Profile picture for Sean Young

Sean Young

Lender

Senior Loan Officer, Colorado (18 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (42 Contributions,
  • 1 Best Answers,
  • 7 Helpful)

Contributions are sorted newest to oldest.

Financing on Manufactured home on Perm. Foundation and 3 acres

Answer

As long as it meets the lenders manufactured guidelines the property sould be good to go. You have a few options here so I'm sure you will find a loan. Please get in touch with me if you have any further questions. Best wishes, Sean

  (0)
Are there any specialized mortgage lender/loans for single parents, with little or no down payment?

Answer

Yes, if you qualify there is the Metro Mortgage Assistance Plus 4% grant program. This loan program actually gives you 4% to go towards your FHA 3.5% down payment and the best part is that you NEVER have to pay this back. Then if the seller will pay towards your closing costs you can come in with very little to nothing down at closing depending on the purchase price. Please get in touch with me if you have additional questions. Best wishes, Sean

  (1)
Why do they continue making manufactured homes if they make the financing nearly impossible?

Answer

FHA has no problem with manufactured home loans as long as they are on permanent foundation built to FHA standards, can not be smaller than 400 square feet, be classified as real estate and be built after June 15,1976.But most lenders will not provide financing for them because they believe them to be less marketable.However, there are some mortgage brokers and lenders out there who do a great job with them and even some local banks. Takes a bit more research to find financing but it's worth it.Best wishes, 

  (1)
Does Quicken stink?

Response

I always suggest using a local loan officer. Click the Find a Pro tab at the top, type in your area in location, pick lenders, then purchase and the top rated loan officers in your area will be listed. I have nothing against Quicken and I'm sure they are a very good company, though I have done many loans for clients who started with them and then closed with me. I think the difference is being able to sit down one on one and build trust. This is a huge commitment and like you said, it's important.Best wishes and good luck. 

  (0)
Getting financed after a forclosure and a short sale.

Answer

This should not be an issue if you get an FHA loan . FHA requires 3 years from the foreclosure, but does allow you to buy again right away after a short sale as long as you had 0x30 mortgage lates 12 months prior to the short sale.Take note, if going FHA make sure your loan officer pulls your CAIVRS to check to see if you have any claims against you. If you do, HUD may require that you have to wait 3 years from the date the claim was paid and not the sold date of the foreclosure. This can add some more time to your current plan. Good luck and take care, 

  (0)
Conventional loan 20% down for HUD home escrow holdback

Response

My Company, Nova Home Loans has their own Escrow Holdback program.You will have to escrow 1.5 times the cost of repairs and the work needs to be done within 10 days of closing. I am not personally licensed in Cali, but I can put you in contact with someone who is if you are still looking.[Email removed by Zillow moderator. Please see our Good Neighbor Policy.]

  (0)
Is anybody doing stated income loans anymore? Trying to Refi my home in Reno NV..

Answer

Unfortunately no, well no through traditional lending. Hard money lenders are doing some stated stuff, but the loan to value will need to be at 70% or lower to even be considered. If this is an option you would need to look for a local hard money lender to help. If you have plenty of stock you may be able to do what's called collateralized lending. This is an option because they do not verify income for this type of loan. Or if you have a Fannie Mae loan you may want to wait for HARP 3 to be in play since they are saying that the new update will require no income verification. This will not be out until later this year and the qualifications may change?Good luck and take care, 

  (0)