Mobile Home Loans - A Few Options

If you are looking to purchase mobile homes, and are thinking about
taking out a mobile home loan, then there are few things you will want to take
into consideration before you decide how to make your purchase. Generally, these
decisions will affect which type of financing options will be available to you,
so make sure your review them before you speak with your bank and sign any
paperwork.

First, you need to decide if you are going to rent the land upon
which the home will sit, or if you are going to own the land. Second, you need

to decide on if you are going to leave the wheels attached to the home or if you
plan on removing them and resting it on top of a more sturdy foundation. Both of
these decisions will affect which type of home loan you can take
out.

If you decide to go the more 'mobile' route, leaving the wheels on
and renting the space, then you will not be able to qualify for a traditional
loan on the mobile home. Instead, you will be forced to take out what is called
a 'personal property loan'. Of course, the property loan isn't necessarily bad -
but it will cost more than if you were able to arrange for and secure a
traditional loan. As such, you may want to consider purchasing the land/property
and taking off the wheels--as long as you plan on staying for a little bit of
time.

In summary, make sure you weight both the decisions before you take out and finalize your mobile home loan. Remember, mobile home loans are much more difficult to get if you are not a more permenant member of the community in which you reside, so try to get to that point as soon as possible.

How to Qualify For a Home Loan in 6 Months Or Less!

Many potential first time home buyers could not have taken advantage of the government's $8,000 tax credit because they could not qualify for a home loan. Many of these potential home owners end up in a lease-to-own agreement instead of buying the house outright. History shows that over 80% of these lease-to-own agreements do not work; simply because the tenant/buyer cannot qualify for a home loan when the time comes for them to buy.

Since the banks tightened up lending standards, almost 1 in every 3 borrower (32%) gets denied for a loan. The denial rate for African Americans and Hispanics was more than twice that for whites in 2008. The popular FHA loan accounted for more than half the loans given to African Americans and 45% of the loans given to Hispanics.

Are you a potential first time home buyer? Do you think you can you qualify for a FHA loan? If you answered yes then there is roughly a 33% chance that you will get denied the first time you apply for a home loan. Unless you get some help in advance. Here's a short guide to qualifying for a home loan the first time you apply:

1. Get a copy of your credit report and check it for errors. Over 70% of all credit reports contain some kind of error. These errors can affect your credit score negatively and may also affect your credit profile (which is more important than your actual score for most first time home buyer loans). The first thing you should do when you get your report is to check each one for general errors such as:

* Incorrect Social Security Number
* Incorrect current address (or addresses where you never lived)
* Incorrect spelling of your name
* Accounts that DO NOT belong to you, and
* Accounts that are being reported incorrectly

Finding and correcting these errors will improve your chances of getting approved for a home loan.

2. Determine your monthly disposable/surplus income. You should not be spending all the money you earn each month. Your disposable income is the money you have left over after you have paid ALL your monthly obligations. Make a list of everything you spend money on each month: rent, utilities, cell phone, auto insurance, food, everything! Add those numbers up and subtract it from your monthly income. The answer is your disposable income. If the answer is negative then you are spending more than you earn and that's a problem. At this point you may want to review the list and cut back where you can. If the answer is positive, that's good, now you have some money to save, or to use to pay down/off your debt.

3. Reduce your debt service payment to no more than 10% of your gross income. This is a very important step so pay close attention.This is the reason many first time home buyers get denied for a loan, not just credit. Your debt service payment is the money you use to pay on your debts each month. A debt and an expense are not necessarily the same thing. Debts usually show up on your credit report, expenses do not. An example of a debt service payment is your car payment. It shows up on your credit report and you are actually paying back a debt (money you borrowed). Your electricity or water bill payment is not a debt payment. It is and expense but not a debt (because you did not borrow money from the utility company).

Add up all the money you pay out each month for the debts appearing on your credit report. Divide this total by your gross income (i.e. your income before taxes etc are deducted) it should not amount to more than 10%. This is called your debt service ratio, and if it's more than 10% you have a problem. DO NOT apply for a home loan until you fix this or at least talk to a competent and caring Loan Officer.

If you have the right credit profile, are currently employed and have been working for at least 2 years, doing these 3 things will greatly increase your chances of qualifying for a mortgage the first time you apply. If you are not ready to buy a home now, do them anyway. They will help to improve your credit and your overall financial position.

Home Loans in a Bad Economy

The recession and recent difficult economic times over the past several years have put horror stories in to the minds of many people considering home loans. We are constantly hearing horror stories of friends and family being foreclosed on, seeing the realization of balloon payment loans, or being turned down for equity loans. Many Americans are feeling the strain of being upside down on their homes even though they have put years and years of payments towards their homes. Although it has been a very difficult few years, many people who are financially solvent right now are able to take advantage of this stressful situation and get into a home for a reasonable price at a great interest rate.

There are several reasons why now may be a good time to get into a home loan if you are a new home buyer, or if you have been a solid payer on your current loan but are ready to upgrade to something new. For those folks who have maintained their good credit through the past several years, now may be the best time to buy, and here are a few reasons why.

