Randall 's Blog

Mobile Home Loans are getting TRICKY

Randall ~ @ ~ Access e Mortgage — Mon, 14 Sep 2009 13:58:16 -0500

One of the largest lenders in the FHA/VA loan arena for manufactured homes has shut down for good. Now, there are just a couple of lenders left and they won't touch single wide manufactured homes. Luckily, there are non-conforming lenders and regional banks that will lend on single wides with a minimum 20% down payment. The market is definitely getting tricky, but if you know a pro like me, you'll get your loan closed.

If you need a manufactured home loan in Florida, please give me a call at 863-604-0169

Single Wide Home Financing with 25% Down? YES!!!

Randall ~ @ ~ Access e Mortgage — Fri, 19 Jun 2009 11:44:36 -0500

With the government insured lenders (FHA and VA) all disallowing single wides through their underwriting guidlines, is financing now immpossible? Nope!

I have a couple lenders that will do single wides in Florida with at least 20% down, sometimes 25% -30% down. Hey, it's A LOT better than nothing!

If the single wide is in Florida and there is a chunk of cash to put down, give me a call - 863-604-0169

- RANDALL

By the way, I have no clue what is available outside of Florida. I get calls all the time from brokers in other states and I simply don't have a clue about their state's lenders. Sorry.

What does 2009 hold for Real Estate?

Randall ~ @ ~ Access e Mortgage — Tue, 10 Feb 2009 13:48:36 -0600

Everywhere is going to be better for some. Unfortunately, if unemployment continues to rise, it will force more foreclosures. No job, no mortgage payment, right? If foreclosures continue, the pressure on home values has to continue downward.

I am optimistic, but logical too. I think there are patches of good sprinkled everywhere and I'm focusing on those patches. Will things bounce back in 2009? I sure hope so, but I also believe it will be the tail end of 2009 not any time soon.

Obama is correct to look to create jobs, but his first two ideas don't seem like they will yield many jobs. His first idea is to help kids go to college. How does that create jobs? Secondly, put medical records on-line. Not many jobs here either. Public works jobs make sense, but we have plenty of public workers already.

Should we stimulate the entrepreneurs to create jobs?

Florida Single Wides loans are getting tough

Randall ~ @ ~ Access e Mortgage — Tue, 10 Feb 2009 13:31:52 -0600

FHA has no problem insuring single wide manufactured homes. The problem is that the FHA lenders, as of the writing of this blog, will not touch them. Even with the FHA insurance, the lenders won't touch them. Very few non-FHA lenders will touch them either. My list of single wide lenders is down to about 4 now!

My best guess is that historically, people that purchase single wides are less well off and more suseptible to financial peril the the rest of the home buyers. Secondly, the single wide manufactured homes probably depreciate more than block homes and double wides. This makes it easier for the borrower to get "up-side-down" and more apt to walk away from a bad investment. Finally, if a lender is taking back, through foreclosure, a vastly higher percentage of single wides, it is simple math.

If a buyer can put a good chunk down, to protect the lender from depreciation and to give the borrower "something to lose," there are some ways out. Right now, in Florida, we need at least 20% down. And I cannot help people in other states, sorry.

Double wides? All day long! They are easy to go FHA with a 3.5% down payment and some closing costs.

Reverse mortgage helps widow

Randall ~ @ ~ Access e Mortgage — Sat, 10 Jan 2009 08:17:16 -0600

I just heard a touching story of a recently widowed lady who was left with next to nothing. A home paid in full and a pile of bills and funeral expenses. Since she intended to live in the home from here on, the answer was simple. She applied for a home equity - reverse mortgage.

She caught everything up and had access to more of the equity in her home if she ever needed it. Talk about piece of mind!

The great thing is that, unlike the typical mortgage, the qualification process is a walk in the park. The credit score and income are irrelevant because the senior doesn't repay the loan. The loan is repaid after the senior leaves the home. No payments are ever made until then!

If you need a reverse mortgage in Florida or Georgia, call Randall at 863-604-0169

Refinance and Save Big!

