There are no upfront application fees with Financial Services Unlimited. We will pre-qualify your credit at no cost. It is helpful if you know your credit score.
Loan Interest Rates will vary depending on overall credit quality, age of home, collateral type, loan amount, loan-to-value and debt to income ratio.
Most lenders require a minimum of 10% down for a purchase of a pre-owned manufactured or mobile home plus loan closing costs. Brand New Homes have a minimum of 5%. Credit quality, debt to income and loan to value ratios will ultimately determine your required down payment.
Most lenders prefer 31% housing ratio and 45% total debt ratio for the Qualified Mortgage Rules as outlined in the Dodd-Frank Act. Exception may be provided based on low loan-to-value, high credit scores and net disposable income.
We provide loans from many different lenders based on your specific needs. Each lender will charge loan fees that may be paid at closing or financed into your loan based on your home value. Upon pre qualification from the Lender, they will provide us their terms to include origination and loan closing fees so we may share with you.
Yes, we offer Single-Wide home loans "in park", home must be 1977 or newer. The loan amount must meet our minimum loan amount of $25,000.00
Lenders tend to recover less money compared to other loans when they receive back a foreclosed mobile or manufactured home. To off-set this risk, they increase the credit quality or credit score requirement for borrowers. Learn More About Mobile Home Loans & Your Credit
No, we only offer 1st mortgage loans, however based on the equity in your home we may be able to refinance your home and provide you additional funds to pay off high interest rate credit cards or to make home improvements.
We provide financing for Manufactured homes built to the HUD standard (June 1976 or newer) the year 1977 is a safe bet to meet HUD Standards. Home built after this period will have metal HUD tags affixed to the home.
No, not at this time.
Mobile or Manufactured Homes are built to HUD standards. All HUD homes have HUD metal tags affixed to the back of each section of home. Modular built structures do not have these tags.
Each home contains a data plate (an 8-1/2” X 12” piece of paper glued to a wall, inside an interior cabinet or closet wall). In cases, homeowners may remove this date plate unknowingly. This plate contains, serial numbers, home energy information, home system information (furnace, hot water heater, stove, etc.)
If you are not currently working with a local retailer or Realtor, our affiliated Company, Willamette Homes may assist you with purchasing a brand new Manufactured home or refer you to one of our retail partners in your specific area. Visit Willamette Homes For Purchase Information
Assuming you qualify for higher monthly mortgage payments and have excellent credit history, you may qualify for a reduced down payment loan from 5 -15% down. However, you may pay a higher interest rate and loan fees (points) than someone making a larger down payment as the lender has increase loan risk.
Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans when the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or may be financed. With the exception of some government loans, you may be able to drop the mortgage insurance once your equity in the house reaches 20% and you’ve made timely mortgage payments. The Servicing Lender of your mortgage will have the requirements for canceling private mortgage insurance. Our loans do not have PMI.
Learn More About Mobile Home Insurance & Get A Free Quote.
Under the 1997 Taxpayer Relief Act, first-time home buyers may withdraw up to $10,000 penalty free from an individual retirement account (IRA) for a down payment to purchase a principal residence. This $10,000 is a lifetime limit. The law defines a first-time homeowner as someone who hasn’t owned a house for the past two years. If a couple is buying a home, both must be first-time homeowners. Ask your tax accountant for more information, or check IRS rules at http://www.irs.gov
. Another source of down payment money may be is a loan against your 401(k) plan. Ask your employer or plan administrator if your plan allows for loans and seek professional tax advise from a licensed tax advisor. Financial Services Unlimited, Inc. is not a professional tax advisor.
With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20, 30 or 40 years. A number of variations are available, including five- and seven-year fixed rate loans with balloon payments at the end. With an adjustable rate mortgage (ARM), the interest rate fluctuates according to the indexes. Initial interest rates of ARMs are typically offered at a discounted (“teaser”) interest rate lower than fixed rate mortgage. Over time, when initial discounts are filtered out, ARM rates will fluctuate as general interest rates go up and down. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan. A number of variations are available for adjustable rate mortgages, including hybrids that change from a fixed to an adjustable rate after a period of years.
It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on: the interest rates and mortgage options available when you’re buying a house your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next five, ten or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM’s teaser rate will adjust up soon and you won’t gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.