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Posts Tagged ‘loan to value’

Prospective Manufactured Home Buyer Seeks Lender

August 21st, 2014 Comments off

mortgage  moneycontrol credit glasses calc paperA post on mortgagegrapevine.com reports someone attempting to buy a manufactured home in a community in Southern California is seeking a lender. The borrower is asking for $269,500, has full documentation, a FICO score of 569, and the loan-to-value ratio is 70 percent. MHProNews offers excerpts from two of the responses.

1) “I offer a wide range of loan,i can help you with the loan funds you seek,my services is fast and due at a very low and minimum rate of 2.5% to suit your needs.Thanks for your understanding.” (Grammatical errors included.).

2) “My name is Dr Richard The Head Loan Officer of RICHARD MORGAN LOANS COMPANY via email Richardmorganloancompany@aol.com, We are offering loans from the range of $1000 USD-$10,000,000 USD. We give out legitimate loans to serious individuals or business firms that are in need of loans. We are a registered Loan Firm that is prepared to meet the needs of individuals who aspire to be greater in the front line of capital accumulation.Our Loans are offered at a subsidized interest rate that is favorable to all citizen.” (Also verbatim) ##

(Image credit: moneycontrol.com)

Manufactured Home Purchases Available for Military Veterans

June 4th, 2014 Comments off

According to themortgagereports.com, Veterans Administration (VA) loans for buying a home through the Department of Veterans Affairs are often the least expensive route for homeownership for current and former U. S. military personnel. VA loans allow up to 100 percent financing with no required mortgage insurance and can be used to buy manufactured homes (MH). The program, which has helped millions of veterans and service personnel in the last 70 years, covers primary residences, not investment property or second homes. The VA does not make the loan, it only insures a portion of the loan, MHProNews has learned. The VA Guaranty gives lenders the backing to offer 100 percent LTV (loan-to-value) mortgages to qualified borrowers, but lenders have to meet certain guidelines set by the VA. Qualified borrowers can often obtain mortgage rates lower than those offered by Fannie Mae and Freddie Mac. ##

(Image credit: theblaze.com)