Randall ~ @ ~ Access e Mortgage — Sat, 10 Jan 2009 07:55:29 -0600

With rates down and lenders borrowing cheaper than ever, NOW is a great time to look into refinancing your mortgage. I am working with a lot of clients that have unbelievable potential savings.

You owe it to yourself to see what your new payment would be and what it will cost to get there. You need to factor in how long you intend to live in your home too. If you save $200/month, but think you will be moving in two years, you will save $4,800. If the cost to refinance is higher, it may make more sense to stay put. Don't forget to factor in any tax consequences.

While you are at it, re-evaluate your home owner's insurance. Do you have enough coverage? Too much? Consult an agent and go through your policy and pricing. We were paying for some type of replacement coverage in Florida, and after speaking to my insurer, we discovered that we were paying to get our home repaired UP to the current code.

If my home was built with 1/2" plywood and had to be repaired, but the current code required 3/4" plywood, the entire roof would be re-done with 3/4" plywood to catch up to the current code. Makes sense! Well, my house was brand new! I was obviously already at every current code and wasting money.

If you need a great mortgage broker in Florida or Georgia, call Randall at 863-604-0169

Single Wide Financing!

Randall ~ @ ~ Access e Mortgage — Wed, 07 Jan 2009 19:31:06 -0600

Single wide manufatured / mobile home loans are getting tougher and tougher to get done with lenders refusing to expose themselve's to the excessive risk in these loans. It is not impossible though!

A larger down payment and a better credit score can work nicely to get a loan on this type of property.

The FHA does not have a problem with single wides, but a bank has to fund these FHA insured loans and they are not interested. Only two things can explain such a phenomenon; #1 The foreclosure rate must be very poor vesus other property types. #2 The banks feel more secure keeping cash in their vaults versus on the street making money.

It is too bad to, because in Florida there must be tens of thousands of single wides. I will take the lead in this catagory and work to lend to any and all potential singe wide borrowers. The rules are changing fast and I'm on top of it. Call me if I can help in Florida or Georgia.

Reverse mortgage saves senior!

Randall ~ @ ~ Access e Mortgage — Tue, 06 Jan 2009 19:20:06 -0600

The husband passes away suddenly. The funeral expenses are mounting. There is not enough money to keep up with the mortgage.

Why not apply for a reverse mortgage? A senior can receive a lump sum to pay off the existing mortgage, pay the back bills and NO monthly mortgage payment is ever paid!

The loan gets paid off after the senior leaves the home and the rest of the equity goes to the senior or the heirs. What could be better in a situation like this?

Randall - 863-604-0169

There is plenty of financing available for Manufactured / Mobile homes

Randall ~ @ ~ Access e Mortgage — Tue, 06 Jan 2009 19:02:56 -0600

I still get calls from consumers and Realtors asking about the existance of financing for Manufactured homes. Yes, it's available and easy to get done. I'm working on several right now.

Mobile homes in parks, co-ops, 1956 homes, you name it, I've done it all. I can help with conventional financing, FHA, VA, private money . . . . . . . . .

If you need help with a property like this in Florida or Georgia, call Randall at 863-604-0169

Bye Bye 2008!

Randall ~ @ ~ Access e Mortgage — Wed, 31 Dec 2008 13:33:04 -0600

I can't say 2008 was a bad year. It challenged me a bit and seemed to eliminate all of my direct competitors. But a larger piece of a smaller pie doesn't add up to a banner year unfortunately.

Many, if not every lender I send my loans to has tightened up their guidelines in one way or another to make loans more difficult to fund. Unlike last year, when I told my borrower it wouldn't be easy but we would get it done, 2008 was the year of a quick "Can't be done", unfortunately. The loans that were funded seemed to take twice as long to process too.

I'm looking forward to 2009 because I understand exactly what we need to do to fund loans in this environment and lenders cannot get any tighter and remain solvent. There too is a chance that some lenders will loosen back up to scoop up all those undo-able loans. It's all good!

