When a homeowner is no longer able to afford their mortgage payments and ceases to make their payments, the mortgage lender is forced to take ownership of the home. When this happens, the home goes through what is called a foreclosure and will go up for sale to a new owner. If you are willing to navigate some of the challenges inherent in purchasing a foreclosure, they can be a financially friendly option. However, there are a few things you’ll want to know before making the decision to buy a foreclosure. Foreclosures Can be Financially Friendly Often times, the lender who owns the foreclosed home is eager to sell the home at a discounted price to remove the house from their books. For this reason, foreclosures can be a great option for a home shopper looking for a larger home,… Read More
There are so many home loan programs out there when you begin to shop for mortgages. Understanding the differences can be daunting and confusing, but understanding a little about your options can be very empowering. There are two popular home loan programs offered by government agencies: The Federal Housing Agency (FHA) and the United States Department of Agriculture (USDA). Each program has different qualifications and features. Know the differences so that you can get the best deal for your home loan. USDA Loans USDA loans are designed to make home buying feasible for families with lower to average income. If you are interested in buying a home in suburban or rural areas, USDA loans may be for you. There are two different types of USDA loans: Direct and Guaranteed. Direct Loan Direct loans are strictly for low-income borrowers. If your… Read More
Condominiums can be a great low cost, low maintenance solution when you are choosing where to live. Unfortunately, receiving financing for a condo can be more challenging than receiving a conventional loan on a traditional home. What You Need to Qualify Loan qualifications for a condo loan are often more stringent and there are a few things to consider when applying for a condo loan: You may need a larger down payment to get the best mortgage rate for your condo. The homeowners association for the condo complex may have additional financial qualifications before you can buy a unit in their complex. Lenders look at not only your financial standing, but also the financial standing of the developers. Different loan programs have different requirements for the condo developers. The condominium complex must hold a certain amount of HOA fees in… Read More
Chris Doering Mortgage has been a proud sponsor of the Let’s Hear Your Voice contest held for local Gainesville elementary and middle schools. Contestants were asked to submit a music video showing what a music program means to their school. There were many worthy entries, but ultimately Rawlings Elementary School won. Their victory meant $1100 in scholarships and a chance to meet Season 13 The Voice singer, Dylan Gerard. You can see their winning entry here. Our teammates Judd Davis and Chris Moebus were there to spend time with the victors and present their check. Congratulations to Rawlings Elementary on your fantastic victory, we were proud to be apart of it!
Did you know that Florida is one of the worst states for mortgage fraud? In fact, the mortgage fraud levels in Florida are three times higher than the national average! What is Mortgage Fraud? The FBI says this about mortgage fraud: “It is crime characterized by some type of material misstatement, misrepresentation, or omission in relation to a mortgage loan which is then relied upon by a lender.” Any lie meant to deceive the bank into providing a mortgage loan is considered mortgage fraud. Victims of this crime can be devastated financially. Those who are already down on their luck financially are most commonly targeted for mortgage fraud. Knowing the common schemes perpetrated by these criminals can save you money and give you peace of mind. Lenders and buyers alike can commit mortgage fraud. Beware, and know that mortgage fraud… Read More
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