1st Continental Offers Mobile Home, Manufactured home loans, and Prefabricated Home loans, Construction Loans in the states of , Alabama, California, Florida, Indiana, Kentucky, Louisiana, Maryland, Missouri, New Mexico, Pennsylvania, Tennessee and Texas
1st Continental Mortgage is offering an FHA, One-time close construction to permanent financing for Modular and Manufactured Homes. This means that the borrower is qualified for construction financing and an FHA loan prior to any work being done (see One-Time Close Loan Project Operational Flowchart.
One-time close construction to permanent financing for Modular and Manufactured Homes
Call us with any questions in regards to Modular and Manufactured Homes loans
800-570-0448
Advantages to a one time close
•¡ Borrower only bears the cost of one closing instead of two.
•¡ During the construction period, borrower is not responsible for any mortgage payments.
•¡ Borrower does not have to "re-qualify" for permanent financing as that was completed prior to initial closing.
•¡ Manufacturer can be paid it's invoice prior to manufactured or modular unit leaving the factory.
•¡ Higher Loan to Value limit than traditional construction financing. Maximum loan to value is FHA's standard max LTV.
•¡ Flexible Underwriting Guidelines. Guidelines are traditional FHA guidelines
Loans to buy mobile homes and install them on the land with Permanent financing.
•¡ Construction to Permanent Loan -Financing to cover the cost to acquire raw land and build a home. This financing is then rolled into permanent financing once the home is complete (i.e. traditional mortgage loan).
•¡ One Time Close - A loan program that combines construction financing approval with permanent financing approval so that the borrowers are qualified at the beginning for both loan programs and go to only one closing.
•¡ Draws - Periodic payments made from the lender to the builder as the builder completes various stages of construction.
•¡ Modular Homes - are houses that are divided into multiple modules or sections which are manufactured in a remote facility and then delivered to their intended site of use. The modules are assembled into a single residential building using either a crane or trucks. Interior finishing items like cabinets, lights, etc are done once the modules are assembled.
•¡ Manufactured/Prefabricated Home - a home built entirely in a protected environment including all interior finishes.
•¡ Stick Built Home - A home where the raw materials are delivered to the construction site and assembled on site.
Official Site, www.FHAmortgageprograms.com
***ADVANTAGES TO FHA SINGLE WIDE MOBILE HOME LOANS*****
•· Low Down Payment of 3% and 100% financing options available.
•· 95% of Appraised Value Cash-Out Refinance
•· FHA Streamline Refinance
•· NO Income Maximum Limits
•· Gift Funds: 3% down payment can come from FRIEND, FAMILY MEMBER OR NON PROFIT
•· Seller CAN PAY UP TO 6% OF YOUR CLOSING COST!
•· Down Payment Assistance
•· NO Cash Reserves Required
•· Self Employed 1-2 Yrs OK
•· Permanent Alien OK
•· NO pre-payment penalty
•· FHA Secure
Did you know, the FHA home loan provides more security to homeowners than ANY other mortgage program today? In cases of financial difficulty, you have a higher probability of NOT losing your home if you have an FHA home loan Vs. having a conventional or Sub-Prime mortgage loan. Plus, all FHA home loans are FULLY assumable, adding one more layer of protection for you and your family.
Remember we are direct FHA lenders providing single wide FHA mobile and modular home loans in the following states Alabama, California, Florida, Indiana, Kentucky, Louisiana, Maryland, Missouri, New Mexico, Pennsylvania, Tennessee and Texas
Mobile Home Lenders
Call us with any questions in regards to Singlewide Mobile home loans
Providing construction to permanent financing for Modular and Manufactured Homes in Alabama, California, Florida, Indiana, Kentucky, Louisiana, Maryland, Missouri, New Mexico, Pennsylvania, Tennessee and Texas
Advantages to a one time close
•¡ Borrower only bears the cost of one closing instead of two.
•¡ During the construction period, borrower is not responsible for any mortgage payments.
•¡ Borrower does not have to "re-qualify" for permanent financing as that was completed prior to initial closing.
•¡ Manufacturer can be paid it's invoice prior to manufactured or modular unit leaving the factory.
•¡ Higher Loan to Value limit than traditional construction financing. Maximum loan to value is FHA's standard max LTV.
•¡ Flexible Underwriting Guidelines. Guidelines are traditional FHA guidelines
Loans to buy mobile homes and install them on the land with Permanent financing.
•¡ Construction to Permanent Loan -Financing to cover the cost to acquire raw land and build a home. This financing is then rolled into permanent financing once the home is complete (i.e. traditional mortgage loan).
•¡ One Time Close - A loan program that combines construction financing approval with permanent financing approval so that the borrowers are qualified at the beginning for both loan programs and go to only one closing.
•¡ Draws - Periodic payments made from the lender to the builder as the builder completes various stages of construction.
•¡ Modular Homes - are houses that are divided into multiple modules or sections which are manufactured in a remote facility and then delivered to their intended site of use. The modules are assembled into a single residential building using either a crane or trucks. Interior finishing items like cabinets, lights, etc are done once the modules are assembled.
•¡ Manufactured/Prefabricated Home - a home built entirely in a protected environment including all interior finishes.
•¡ Stick Built Home - A home where the raw materials are delivered to the construction site and assembled on site.
1st Continental Mortgage is offering an FHA, One-time close construction to permanent financing for Modular and Manufactured Homes. This means that the borrower is qualified for construction financing and an FHA loan prior to any work being done (see One-Time Close Loan Project Operational Flowchart.
Advantages to a one time close
•¡ Borrower only bears the cost of one closing instead of two.
•¡ During the construction period, borrower is not responsible for any mortgage payments.
•¡ Borrower does not have to "re-qualify" for permanent financing as that was completed prior to initial closing.
•¡ Manufacturer can be paid it's invoice prior to manufactured or modular unit leaving the factory.
•¡ Higher Loan to Value limit than traditional construction financing. Maximum loan to value is FHA's standard max LTV.
•¡ Flexible Underwriting Guidelines. Guidelines are traditional FHA guidelines
Making opportunities for our clients
•¡ Existing Clients.
•¡ Manufactured and Modular Home Manufacturers and Builders - they can be a great source to identify their favorite mortgage brokers.
•¡ Offering a product niche in a market full of vanilla. Use this to open doors for this product and new product.
Advantages for our Clients
•¡ Higher LTV - We can offer LTV based on the FHA maximum LTV limits while conventional financing is 90% LTV or less.
•¡ DTI - FHA has more flexibility in DTI's than most community bank programs.
•¡ Interest during construction period is built into the purchase price.
•¡ Closings - Most products require the borrower to close on a construction loan and then close on permanent financing once the construction phase is complete.
Mobile home loan Frequently asked questions,
http://www.fhamortgageprograms.com/faq/mobile-homes.shtml
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