can be converted to a "fixture improvement on real property", however, FHA/FNMA guidelines require a "Manufactured home" (built post June 1976).

Do you know of a lender (if major bank, can you give a specific branch) in the State of CA that recognizes that once its an "improvement" legally its the same as a stick built house (and they certainly give conventional loans to stick built homes older then 1976.

Thanks

Like | Dislike | Share | Posted: Sat, 11/14/2009 - 13:01 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi smagyar,

As you already have a mortgage on one of your properties, the lenders will not be ready to give you a mortgage for a second double wide. You will have to pay off your existing mortgage and then apply for a mortgage to buy a new property.

Thanks

Like | Dislike | Share | Posted: Fri, 11/19/2010 - 23:16

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi unab,

You can check out the given page in order to get information about variable/adjustable rate mortgage: http://www.mortgagefit.com/arm.html .

Thanks

Like | Dislike | Share | Posted: Thu, 05/26/2011 - 23:18

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am looking to purchase the property I currently have under a contract for deed. The property is located in Pittsburg, Texas and is a 1983 Double Wide on 4 lots in a waterfront addition. The home has decks surrounding the home, landscaped, etc. The last appraisal that was done on it was 2 years ago and it appraised for $40,000. The purchase price I would be financing is $38,000.00. Would like to to a conventional mortage for 15-20 years - any suggestions on lenders?

Like | Dislike | Share | Posted: Wed, 01/27/2010 - 21:23 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

The no. of lenders offering mortgages on mobile home has reduced in recent times. The eligibility criteria are now a lot stricter. What are your credit scores? How old is the mobile home? Is it in good condition? Have you contacted any local lender?

Like | Dislike | Share | Posted: Thu, 11/05/2009 - 04:13

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are trying to find a mortgage co. that will finance land and manufactured home on permament foundation. Its already set up and has been in place for several years

Like | Dislike | Share | Posted: Mon, 11/02/2009 - 15:47 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

do you know anyone insitution that will finance in florida
park model with land

Like | Dislike | Share | Posted: Fri, 11/05/2010 - 08:34 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi DEE,

The lender will check your employment details, income and credit record along with your debt to income ratio. If you meet the required criteria of the lender, then you will be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. You will have to offer a down payment of 20% for conventional loan. However, FHA loans are available at a down payment of 3.5% - 5%. The closing costs will vary from state to state.

Thanks,

Jerry

Like | Dislike | Share | Posted: Tue, 03/08/2011 - 01:57

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we are looking to take a mortage on our mobile home ,it's a 1994 16 wide by 70 very good cond.we do have a clear title on our home

Like | Dislike | Share | Posted: Thu, 08/12/2010 - 12:11 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi frank,

It seems that you want to take a loan in order to remortgage your property. But you haven't provided us with all the details regarding your loan request, your credit score, and the state where you reside.

Our Community comprises of a group of lenders offering different types of mortgage loans for borrowers having various income and credit profiles. So if you can give us some more details, then I can send your query to our loan department. They shall consult the lenders and then contact you as soon as possible. So please sign up with us with the details, so that we can proceed further.

Regards,
Jessica.

Like | Dislike | Share | Posted: Sat, 02/18/2006 - 03:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[color=Black:6b809e3947][color=Cyan][font=Arial:6b809e3947]I am on KS and need a home loan of 32,000 minus 3200 for down payment, the home I am wanting has dropped in price from 35,000 to 20,000 and I owe 7,500 on my car and 4,000 on a credit card. I am wanting to consolidate them all so I can afford this home as my debt to income ratio is bad, my credit scores are 680, 716 and 730 with a tax lien I just paid off and filed the paperwork in district courtn and have the stamped satisfaction of judgement. I am on SSI disability and the consolidation is the only way my debt to income ratio will work, where can I get this done?[/font:6b809e3947][/color:6b809e3947][color=Violet:6b809e3947][/color:6b809e3947][color=Black:6b809e3947][/color:6b809e3947][/color]

Like | Dislike | Share | Posted: Wed, 12/16/2009 - 20:03 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dobb,

Have you talked to your lender regarding the loan modification? Write a hardship letter to the lender informing them about the financial hardship you are facing. The lender may agree to modify your loan, if he thinks you are in serious financial difficulty. However, even if your loan is modified, you will still need to have a certain amount of monthly income to qualify for the modification.

Like | Dislike | Share | Posted: Mon, 04/12/2010 - 01:56

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

want to remortgage the property in both mine and partners name and then sign the property over to partner

Like | Dislike | Share | Posted: Sat, 02/18/2006 - 03:25 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To kimkim,

If your mobile home is placed on a permanent foundation, it can get an FHA insured Title I loan. It is comparatively easy to qualify for a loan on a mobile home with permanent foundation. However, given the market situation, it could be a little difficult for you to find a mobile home loan lender. You may go for a no-obligation free mortgage consultation with the lenders in this community to find out if they can help you with the loan. You may also contact your local lenders to check out if any of them can offer you the loan.