First, housing prices are at a low point, at least as far as researchers are concerned. We will never go back to prices similar to those over ten years ago because of the quickly rising market that increased home values to an exorbitant level. But what researchers look at is where the bottom of the market seems to be, and it seems as though it may be now. Homes are starting to sell again, and people are starting to gain a bit of equity back. Now is the time to buy if you are ready, before the market starts making a comeback.

Secondly, there is a government tax refund happening right now if you buy a home. At first, this started as a first time home buyer tax credit, where buyers needed to repay a certain amount per year until the 0% interest "loan" is paid off. The government then changed it to be a tax refund, meaning it is not required to be paid back. Then, to stimulate the market even further, they expanded it to allow people who had previously bought a home to see some of the reward. It is important to consult with a mortgage or tax professional to fully understand these tax benefits, but the government has tried to encourage people to get back to buying which is why these programs came about.

Lastly, people with good credit are being rewarded. For so long, mortgage carriers were giving mortgages to people who shouldn't have had them. Then, the market was so strict that barely anyone could buy a home. Now, things are settling down, and people with good credit are being rewarded with easier to get loans at interest rates that are lower than those throughout about the last 30 years of history. For those who saved money and are ready to buy, now is the best time to qualify for good home loan programs that previously may not have been available.

American Capital Home Loans is your professional mortgage company specializing in home loans, mortgage, refinancing, reverse mortgages, debt consolidation, and home equity loans. Serving Austin, Dallas Mortgage, Houston, San Antonio, Ft Worth, and all of greater Texas.

The recession and recent difficult economic times over the past several years have put horror stories in to the minds of many people considering home loans. We are constantly hearing horror stories of friends and family being foreclosed on, seeing the realization of balloon payment loans, or being turned down for equity loans. Many Americans are feeling the strain of being upside down on their homes even though they have put years and years of payments towards their homes. Although it has been a very difficult few years, many people who are financially solvent right now are able to take advantage of this stressful situation and get into a home for a reasonable price at a great interest rate.

There are several reasons why now may be a good time to get into a home loan if you are a new home buyer, or if you have been a solid payer on your current loan but are ready to upgrade to something new. For those folks who have maintained their good credit through the past several years, now may be the best time to buy, and here are a few reasons why.

First, housing prices are at a low point, at least as far as researchers are concerned. We will never go back to prices similar to those over ten years ago because of the quickly rising market that increased home values to an exorbitant level. But what researchers look at is where the bottom of the market seems to be, and it seems as though it may be now. Homes are starting to sell again, and people are starting to gain a bit of equity back. Now is the time to buy if you are ready, before the market starts making a comeback.

Secondly, there is a government tax refund happening right now if you buy a home. At first, this started as a first time home buyer tax credit, where buyers needed to repay a certain amount per year until the 0% interest "loan" is paid off. The government then changed it to be a tax refund, meaning it is not required to be paid back. Then, to stimulate the market even further, they expanded it to allow people who had previously bought a home to see some of the reward. It is important to consult with a mortgage or tax professional to fully understand these tax benefits, but the government has tried to encourage people to get back to buying which is why these programs came about.

Lastly, people with good credit are being rewarded. For so long, mortgage carriers were giving mortgages to people who shouldn't have had them. Then, the market was so strict that barely anyone could buy a home. Now, things are settling down, and people with good credit are being rewarded with easier to get loans at interest rates that are lower than those throughout about the last 30 years of history. For those who saved money and are ready to buy, now is the best time to qualify for good home loan programs that previously may not have been available.

American Capital Home Loans is your professional mortgage company specializing in home loans, mortgage, refinancing, reverse mortgages, debt consolidation, and home equity loans. Serving Austin, Dallas Mortgage, Houston, San Antonio, Ft Worth, and all of greater Texas.

Home Loans - How to Really Get Them

Right now the real estate market in the United States is great for the buyer. Due to a rough economy, record number of foreclosures and low interest rates, there is an abundance of houses at an affordable price. A nice home that cost a lot just three years ago can be bought for a third of that price today, and with lower interest rates, taxes and insurance rates, it is easier to afford. Even though the timing has never been better to try and buy a home, there are still some things you should keep in mind. If you do not, they can potentially become road blocks for you getting your home.

First remember that the banks have been hurt with bad loans for years and years. They are much more careful about who they give a loan too. Before they even take your application with serious interest they expect three things; a good credit score, a down payment, and established income. A good credit score is important because while it may not cost you the loan, it will cause you to have higher interest rates and finance charges. To save money and time you can look into a credit repair company to fix your score. Credit repair companies can fix your score in a matter of weeks, the process is simple and easy as well as affordable and can help save you hundreds or even thousands of dollars a year paying off your loan.

Also the banks would like you to have an established income so that they know you are going to be able to pay your loan off. There is no sense in giving someone a mortgage bill of $1,200 a month when they only make $1,000 a month. Finally banks want a down payment and this is also beneficial to you the buyer. You borrow less money and own part of the house right off the bat.

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