No money down doesn't mean you don't need any money!

Randall ~ @ ~ Access e Mortgage — Wed, 31 Dec 2008 13:22:51 -0600

I've done tons of home loans for First Time Home Buyers and have done most of them with very little money out-of-pocket from the buyers. It's important to understand that even with 100% financing, which is difficult to structure these days, there are still closing costs, pre-paids and reserves to contend with.

Closing Costs - Beyond the cost of the home, buyers are responsible for paying an underwriter, mortgage broker, property appraiser, surveyor, title company, state and county taxes, recording fees, inspectors and credit reporting companies to name a few. Sure, the buyer can pay some or all of these to sweeten the deal, but these are costs to consider.

Pre-paids - These are things that need to be paid before we can close. These are items like a full year's homeowners policy, the loading of escrow accounts and whatever pre-paid interest is required.

Reserves - Probably THE most important of the three. Basically, reserves are what money is available in case of a mishap or emergency. Financially responsible borrowers have a few house payments set aside in case of a serious auto accident or a job lay-off or other unexpected occurrence. The last thing a lender wants to here is that there won't be a nickel left after the moving van is paid for.

A good mortgage broker like me can show you how to best present your loan if a cash deficientcy is an issue, but money in the bank is a great idea, even if you don't need it!

For mortgages in Florida and Georgia, call Randall at 863-604.0169

No money down doesn't mean you don't need any money!

Randall ~ @ ~ Access e Mortgage — Mon, 29 Dec 2008 15:13:58 -0600

Pre-paids - These are things that need to be paid before we can close. These are items like a full year's homeowners policy, the loading of escrow accounts and whatever pre-paid interest is required.

A good mortgage broker like me can show you how to best present your loan if a cash deficientcy is an issue, but money in the bank is a great idea, even if you don't need it!

For mortgages in Florida and Georgia, call Randall at 863-604-0169

Rates are fabulous!

Randall ~ @ ~ Access e Mortgage — Fri, 26 Dec 2008 16:21:15 -0600

As predicted, a new wave of highly qualified borrowers are calling to refinance their mortgages at the new low interest rates. Life is good for a well seasoned mortgage broker these days. Will the rates hold for a while longer? I sure wouldn't bet on it.

My recommendation would be to look into getting any financing necessary in the works ASAP and try to lock a rate at a near term low and CLOSE! If you try to pick the bottom, it could really cost you.

If you need a great mortgage broker in Florida or Georgia, call Randall at 863-229-1235

FHA requirements on Manufactured Homes

Randall ~ @ ~ Access e Mortgage — Fri, 26 Dec 2008 16:04:12 -0600

HUD, in June of 1976, began regulating how manufactured homes would be built. Previously, it was every manufacturer for themselves and some homes were great and some, not so much.

All post 6/1976 homes have minimum wind speed restrictions and several other requirements. Through the years, and especially after hurricane Andrew, FHA has found ways to make these homes extremely safe.

If you need a loan on this type of property in Florida, call a seasoned pro! Call Randall at 863-229-1235

Days before Christmas . . .

Randall ~ @ ~ Access e Mortgage — Sat, 20 Dec 2008 11:57:41 -0600

Today we begin shopping for the kids! Days before Chrismas and not a gift has been secured. Hey, I've been very busy!

I have a great idea of what I want to buy and should be able to knock the whole thing out in an afternoon. The retailers are making things simple by building a mall right up the road, while a few miles the other way is a Wal Mart.

I'm not a procrastinator really. I just didn't need to do it til just now. Anyone else use my method?

Licensing? Who came up with this idea?

Randall ~ @ ~ Access e Mortgage — Sat, 20 Dec 2008 11:19:19 -0600

I went into the back of a Wal Mart and saw a buliten board FULL of licenses! There were thousands of them. What is the point? A license to sell propane, one for ammo sales and on and on. Does anyone ever look at these licenses? Does anyone know what has to be done to keep these licenses? Maybe one person who doesn't work with the products.

