If you are looking to buy a mobile home and you have a limited amount of money to put down towards your purchase, you may want to consider a FHA mobile home loan. FHA stands for Federal Housing Administration and it’s responsible for Housing and Urban Development (also known as HUD). How does this help you? FHA insures your mortgage loan so that lenders will give you a good deal, even though you do not have a sizable down payment.
Under the FHA mobile home loan umbrella there are two types of programs. One is for people who already own land to put the mobile home on and the other is for people that choose to locate their mobile home in an established mobile home park.
When lenders consider applicants for FHA-backed mobile home loans, they must follow certain eligibility requirements. These requirements include considering the applicant’s credit rating, the income and the ability to repay the debt.
A Title 1 loan can be used to buy a mobile home, a lot on which to place a mobile home, or both. The home must be the primary residence of the person or persons obtaining the loan. There are maximum loan amounts as well as loan terms that must be adhered to, as follows. For a mobile home only, the maximum is $48,600. For a piece of land or lot, the maximum is $16,200, while the maximum for a combination of the two is $64,800. Maximum loan terms for FHA mobile home loans are: 20 years for a mobile home or a single section mobile home and lot, 15 years for a lot, and 25 years for a multi-section mobile home and lot.
Most of the time when you buy a mobile home, you will also have the opportunity to finance your purchase at the mobile home dealer in which you make your purchase. Sometimes these dealers will not offer FHA-backed loans. If they do not, ask them for a referral to a lender who will use FHA. Or you could consider finding a lender online.
To qualify for a FHA-backed mobile or manufactured home mortgage loan, you must meet some minimum criteria. You must be able to provider five percent down payment (although there are additional programs to help if you do not have this amount), proof of income and a suitable place to locate your mobile home (this may be on your own land or in a mobile home park).
By: Milt Wapner
Posts Tagged ‘Combination Of The Two’
FHA Mobile Home Mortgage Loans – How Do They Work?
March 16th, 2010Your Attention Span and Refinance Home Loan
February 7th, 2010Just before you got your refinance home loan, you could stay put up hours listening to the financial mumbo-jumbo. Your attention span was at a high when you received the money. Four years into your refinance payment, you can’t keep track of the thread of conversation with your mate. But ears perk up when you hear the word MONEY.
Can’t Concentrate?
Attention span is the amount of time you can stay focused on an activity, subject, or idea. The average attention span of an adult is 20 minutes. During lectures, you’ll find the audience restless beyond 25 minutes. They’ll be doodling, shifting in their seats, fiddling with their laptops, or raring to take a break. In their jobs, people take long breaks when they easily get bored doing the same task for hours.
One of the reasons why people don’t perform well on their jobs is their short attention spans. If they can pay attention for 15 minutes, that’s good, but not good enough to finish their work on time. If they can focus on a singular task for 30 minutes, better, but having an attention span of 45 minutes is sheer grit, especially if there’s a refinance home loan hanging in the balance.
Other culprits for poor attention span are:
* Lack of sleep
* No breakfast
* Too much noise or distractions
* Too much TV and Internet
* Money problems
* Troubled love life
Check Your Attention Span
There are three types of attention deficit disorder – inattentive, hyperactive-impulsive, and the combination of the two. If you cannot follow instructions, are talkative, can’t sit still, or are always ready to take up something, you are a likely candidate for the disorder.
If you’ve been thinking too much lately of your problematic refinance, home loan arrears, or the drastic rise in interest rates, you’re a sitting duck for a short attention span. Here’s what you can do to find out if you’re having problems with focusing. Before starting to work on a pile of papers on your desk, or entering data on a web-based file, note the time. The moment your mind begins to wander, check the time again. If you have spent only 15 minutes on your task, you are it.
If the problem is financial, a refinance home loan that’s threatening to open the floodgate of telephone calls from the lender, credit card woes, or a difficult in-law, there’s nothing you can do but face the problem squarely. If the problem is none of the above, better take up a new lifestyle:
* Take long leisurely walks whenever you can.
* Eat a healthy breakfast before rushing to work.
* Get enough sleep.
* Read interesting books.
* Learn how to relax.
* Meditate.
Get Help
If your problem is your floundering refinance home loan payments, don’t sit on it. Instead, call the company and explain your situation. They will give you consideration, especially at a time like this when money is getting scarcer. Talk to your partner and put the cards on the table.
Talking the problem over with your mate can release some of the tension, and you can always come up with lifesavers 99.9%. Both of you can take part-time jobs or organize a yard sale, anything to come up with extra money before the red-letter day. You’ll be amazed at the improvement of your attention span when solutions are on the way to solve your refinance home loan problem.