Like | Dislike | Share | Posted: Thu, 04/22/2010 - 03:34

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I want to finance the home if the rate is reasonable. However, the lot is not mine, and I am hearing the rates are 8.5% or thereabouts. Is this true?

Like | Dislike | Share | Posted: Thu, 05/13/2010 - 12:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dear Jessica,I am very interested in trying to purchase a 1973 one bedroom mobile home in Norwell,MA.The price is $15999 and I would be able to put some money down and have a good job.Take home about $1200.00monthly.up to date with a few bills-But my problem is poor credit from the past.Is there any way to still be able to apply for a loan.Even for $17,000.Thank you for your time

[size=9:a24973f797][color=Red:a24973f797][Email address deleted as per forum rules. Thanks.][/color:a24973f797][/size:a24973f797]

Like | Dislike | Share | Posted: Mon, 06/14/2010 - 09:58 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

honey you don't state where you are located...although KS is the abbreviation for Kansas...but you said you are "on" KS. i dunno.

please don't use that crazy color - i changed it so people won't go blind - thanks.

you didn't indicate your income, and it's impossible to tell you what kind of monthly payments you'd have on a mobile home loan because i, for one, don't do [url=http://www.mortgagefit.com/mobile-homeloan.html]mobile home loans[/url], nor do many of the others on here. have you spoken with a loan officer? did you get a quoted interest rate?

as for consolidation loans, you can try your local bank, credit union or finance company on the corner. is this a mobile home you're talking about?

Like | Dislike | Share | Posted: Wed, 12/16/2009 - 20:12

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am a holder of an unsecured promissory note in the amount of $140,000. the note is accruing 10% interest. at this point, i do not have specified repayment terms, although I will have a revised note with specified repayment terms within the next two weeks.

I'd like to assign this loan and receive the principal now. i am willing to "sell" the note for the principal only and have the "buyer" receive all of the interest.

is there a market for this type of transaction?

Like | Dislike | Share | Posted: Mon, 01/25/2010 - 09:38 | Post subject:

becthompson50's picture
becthompson50 | Joined: December 12, 2009 02:28 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

No this is a ranch style home and the price is 20,000 and my car loan is 7,500 and my cc is 4,000 and if they were all consolidated it would be doable on my income which is a very low SSI od 674, but if I continue with rent at 425 and car payment at 172 and cc at 100 a month and still have utilities and insurance and phone, I will be homeless. Help please.

My credit score is 680 to 730. The home is in KC, KS and I am in Lawrence, KS.

Like | Dislike | Share | Posted: Wed, 12/16/2009 - 20:30

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

It is not true that there is no financing options available for manufactured homes. There are lenders who will help the borrowers in getting such finance.

Like | Dislike | Share | Posted: Sun, 01/02/2011 - 21:33

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

It's a good idea to consolidate your car loans, credit card debts etc. into a single mortgage. You can then make one single monthly payment to pay all your debts. Your credit scores are quite good. However, your low income can be a problem for you to qualify for a consolidation loan. There are lenders in this community, with whom you may seek a no-obligation free mortgage consultation. This will let you know if you can qualify for the loan with the income that you currently have.

Like | Dislike | Share | Posted: Mon, 12/21/2009 - 02:18

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i'm sure there is, but not quite certain where.

you could always advertise on craigslist, and i surmise that you can also do internet searches for investors willing to undertake what you propose.

Like | Dislike | Share | Posted: Mon, 01/25/2010 - 10:33

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi blanca,

You can use a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to sell off the property to your friend. You can contact an attorney and he will help you in getting the deed form drafted. As far as the mortgage is concerned, your friend will have to refinance it in his name. This will release you from the obligations towards the loan.

Thanks,

Jerry

Like | Dislike | Share | Posted: Mon, 08/16/2010 - 02:48

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

With a credit score of 710 and 20% down payment, you will be able to qualify for a conventional loan. But with a credit score of 680, your wife may not qualify for a conventional loan.

Thanks,

Jerry

Like | Dislike | Share | Posted: Mon, 02/14/2011 - 01:18

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Geri,

If you have extremely high debt-to-income ratio and there is not much of equity in the property, you will not qualify for an equity loan to be able to consolidate your bills. If you have too much of credit card debts and you want to consolidate them, you can contact a debt consolidation company or take help from a credit counseling agency. Through a debt consolidation or a debt management program, you can pay off your multiple credit card bills through single monthly payments. Once you start paying these bills, your credit scores also start to improve.

