Wednesday, July 17, 2013 - Article by: Lender411 Member
For so many years, Home Buyers and Homeowners in North Carolina were told "No" when seeking to finance or refinance a land and manufactured home package. Well, we are happy to now say "Yes" to so many that are qualified. We know, from our past experience in the 80?s and 90?s, these home packages were very popular and provided a very nice living space with a big bang for the buck. Then, all of a sudden, these properties went through a major depreciation in our state after a huge influx of foreclosures after so many rural area jobs were lost.
Well that has changed once again. The Alan Morris Team is now offering Manufactured Home Loans in North Carolina. All Mobile Home Loans will be FHA Loans that are insured the U.S. Department of Housing and Urban Development (HUD). In addition to normal FHA underwriting guidelines, listed below are the additional qualifications that must be met in order to be approved:
* 680 middle credit score - lower credit scores possible case by case
* FHA Fixed Rate Mortgage (including FHA Streamline Refinances)
* Primary Residence (must not own any other properties)
* No housing payments paid over 30 days late in the most recent 2 years
* Double wide only, must be built June 15, 1976 or later
* Taxed as Real Estate by the local tax assessor's office
* Must own land and be on permanent foundation
* Minimum Loan Size of $90,000
To apply visit Our Website or call us at 919-906-1373. We're here to help!
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