Tips on loans and financing for Mobile and Manufactured Homes

What are mobile home loans?

Mobile homes are actually manufactured homes which are normally found in campsites or mobile home parks. They are transported by tractor-trailers over public roads to sites. Sometimes they are used as temporary accommodation on campsites. These houses can be placed in one location permanently as well as can be moved to other areas. If you want to buy this kind of homes, then you can take the help of mobile home loans from FHA (Federal Housing Administration) approved lenders. FHA approved lenders generally give loans from their own funds to eligible borrowers to finance the purchase of mobile home. FHA insures the lender against loss if the borrower can't make the payments.

Objective of the loan
The mobile home loan is used to purchase a manufactured home, a lot on which a manufactured home is to be placed.

How to qualify for mobile home loans?
The eligibility criteria for the mobile home loans are as follows:
• Borrower should have sufficient income to make the minimum required down payment.
• Borrower must be able to prove that they can make the payments on the loan and cover their other expenses.
• Borrower primarily intends to occupy the manufactured home as his principal residence.
• Borrower must have a suitable site to place the manufactured home. It can be a rental site in Manufactured Home Park or can be a home site. The site should have adequate water supply and garbage disposal facilities.
• The borrower should have an average credit score.

Loan term
The maximum term for a manufactured home or a single-section manufactured home is twenty years. However, for a multi-section manufactured home and lot, the term is for 25 years. For a manufactured home and lot, the term is for 15 years.

How can you find the dealer who gives mobile home loans?
You can get the contact details of the lenders in your area who give mobile home loans from the local retailers. Contact us if you need help of have any questions.

However, it should be noted that one of the basic criteria for getting mobile home loans is that manufactured homes must be according to the Model manufactured home installation standards.


Investing
Mobile home parks can be a great investment for the short and long term. If your interested in comercial real estate, especially mobile home parks, I recommend you take a look at this system, they give you everything you need to succeed. Click Here to find out how to make money with mobile homes!








Guest Post by:
Sabrina Gomez
http://www.mortgagefit.com/mobile-homeloan.html


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How to Make BIG profits Investing in Tax Liens

How you can Easily Make BIG profits with Tax Liens, One of the HOTEST investing strategies in today’s Real Estate Market...

As we all know, there are several big money investing strategies when it comes to Real Estate.

With rising interest rates and economic hardship, one of the strategies Investors are using to make big money in this market is Tax Lien Certificates. How it works.... if a homeowner falls behind on their property tax payments, which is currently happening all over the country, you have the opportunity to come in and pay off the back taxes (generally for not a lot of money) and make a great return on your money, and if the homeowner is unable to repay, you can acquire the property for pennies on the dollar!

Tax Liens and Tax Liens Certificates

Shockingly, there are certain individuals that do not like to pay their real estate property taxes. (hard to believe, right?).

The non-payment of taxes creates a serious cashflow problem for local governments because they count on the money from property taxes to supply vital services like police, schools, and new roads to their local communities. So when people don’t pay, it puts them in a bind.

Tax Liens solve this problem, by creating a win-win situation. By issuing a tax lien certificate, the agency needing the money from property taxes gets paid right away when you invest in a tax lien. In exchange for paying the taxes you will receive the government’s lien for taxes. Basically, you get the governments claim on the property for the delinquent taxes.

The Government wins because they get money now and can pay their bills, and you as the Investor win because you’re in possession of a certificate that entitles you to certain benefits…

Benefits of Tax Lien Certificates

Why would an investor want to invest in tax liens? Because when you buy a Tax Lien certificate you get some incredible benefits:

1) First, you get paid fantastic interest on your money. Not only is the taxpayer obligated to repay you in full, but on top of that they have to pay you interest on your money. This can be a great source of cash flow because depending on state laws and competition, tax sale investors can make returns anywhere from 15-45%! That’s a GREAT return on your money!!

2) On top of making great cashflow, if the property owner can not repay the money, you have the right to acquire the property for Pennies on the dollar! Since tax lien certificates are secured by real estate, if you as the investor do not get all your money back plus interest and/or penalties you (as a lien holder) have the right to acquire the property. Generally the foreclosure of a real estate tax lien will extinguish all junior liens including mortgages. Thus providing you with free and clear ownership of the property for pennies on the dollar!

This is why so many investors are making a killing in tax lien certificates. They've either got a chance to earn a high rate of interest on their investment (15-45%) or they've got an opportunity to buy a home at a fraction of its market value.

Finding Tax Liens to Invest in

If you're interested in finding tax lien information, here are a few links to do state-wide searches of county or federal tax liens and where you can access online tax lien information - both federal and county - for that state:

California: http://www.sos.ca.gov/business/ucc/

Hawaii: https://boc.ehawaii.gov/docsearch/nameSearch.html;jsessionid=3F5A44F36C8F7E0E7835BFA0A76759EE.kolea

Florida: http://www.sunbiz.org/lienlis.html

To learn how to make serious money investing in Tax Liens, I highly recommend the following course: Make Easy Money in Tax Leins - Click Here!