To Donald,

It’s true that the lenders now days do not offer loans against mobile homes which are a bit older. If you get pre-approved for a loan, you can put in a bid on the mobile home. But getting pre-approved for a loan to purchase an old mobile home will not be easy in this market. You can contact your local lenders. They may be able to assist you with the mobile home loan.

Like | Dislike | Share | Posted: Tue, 02/23/2010 - 05:34

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You first need to check if the property is worth what you are purchasing it for. Things have changed drastically in the past few years and there's no guarantee that the home will still appraise at somewhere around $40k. The number of lenders offering loans against mobile homes has also gone down. You need to do some extensive search to find a lender to finance the mobile home. However, this should not be impossible either. If you have good income and credit scores, you can qualify for a conventional loan on your mobile home.

Like | Dislike | Share | Posted: Thu, 01/28/2010 - 03:57

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My FICO score is 548. I know that is horrible ,but do you think that I will ever be able to get a home loan. My husband and I have never purchased a house. We ruined our credit when we were younger.

Like | Dislike | Share | Posted: Tue, 09/22/2009 - 14:15 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ever? yes, but it's going to take some work. if you have collections or judgments, they'll need to be eliminated. if you have accounts that you pay late now, you'll have to get caught up and stay that way. if you lack favorable credit, you're going to have to acquire some. that may mean you'll wait a little longer until the negative things are gone.

you could, conceivably, raise your score sufficiently within a year if you have the funds now to pay things off or reduce balances and maintain a good record in the interim period. obviously, how fast the score goes up will depend on how much you owe and how quickly you can eliminate bad debt.

Like | Dislike | Share | Posted: Tue, 09/22/2009 - 14:20

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

1500 sq. foot 2005 Sivercrest. Value in our Park seems around $225,000 at least. We owe $108,500 -- 7.25% Payment = $750.73 ($190.65 Principal and
560.08 Interest). Original loan date -- 3-2-2009 -- Maturity 3-1-2016. We have excellent Credit -- 800+.
We also own a vacation home that is for sale at $229,000 with a [url=http://www.mortgagefit.com/home-equity.html]Home Equity Loan[/url] at 2.99% -- payment $250. Expiration date - 4/14/2018.
In a park with rent control.
Would like lower payments on Manufactured home. Where do I go? FHA? Fannie Mae? Freddie Mack?

Like | Dislike | Share | Posted: Tue, 08/10/2010 - 21:38 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome juan,

As the property is free and clear, you will be able to use it as a collateral in order to get a mortgage. You can contact the mortgage lenders of your area and apply for a loan. If you meet the required criteria of the lender, you would be able to get a loan. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will let you know what type of rates and terms you would receive when you apply for a loan.

Like | Dislike | Share | Posted: Thu, 08/12/2010 - 23:01

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Suzanne!

Welcome to forums!

Mobile homes which were build before 1976 do not qualify for loans. The mobile home loan lenders are concerned about the depreciation of the property value of such old homes. Also, you've mentioned that you have a bad credit. After the real estate crisis, most of the lenders have stopped giving loans to people with bad credit.

You can look out for mobile homes which are build after 1976, improve your credit score and then try for loans. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 06/14/2010 - 22:57

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As the property is located on a rented lot, you will have to go for a personal property loan. These loans are available at a higher interest rate.

Like | Dislike | Share | Posted: Fri, 05/14/2010 - 02:09

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Help! We are wanting to put our manufactured home and land up for sale, but I have had someone tell me that there are no financing options for manufactured homes. Is this true?

Like | Dislike | Share | Posted: Sun, 01/02/2011 - 16:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I want to purchase a 1998 Southern Mobile Home for my daughter. I must be pre-approved before I can look at the mobile home. How do I get pre-approved. The banks will not loan anything that is 10 years old or older. If I am pre-approved then I can put in a bid on the mobile home.

Like | Dislike | Share | Posted: Fri, 02/19/2010 - 10:43

dsavedra1's picture
dsavedra1 | Joined: May 8, 2010 10:35 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've been trying to get my 1st mortgage modified for the past 2 years. I'm in a Neg Am Loan at 7.35%. The loan company was CountryWide and sold my loan to Private Lenders that decline the Obama loan programs, etc..and have been turning me down to rewrite my loan. I've been paying the neg am low paying payment that I can afford; I can't refi because my loan is $792,000 and my home has dropped in value to $860,000 so I would have to short sell. I want to stay in my home. All I need is a decent payment fixed. I'm a little in debt but can pay down my debt making my credit to 70.0 but I don't want to use that money to do this in case I have to move. If I were assured I could get a refi with a decent fixed payment I would. I'm at a loss and I need to do something very soon about this situation. I read about foreclosures and chapter 13, but I've always had good credit. Any thoughts on this would be appreciated. Thank you.

Like | Dislike | Share | Posted: Sat, 05/08/2010 - 22:49 | Post subject:

Page loaded in 0.580 seconds.