Profile picture for Sean Young

Sean Young's Advice

Contributions are sorted newest to oldest.

  • 42 Contributions
  • 1 Best Answers
  • 6 Helpful

Sean Young wrote:

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
March 13
(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
March 13
(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, 
June 29 2013
(1)

How fast can I get approved for a mortgage, after completing a student loan rehabilitation program?

Answer
It would depend on what your current credit scores are now and how late your student loan payment was. Did it show collection, 30 day, 60 day, 90 day or? Depending, you may have to wait until they remove it.
June 29 2013
(0)

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. 
June 29 2013
(0)

Can I refinance more than what I owe when using HARP. Ie; I owe 104K. Property has been appraised at

Answer
The answer is yes, but only if you qualify. Check with a local lender and get pre-qualified. You may need to shop around a bit, but it is a great loan and worth the effort. Best wishes, Sean
June 14 2013
(0)

First Time Home Buyer w/ 800+ FICO score & 140K Annual salary but only 5% downpayment

Answer
With out a doubt go Conventional. With 5% down you also may have the chance to buy out of your mortgage insurance through the interest rate and not have any monthly mortgage insurance to worry about again. Talk to a couple of local loan officers in your area about this program.Best wishes and take care, 
March 21 2013
(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, 
March 21 2013
(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.]
March 21 2013
(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, 
March 21 2013
(0)