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Great news!  It keeps getting easier and easier to finance manufactured homes.  Here are four possible ways to finance manufactured homes!  The basic programs that will work for manufactured homes are:

  • FHA - 3.5% down
  • FHA 203k Renovation - 3.5% down
  • VA - 0 Down
  • Conventional - 10% down

Some other things that are a little different with manufactured homes:

  • Doublewides only
  • Structural inspection needed
  • Must be on Permanent foundation
  • Affidavit of affixture required

Generally looking for a 630 score or higher, a small savings, good rental history, etc. . . 

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Published in Jeremy's Blog

I was going over loan options with a home buyer the other day and realized that we spend a lot of time talking about mortgage insurance and when comparing loan programs for people the cost of the PMI really comes into play.  When I sat down to make this video I was simply going to go over the basic options and the costs associated with each.  The video turned into more of a why not to get a FHA loan, which wasn't my intent.  However, the numbers don't lie FHA is the most expensive loan out there right now.  Its the new "subprime"  funny that the government loan program who's mission statement reads: "HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all . . . " is the most costly of all the home financing options.  Anyways, we close tons of FHA loans and it is often the only option for people wanting to buy now; so enough said.  The chart outlines the basic's reach out to me anytime with questions.

 

Published in Jeremy's Blog

There are a number of government loan programs out there to help people with little to no money down purchase a home.

FHA Loans

The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), plays a significant role in helping low- to moderate-income families qualify for mortgages. FHA assists first-time buyers and others who would not qualify for a conventional loan, by providing mortgage insurance to private lenders. Interest rates for an FHA loan are usually the going market rate, while the down payment requirements for an FHA loan are lower than conventional loans. The required down payment can be as low as 3.5 percent and the closing costs can be paid by the seller.

VA Loans

VA Loans are guaranteed by the U.S. Department of Veterans Affairs. Service persons and veterans can qualify for a VA Loan, which usually offers a competitive fixed interest rate, no down payment and limited closing costs. While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loans.

USDA Loans

The USDA also does more than just certify beef. They sponsor a little-known Rural Housing Loan Program. If you qualify, you can get a government-insured mortgage on that home you've been eying with no down payment, little mortgage insurance, and the sellers can even help you with your closing costs.

Published in Buying

First and foremost.  I am a Marine, I love helping other vets!  We have closed many VA loans.  Call me so that I can help you get the benefits you earned! -Semper F

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. 

Other benefits of a VA loan include:

  • Great interest rate.
  • Closing costs comparable – and sometimes lower - than other financing types. (VA limits the fees that can be charged at closing)
  • No private mortgage insurance requirement.
  • Right to prepay loan without penalties
  • Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default Marineson their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home, and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Veterans must meet certain eligibility qualification dictated by the VA. A Certificate of Eligibility from the VA must be presented obtained to qualify for the loan, if you dont have this document we can help you get it.

USMC

Published in Loan Programs

Uncle Sam WANTS you to own a home.  There are many programs in place to help make the American dream possible!Uncle Sam

  • FHA Loans - Thanks to HUD some highlights are 3.5% down payment on purchases.
  • VA Loans - Qualified Veterans are able to take advantage of 100% financing & no PMI!
  • RD Loans - The USDA does more than just certify beef. They have a loan program that features 100% financing & low PMI!
  • Renovation Loans - we lend you the money you need to hire contractors to get that home in tip top shape
  • Obama Refi - Government help is on it's way! Also know as HARP 2.0.
  • Loan Modifications
  • MSHDA Loans - State of Michigan loan program to help low to moderate income families

Published in Loan Programs

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