Manufactured Home Lending in North Carolina

Did you know that North Carolina has one of the highest numbers of manufactured housing in the country? Yet, finding a lender that does manufactured double or triple wides is like finding a needle in a haystack! Why is this? In short, most lenders don't want to go through the "trouble" of doing one of these loans.

Here at First Family Mortgage, we are not only able to do these types of loans, but we get our customers great rates with low to even no money down! All of our 30 year manufactured rates are in the mid to high 5% range! This applies even to customers with low credit scores.

If you are interested in buying, selling, or refinancing a manufactured home, give us a call today! We want your business and we will do our very best to get you into the home you've been dreaming of.

If you are a North Carolina Realtor looking to market your manufactured home listings, give us a call! We would love to partner with you to get more of your prospects qualified to purchase a home. We have contacts with professionals that inspect manufactured home foundations and can get them up to FHA standards quickly if needed. We are also partnered with FHA qualified structural engineers and FHA appraisers that know manufactured housing and can take care of a job with a 1-2 day turn around.

Our toll free number is 1-800-230-1723.
Hit extension 1# and ask for John Lambert.

What The Recent Rate Cut Means For Mortgages

Conventional mortgage rates are holding at a two year low right now. If you have one, it's is the best time to refinance your adjustable rate mortgage. With this in mind, the rate cuts just announced by the Fed will not not necessarily affect the rates you can get when you refinance. This is a common misconception. See here.

Give us a call today and let us work up a solution that makes great financial sense to you and your family!

Get Out of Debt Program

We thought you might like this one! Let's face it, we know that staying out of debt is simple in theory, but when unexpected things happen in life, we may need some help. If that's your situation and you want to wipe out your debt and "never do that again", then give us a call! We can help you consolidate your debts and lower your monthly payments. Give us a call today!

What is an FHA loan?

In 1965, the Department of Housing and Urban Development (HUD) was formed. Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows buyers who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA who insures the loan for the lender.

The most popular FHA home loan program by far is the 203(b). This is your standard fixed rate loan for 1-4 faily owner occupied houses and only requires a minimum of 3% from the borrower. This loan also permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller or lender must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan.

The mortgage insurance premium is cheaper for an FHA loan versus a conventional loan with 3% down. Finally, FHA loans mayrequire less income to qualify as they will exceed he Conventional debt ratios of 28/36% as their standard 29/41%.

The greatest disadvantage of FHA home loans is that FHA limits the loan size that a borrower can borrow. The limit for most counties in North Carolina is around $200k. Others may try and convince you that the FHA upfront mortgage insurance premium (MIP) is a disadvantage. However, this amount makes just a very small increase in the borrowre's monthly payment and is partially refundable.

If you would like to know if your qualify for an FHA refiance or purchase, please give us a call today to discuss your options.

Now is the time to refinance those ARMs with FHA!

Have you been waiting for the right time to refinance your Adjustable Rate Mortgage? If so, the good news is that rates are lower right now than they've been all year. We have been able to save many of our customers between $200 and $350 a month by using the government's FHA program. We have some great deals going on with absolutely no lender fees! If you are wondering if this program might be for you, please give us a call today to discuss your options.