Real estate blog entries tagged with fha insured by Randall Schrader (Competitive Insurance of Dundee)

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fha insured: Reverse mortgage saves senior! - 01/06/09 11:20 AM

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 … (0 comments)

fha insured: First Time Home Buyers - Get a secured credit card, at least! - 12/19/08 05:45 AM

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 … (2 comments)

fha insured: FHA sponsers grow leary, trouble for manufactured home owners and buyers - 12/19/08 05:22 AM

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 … (0 comments)

fha insured: Manufactured home loans, just got trickier - 12/19/08 05:07 AM

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 … (0 comments)

fha insured: FHA guidline on Mobile Homes that have been moved - 11/29/08 04:21 AM

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.
… (0 comments)

fha insured: You can no longer finance mobile homes? - 11/20/08 09:26 AM

Absolutely NOT True! I am amazed to hear Realtors tell me this. Things have tightened a little bit, but financing is widely available if you talk to a pro, Heck we just did a 100% VA loan on a 1986 single wide, with 6% seller concessions!
Some banks find these loans difficult to get their arms around. I think in part, because they do not fully understand them. Other banks see this kind of property as an opportunity, and they do really well. My job is to seek out lenders that do "make sense" loans and then send them loans that "make sense."
Loans ARE … (5 comments)

fha insured: Money is not tight here! First time buyers Welcome. - 11/20/08 09:08 AM

FHA loans are custom made for the first time home buyer type. Look at the loan scenarios available to us below. Since the FHA insures these loans the banks have next to nothing to lose. Unlike a few years back, FHA loans are super easy to do. If you are in Florida, and you don't know if you would qualify at this near perfect time to buy, call me.
- No credit score or short credit history
- single and double wide mobile homes
- 540 Beacon score
- Very little money down, as little as 2.25% of the purchase price
- Major remodeling, cash out … (0 comments)

fha insured: Manufactured home loans - now in Georgia! - 11/19/08 12:18 AM

A day doesn't go by when a Realtor from a state outside of Florida calls, asking for any ideas on financing a manufactured home in their state. There is not much I can tell them because the state decides how they want to handle these homes and I am an expert on financing in Florida.
BIG NEWS: Yesterday, we got the green light to extend our expertise to Georgia! There are not nearly as many manufactured homes in Georgia as there are down here, but we are ready to help with any Georgia purchases or refinances.
Call Randall @ 863-229-1235 for more … (0 comments)

fha insured: Equity loans for Seniors only - 11/17/08 05:26 AM

Now seniors can easily borrow against the equity in their homes and qualification is SIMPLE and EASY. HECMs or reverse mortgages use the equity in the home to actually pay the senior every month. The money can also be received in a lump sum or as a line of credit.
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 go to the seniors or their heirs.
The approval process is the easiest out there and the … (1 comments)

fha insured: Financing your first home - MADE SIMPLE - 11/16/08 05:03 AM

When I get clients looking at 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 unloading property they foreclosed on at record low prices. 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. Even … (1 comments)

fha insured: Opportunity knocking for First Time Home buyers - 11/15/08 01:52 AM

First time home buyers typically want to get into their first home with little money down, get a great interest rate on a fixed mortgage and get a great price on their first home. Now may be the best opportunity in decades to accomplish all of the above!
Banks are unloading property they foreclosed on at record low prices. 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. Even better news, the … (1 comments)

fha insured: On a fixed income? Want more each month? - 11/12/08 01:38 AM

Seniors over 62 years old have a great tool available to them. HECMs or reverse mortgages use the equity in the home to actually pay the senior every month. The money can also be received in a lump sum or as a line of credit.
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 … (3 comments)

fha insured: The "Perfect Storm" for first time home buyer? - 11/12/08 01:25 AM

Banks are unloading property they foreclosed on at record low prices. 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. 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.

… (0 comments)

fha insured: First time home buyer? Good news! - 11/09/08 02:14 AM

The Federal Housing Administration (FHA) has programs to help first time home buyers with little credit history and very little money down. Without much credit history, we can obtain letters of credit from the cell phone company, car insurance company or any other non-traditional source of solid repayment history.
The FHA wants an investment of 3% of the purchase price from the borrower. Hopefully the borrower has been saving up for their first house, but if not, the money can be gifted from a family member or close friend.
Beyond the credit and down payment solutions, the FHA also allows the seller to … (0 comments)

fha insured: Senior Reverse Mortgage Options - 11/09/08 01:39 AM

HECMs or reverse mortgages use the equity in the home to actually pay the senior every month. The money can also be received in a lump sum or as a line of credit.
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 … (0 comments)

fha insured: So your client wants to buy a mobile home, is financing available??? - 11/06/08 10:32 AM

Welcome to mobile home lending made easy! If the mobile home, (single wide or double wide) was built after June of 1976, there are tons of lenders lining up to fund a FHA or VA loan. These loans require very little down (3%) too.
If the home is older than June, 1976, things get a bit trickier, but I can still help. The maximum loan-to-value is going to drop to 80% or less. Loans on pre-1976 are not government insured by the FHA or VA either, so the borrower's credit score will need to be better. Although there are fewer of these lenders, there are … (7 comments)

fha insured: Short on cash and need to do some remodeling? Let your house pay for it! - 11/06/08 10:22 AM

A Reverse Mortgage is the answer. Seniors over the age of 62 can access the equity in their home's with a government insured Home Equity Line of Credit via a Reverse Mortgage. This is a great tool and it's called reverse because instead of paying the bank monthly, the bank sends the senior a check monthly.
Now the senior can write a check for home improvements, uncovered health care or whatever he/she wishes.
The other options are a lump sum at closing or regular monthly payments.
Improve the quality of your favorite seniors life by letting them know about Reverse Mortgages. … (0 comments)

fha insured: Realtors listing Mobile Homes - help has arrived - 11/04/08 02:07 AM

Manufactured home mortgages are tricky, but far from impossible.
Manufactured homes are regulated by our state as vehicles. This presents a problem for typical mortgage brokers.  Like anything else, if you do the same thing every day you will get REAL good at it. I've done financing on 1965 single wides, 100% VA purchases, tons of loans for homes in 55+ parks on rented or leased land (chattel loans). I'm an expert at government (FHA / VA) and first time home buyer programs. If you have a manufactured home listing in Florida, call me to get the scoop on financing.
Call - RANDALL  863-229-1235
(Florida Homes Only, please)
… (0 comments)

fha insured: FHA loans are easy if they make sense - 11/01/08 03:07 PM

FHA insured loans can be used in all of the situations listed below;
- No credit score
- Single wide mobile homes
- 550 credit score
- Very little money down
- Homes needing major repairs
- Duplexes
- Major remodeling, cash out refinance
- Debt consolidation
If you have a situation that "Makes Sense" in Florida, run it by me, there is a great chance I can help.
Call Randall at 863-229-1235 or visit http://activerain/SuperBroker007

… (0 comments)

fha insured: "Make Sense Loans" - still getting done in Florida! - 10/28/08 03:07 AM