When a roofing contractor shows up to do a job, the license number is prodley painted on the truck. What are we to do with this info? Call the contractor police each day and be certain this contractor hasn't forgoten how to nail shingles? Is the company owner even on my roof?

I understand a lawyer and a doctor, but we went off track somewhere and can't even catch a fish in a pond without calling the authorities and getting permission. Red tape is not always a good thing.

Will mortgage interest rates get into the 3's?

Randall ~ @ ~ Access e Mortgage — Fri, 19 Dec 2008 14:37:29 -0600

In a word, NO! After all I've seen in our markets over the last six months, I'm not betting the farm on anything. But, 30 year fixed mortgages in the 3's seems a lot to wish for.

Why be greedy? Rates are advertised widely in the mid to upper 4's lately, and that can change in a flash. I receive rate updates throughout the day and I know how fast rates can move in the right conditions.

If you need to borrow for a purchase or refinance, DO IT NOW. If rates get better, it won't be much better. If rates get worse, there is no telling how much worse.

If you need a mortgage in Florida or Georgia, call Randall at 863-229-1235

A new wave of borrowers are coming!

Randall ~ @ ~ Access e Mortgage — Fri, 19 Dec 2008 14:26:47 -0600

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

First Time Home Buyers - Get a secured credit card, at least!

Randall ~ @ ~ Access e Mortgage — Fri, 19 Dec 2008 13:45:18 -0600

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!

Randall "Super Broker" Schrader - 863-229-1235

FHA sponsers grow leary, trouble for manufactured home owners and buyers

Randall ~ @ ~ Access e Mortgage — Fri, 19 Dec 2008 13:22:04 -0600

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.

Call Randall today at 863-229-1235 and speak with an expert.

Manufactured home loans, just got trickier

Randall ~ @ ~ Access e Mortgage — Fri, 19 Dec 2008 13:07:37 -0600

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

Financing Mobile Homes in Polk County

Randall ~ @ ~ Access e Mortgage — Thu, 11 Dec 2008 12:07:29 -0600

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

Specail mortgages for seniors ONLY

Randall ~ @ ~ Access e Mortgage — Mon, 08 Dec 2008 17:48:39 -0600

Reverse Mortgages Home Equity Conversion Mortgages (HECMs) or convert the equity in a senior's home to CASH.

The money received is not repaid until the home is sold or the seniors leave the home, at which point the proceeds from selling the home pay off the loan and the remainder of the proceeds got to the seniors or their heirs.

The approval process is the easiest out there and the money can be used to balance the budget, home improvement, uncovered medical expenses, extra life insurance, you name it.

This is a great option for seniors to consider. For more information or to see how much you may qualify, call Randall at 863-229-1235 or visit

First time home buyers, listen up!

Randall ~ @ ~ Access e Mortgage — Mon, 08 Dec 2008 17:40:00 -0600

When I talk to people thinking of purchasing their first home, they typically want to get into the home with little money down, get a great interest rate on a fixed mortgage and get a great price on the home. Now may be the best opportunity in decades to accomplish all of the above!

Banks are selling houses they have takn back at fire sale prices, in some cases. Sellers are discounting to compete. Interest rates are historically low.

The FHA is designed to help first time home buyers become home owners. FHA loans are typically 30 year fixed loans and only require 3% of the purchase price down, and that can be a gift! Even better news, the seller can contribute 6% of the purchase toward the buyer's closing cost. This generally works out to a very lucrative option for the buyer. If you are looking for an expert on FHA loans in Florida, I can help.

Call Randall at 863-229-1235 and I'll pre-qualify your application.

Millions to lend on manufactured homes!

Randall ~ @ ~ Access e Mortgage — Mon, 08 Dec 2008 17:31:11 -0600

Mortgages and chattel loans are still available for manufactured or mobile homes. We also lend in 55+ park that may have co-op'ed land, which means the home is in a park and everyone owns a share of the whole park.

Today, 580+ credit scores are required on most loans, depending on the lender. Call me with your situation and I'm happy to help!

In Florida, call Randall at 863-229-1235