A purchase loan is for applicants looking to buy a new home. The loan can be for just the home, or for the home and the land (land-home). To get started, apply now for pre-approval!
You can have the down payment for your home given to you as a gift by a family member or friend, as long as there is no condition of the gift being paid back. Documents required for gifted down payment: source of down payment (3 months of bank statements from all bank accounts the funds are coming from), statement from gifter, and copy of transfer (cancelled check, escrow deposits, teller receipt, etc.)
You can have a relative or friend buy the home you want for you if they have better credit than you or have a better chance of getting approved. This means that the loan and title will be in their name, but you can decide on a payment transfer plan with the purchaser where you gift the monthly payment money to them and they pass it on to the lender. The buyer must be a homeowner prior to the application for the loan and the minimum down payment is 20% of the sales price. Additionally, a 1003 form must be filled out with the information of the occupants.
A refinance loan is for customers who already own a manufactured home and want to change their rate or term, consolidate debt, or take cash from their equity for home projects.
A rate term refinance means that the lender will give you a different interest rate, term, or both, depending on what is requested. It can be provided for up to 85% of the original sales price or appraised value, whichever is less. Just the same as purchases, rates cannot be guaranteed by the broker (Santiago Financial), and is up to the discretion of the lender.
Debt consolidation refinances is using the equity of your home to create one payment of debts rather than multiple. For example, if you have three credit cards with $500 on each, a debt consolidation would group them together to be a $1,500 debt, with one payment proportionate to the debt. Customers will be asked which debts they wish to consolidate early in the application process. To be approved for a debt consolidation refinance, the customer must have a 700+ FICO score. The limit is $25,000.
Cash out refinance means taking equity from your home for cash for the purpose of home improvements, as well as other uses as permitted by the lender. To be approved for a cash out refinance, the customer must have a 700+ FICO score. The limit is $25,000.