Jeremy Drobeck ~ (269) 488-9494 ~ Apply Now ~ Contact Us

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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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.

 

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Yeah the shutdown is a big deal for a lot of people and their families, but the houseing market certinaly hasnt come to a screaching hault.  I was headed into work today listening to the radio and all the news about the government shutdown.  We all knew it was possible and by the end of the day yesterday pretty much inevitable.  The congressmen being interview on the radio made it sound like the housing market was going to come to a screeching halt.  Heck you would think that all the Realtors and Loan Officers were going to get a couple weeks off while Uncle Sam figured things out.  Well I got some breaking news, we are all still here, still working away, & most importantly still closing loans!  So what’s the real deal?  What loan programs have been affected by the shutdown?  Here’s the scoop:

  1. Conventional Loans: Unaffected - depending on income basically the IRS will not issue tax return transcripts (Form 4506 T). Typically these are ordered & reviewed prior to closing.  Any loan that has other income (mainly self employeed borrowers) that would be reported on the tax returns will not be able to close until we have the tax transcripts. This includes borrowers trying to do 5 to 10 financed properties as those require IRS tax transcripts to deliver to Fannie Mae. So borrower who recive a w2 we can close no problem.
  2. VA Loans (veterans administration): Unaffected
  3. FHA Loans:  Unaffected   (at least for the foreseeable future, so basically if this thing drags out for months FHA could be affected but it's not very likely)
  4. RD Loans Affected - this ones kind of a big deal.  Since everyone is still working except for the people at RD we can still get the file ready to close.  However, we for we can close the loan RD needs to issue a conditional commitment and the final loan has to be run thru their system.  Currently there is nobody there to review the file and the system (GUS) that we run the loans thru is offline.  So plan for delays on all RD files.  How long is unknown, but for loans here in Michigan if the file isn’t up at RD already it will be at least 30 days from whenever all those government employees go back to work.

So to recap we are still closing and funding all loans with the exception of those rural development loans. 

If you want more info you can read the governments contingency plan here http://www.whitehouse.gov/omb/contingency-plans

 

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*** Fannie Mae Has Discountinued This Program***

 

Look to buy a foreclosure? Here's a great program for you. This program is available on Fannie Mae foreclosures only. These homes can be found at www.homepath.com. Here are some highlights for the program:

  • 3% down for owner occupants
  • 10% down for investors
  • NO PMI (mortgage insurance)
  • No appraisal needed
  • Up to $35,000 in renovation money available

Give me a call to learn more about this unique opportunity to purchase a foreclosed home!  Jeremy Drobeck coming to you from Kalamazoo, MI 269-488-9494

 

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