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

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Mortgage and Lending with United American Mortgage

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

Quick Application

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

•·        Gap in Employment OK

•·        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

Quick Application

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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Anonymous #1
Anonymous
James F. Cannon

I am interested in financing a 2002 double wide on a block foundation  with a two car garage on twenty acres in Mount Vernon, Indiana. The sales price is $83,500, I would pay twenty percent down, I would like a thirty year loan, however ,  I would consider a seven year ARM.  My primary resident is in Texas where I live part of the year and in the Evansville, IN area part of the year near my eight grandchildren. I have excellent credit score of over 815.

 

James F. Cannon

2212 Cotton Blvd.

New Braunfels, TX 78130

Phone: 830 626 2205

 

 

October 14, 2010 09:49 PM
Rainmaker
307,004
John DL Arendsen
Real Estate Bkr, Factory Built home Dealer/Devlpr
TAG Real Estate Sales & Investments & ON THE LEVEL GC

 

I'm way late for this one but it just popped up on my radar so here goes anyway.

Please feel free to log onto our Trulia [http://www.trulia.com/blog/onthelevelcontractors/] or Active Rain blog [http://activerain.com/action/agents_secure/my_home] for more comprehensive information about the MH Industry. 

Or you can check our our website and give us a call or drop us an email. We are RE Brokers, Manufactured Home Dealers and licensed, bonded and insured General Contractors and have been actively engaged in the MH Industry statewide for almost 3 decades.

We also do "Lonnie Deals" 

We love to network!

 

February 26, 2011 03:07 PM
Anonymous
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Rainer
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Thomas Martin

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