Financing Manufactured Homes: What You Need to Know

What is a manufactured home? For years manufactured homes were often thought of as synonymous with “mobile homes”, but they have become so much more. Manufactured homes are now a viable option for many families. They face more stringent building codes and are often indistinguishable from traditional homes. Before 1976, mobile homes were financed similarly to cars, but because the perception of what a manufactured home is has changed, there are companies that now offer more traditional home loans. “Manufactured” vs. “Modular” vs. “Mobile” Homes There are many different terms used around manufactured homes and it can get confusing in determining what is meant by a “manufactured” home. One major issue is perception, mobile homes are thought of as low quality, but today mobile and manufactured home construction is regulated by the Housing and Urban Development (HUD) branch of the… Read More

Should I Buy Mortgage Points?

What are Mortgage Points? Mortgage points, or discount points, are fees paid to the lender when you close on your home in exchange for a reduced interest rate. In essence, they are a down payment on interest when you purchase your home. One mortgage point usually costs one percent of your loan amount. For example, if your mortgage is $100,000, one point costs $1,000. Most lenders will let you purchase up to three points on your mortgage. What is My Breakeven Point? When trying to determine whether or not buying purchase points is right for you, first try to determine your breakeven point. The breakeven point is how long it takes to recoup the money you spent up front on discount points. Below is the formula used to determine your breakeven point: Points Cost ÷ Monthly Payment Savings = Months… Read More

Chris Doering Now Co-Hosting New Show on Sirius XM’s SEC Now

Local gator great and University of Florida Hall of Famer Chris Doering will host SEC Today, airing weekdays from 3:00 to 6:00 pm ET on the new SiriusXM SEC Radio.  In an announcement today by Sirius XM, the 24/7 channel dedicated to the Southeastern Conference will go live on March 5. “Growing up in Gainesville, I had the privilege to attend football, basketball, baseball and many other competitive SEC sporting events on a regular basis,” said Doering.  “I am very excited about the opportunity to align with the SEC and speak year round about what I feel is the best athletic conference in the country.  The SEC leads the way on so many fronts and this is just another example of their forward thinking and commitment to their fans. I am honored to be a part of the new Sirius XM channel dedicated to SEC sports.”… Read More

How to Buy a Home After Bankruptcy

There are two forms of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 bankruptcy requires assets to be liquidated in exchange for the cancellation of debt. Which means, whatever is owned by the debtor is sold in an attempt to pay off the creditors. In Chapter 13 bankruptcy, however, a payment plan is established and monitored by the court until the debt-holder is able to get free from their debts. Those with regular income can file Chapter 13 bankruptcy and regular payments are assigned to pay off their creditors over the next three to five years. When someone is clear of their debts they are discharged from their creditors. Becoming discharged from debt means that you are no longer legally required to pay any remaining debts. In terms of home buying, your ability to qualify for a mortgage is determined… Read More

Homeowners Insurance, Private Mortgage Insurance, and Title Insurance – What’s the Difference?

Whether you are buying a home or refinancing your home loan, insurance is important to understand and consider when you’re planning your financial future. Many first-time homebuyers can confuse private mortgage insurance from homeowners insurance, and title insurance. We outline the differences so that you know what to expect when it comes time to refinance or buy a home. What is Homeowners Insurance? Homeowners insurance (sometimes referred to as hazard insurance) policy covers damages to your home and your belongings, and accidents on your property, as outlined in your policy. In contrast to private mortgage insurance (PMI), homeowners insurance is designed to protect you as the homeowner. Homeowners insurance is not always mandatory. For example, if you have paid off your entire mortgage, you are not required to have homeowners insurance. However, it is extremely encouraged to avoid risking what… Read More

The Underwriting Process – What Will They Evaluate?

When a home buyer applies for a home loan, the application is accepted or rejected based on criteria that prove that the applicant is a financially stable and reliable candidate to make their payments on time. Requirements and qualifications vary based on each home loan program. An underwriter is a hired vendor responsible for reviewing each application to assess the risk of lending to a borrower. This process not only protects the lender from potential default but also protects the borrower from entering a loan that they cannot afford. During their assessment, they take three factors into consideration. Each factor is weighted differently based on the type of the home loan. The Underwriting Process – The 3 C’s To fully assess the risk of a borrower, underwriters review a borrower’s credit, capacity, and collateral. Based on their assessment, they determine… Read More