Sincerely,



Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360







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How is my credit affected: Short Sale vs Foreclosure

Credit Impact: Foreclosure vs Short Sale

How is my credit affected: Short Sale vs Foreclosure

In today's market, many homeowners are faced with the decision to try a short sale or just let the property go to foreclosure. Below are some points to think about / share with your clients.
If you have questions on whether missing mortgage payments and selling your property for less than the full amount you owe on it(short sale) will hurt your credit score, the answer is yes. HOWEVER, the credit damage done by a short sale is significantly better than a Foreclosure or Deed in Lieu, the short sale does not show up as long nor is the impact as severe as a property foreclosure.
Take a look at some of the most common questions….


1) When will I be able to purchase another house? (Primary Residence)

Foreclosure: Homeowner is eligible for re-purchasing a primary residence in 5 years

Short Sale: Homeowner is eligible for re-purchasing in 2 years


2) When will I be able to purchase another property? (Investment Property)

Foreclosure: Homeowner is eligible to purchase an investment property after 7 years

Short Sale: Homeowner is eligible to purchase an investment property after 2 years


3) Future loan disclosure: Will I have to disclose what happened with my house?

Foreclosure: On any future 1003(mortgage) loan applications when they ask, “have you ever had a property foreclosed upon…” you will have to mark YES, affecting what programs will be available to you and interest rate that you would qualify for.

Short Sale: There is no similar disclosure required for a short sale


4) How will my Credit Score be affected?

Foreclosure: The credit impact of a foreclosure is MAJOR and can reduce your credit score anywhere from 250-300 points.

Short Sale: Only late/missed payments on the mortgage will show up as derogatory items on the credit report. After the sale is completed the mortgage will be reported as paid or settled. Short Sales can affect your score differently depending on how many payments are missed, sometimes as little as 50 points. A short sale will have an affect on your score for approximately 18-24 months.


5) How will my Credit History be affected?

Foreclosure: A foreclosure will remain as public record on a homeowner’s credit history for 10 years, sometimes even longer.

Short Sale: Short sales are currently NOT reported in the credit history of a credit report. The loan is generally reported as “paid off, settled”




For all the information on Fannie Mae's guidelines, go to...https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf


If you would like Free information on Short Sales, please contact me anytime.

What are you noticing in today's short sale / foreclosure market?


To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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5 Reasons to Avoid Foreclosure at all costs! - How bad is a Foreclosure?

5 Reasons to Avoid Foreclosure at all costs!

1) Unlike most negative credit items, having a foreclosure on your credit report is virtually impossible to “repair”

2) A homeowner will always have to disclose that they went through foreclosure on all future mortgage loan applications affecting future financing rates and program availability.

3) Major decrease on your credit report affecting a persons ability to get to get a car, personal loans, or credit cards.

4) When filling out rental applications you must disclose that you have went through foreclosure, greatly reducing the number of apartments available for rent.

5) Many Employers run credit checks when applying for a job, foreclosure is one of the main items putting potential new hires in jeopardy of not getting a job.

To your success,

Preston Matix
Real Estate Investor




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How to Successfully Launch a profitable Real Estate Business

How to Successfully Launch a profitable Real Estate Business

The hardest part of getting your Real Estate Investing business started is overcoming the fear of the unknown that comes with attempting anything new. Many of my students get stuck before they even start suffering from analysis paralysis. Getting caught in the train of thought that if they just buy one more seminar, they will finally feel confident enough to get in the game and finally start doing deals.

What we all need to understand is that fear will never go away no matter how many courses you buy, or how many boot-camps and seminars you attend. The only way to get over this fear is by actually getting in the game, you need to face your fears and execute! We do not need to start with huge deals getting started, or even any of our own money. So many times, investors think that they need to put everything on the line to get into real estate investing. That is so far from the truth, I did my first almost 50 deals without ever using any of my own money or credit. This are what everyone has heard of called "baby steps", everyone that is successful today started with baby steps. These are just stepping stones to growing a big investing operation like myself and my partners have. It all started with finally pulling the trigger and doing are first deal. Looking back on it now with over 300 deals under my belt, the only regret I have is not getting started sooner!

Here is an easy action guide for you to start using today, this will help you finally start working towards your goals. Follow these easy steps and you will be well on your way to being a successful real estate investor!

Attend a REIA / Meetup / Investment club meetings : Networking with other investors is the best and first step to starting your investing career. The people you will meet at these events can be a big help to you while first getting started. I always say that "Relationships are the only shortcuts to success". For a lot of us this can seem a little nerve wrecking in the beginning, but be rest assured that this is the most important step in starting your business. Another major bonus is that these meeting are usually free! If this is a big challenge to overcome, you might want to consider attending one of my events to help you sharpen your networking skills. Remember... you are always on the air!

Meet with successful Investors: Sometimes we need to see before we can believe. Meeting with an active successful investor will give you the inspiration you need to get your butt into gear. When I was first getting started I made it a point to meet and surround myself with as many of these people as I could. We have all heard that saying..."You income is the exact average of the 5 people you hang out with most"...so why are you hanging out with your broke friends? If you need help finding successful investors to meet with, a REIA or Networking group as explained above is a great place to start.

Take Action: The only way to invest in your first deal is by finding your first deal!! Whatever your chosen model is, you need to find properties to invest in. So if you are going to be looking for motivated sellers, then you need to get on the phone with sellers. The only way we can get better at talking to our clients is by talking to more and more of them. Practice makes perfect, right? No! Perfect practice makes perfect! Practice your scripts, roll play your scripts and get on the PHONE!! Read this very carefully...TAKING ACTION WILL MAKE YOU RICH!!

Getting starting and making money investing in real estate is not easy and anyone that tells you it is has not done any deals. If you want to be successful you need to be ready to get outside of your comfort zone and act in spite of fear! Because of this we must make sure we are always surrounding ourselves with the right people on a regular basis as well as feeding our mind positive thoughts on a regular basis. Make sure to check back for my next post on "The Winning Mindset."

What are you going to do to get started?


Yours in Success,

Sam Khorramian

Success Expert



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Escrow Checklist - How to Close your Real Estate deals Easy and Fast with these handy checklists

Escrow Checklist - How to Close your Real Estate deals Easy and Fast with these handy checklists

Escrow Checklist – Closing Checklist - List of Items needed

Below is a great escrow checklist for closing your deals. When agents and investors start closing deals sometimes the details can get over looked. So as your deals start coming to fruition you will want to systemize things to make it easy. Take a look below at some of the Items that will be needed for most closing’s in CA (Other states will vary slightly). Print out the checklist below and turn it into a checklist for each one of your buyer/seller transactions. Put them in each file and check them off as you get the Items in, that way you can stay on track and make sure there are not delays as you progress towards a successful closing.

Seller Escrow Checklist

1) Escrow Instructions – Review with escrow officer and check for accuracy

2) HOA information (if applicable) – Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered. Get all contact info and payoffs.

3) Confidential Statement of Information – Must be fully and accurately filled out so the title company can complete their title search.

4) Certificate for 1099 Reporting – Make sure it is complete and signed

5) Affidavit of Non-Foreign Status – IRS requires buyers to buy from a foreign seller to withhold 10% of the purchase price from the sale proceeds, this form shows that they are in fact a US Resident and of “Non-Foreign Status”

6) California Real Estate Withholding Certificate (Form 593-C) – Completed. Determines if the seller is exempt from Franchise Tax Board. For additional Information call the Franchise Tax Board at 888 792 4900

7) Grant Deed – Signed and Notarized. Make sure the names match title.

Buyer Escrow Checklist

1) Escrow Instructions – Review with escrow officer and check for accuracy

2) Confidential Statement of Information – Must be fully and accurately filled out so the title company can complete their title search.

3) Insurance Information – The lender will

require at least fire insurance prior to funding. Designate an Insurance agent and supply contact information.

4) Preliminary Change of Ownership – Filled out and submitted to the County Recorders office at the time of recording the grant deed. Used by the tax assessors office.

5) Vesting worksheet – Showing how title will be held. Needs to be supplied to lender prior to docs.

6) HOA information (if applicable) – Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered.

What else are you using on your checklists, how can we make this list better?

To your success,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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10 Reasons Professional Investors and Real Estate Agents might want to consider outsourcing their Short Sales

With statistics now showing that 1 in 4 mortgages in the United States are upside down, there is no shortage of short sale business to be found. The question is what are you doing with them? Here are some thoughts to consider on whether to outsource the negotiations or try and negotiate yourself....

1) You have to have a Buyer to start the Short Sale process with the Lender. They will not even look at your package without an offer.

2) Short Sales can take a very long time to negotiate. You risk losing buyers because people want to buy NOW!

3) Short Sales can take a lot of time and effort. As a successful Real Estate Agent, you have better things to do than negotiating with the banks, you should be focused on listing and market properties, finding sellers, and finding buyers.

4) There are some states states where attempting to work a short sale for a homeowner can be looked at as breaking the law because you are “acting as a lawyer.”

5) The Lender will battle you on all aspects of your offer, including the commission. You must be prepared to fight the lender for what you are worth

6) You’re a professional Real Estate Agent, not a professional loss mitigator. Good negotiators have years of experience in the loss mitigation departments and understand how the loss mitigation process works.

7) Working with a negotiation company can benefit you because they have developed relationships with the Lenders that can expedite the Short Sale negotiation process.

8) A Short Sale requires stacks and stacks of extra paperwork that is outside of the normal forms you may be used to. Partnering with a loss mitigation team can help you because they already know the items each Lender requires and can provide them to the lender ahead of time to shorten the Short Sale process.

9) Meeting the BPO agent. Most good short sale negotiation companies will send someone out to meet the BPO agent so you can spend your time on more important things.

10) Short Sales will take your focus from the things you know you need to do in order to be a successful Real Estate Agent and have you working on tedious time consuming tasks. In my opinion its better to hand it over to someone else who has the experience doing the negotiations and focus on getting more business!!!

What has been you biggest challenge with short sales?

Contact me if you would like help finding a company to outsource your short sale negotiations too.


To your success,

Oliver Graf
Real Estate Expert




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