Archive for the ‘Finance’ Category
The Truth About Financing in Condominium-Classifed Manufactured Home Parks
Just like all real estate, there is no doubt that the economic decline has impacted values in manufactured home communities However, condo parks have been harder hit than the broader community because financing for manufactured homes in condominium-classified parks completely disappeared for the last couple of years. Except for hard money loans, private financing or VA loans, money simply dried up. Investors shied away from any loan that was not FHA-insured which also included Reverse Mortgage or Home Equity Conversion Loans. And it’s a vicious cycle. Without loans, the sales market becomes stagnan and without sales, appraisers can’t find comparative values to provide a reasonable worth for your home
Fortunately, back in July Congress passed sweeping legislation that removed the condo exclusion, but it wasn’t until May that the Mortgagee Letters were released paving the way for financing opportunities.However, the hard work has just begun.Before a single loan can be originated, the park itself must receive approval from Housing and Urban Development.This is no small feat and even once all the documentation is presented to the local overseeing HUD agency, the wait time for approval is 6-8 weeks.
Home Equity Loans: Easy Finance for Big Budget Needs
Home equity loans are funds provided against equity in your home. You can easily generate funds by pledging your house as security against the loan amount. By pledging your home you can easily acquire substantial funds to fulfill all big budget requirements easily. Home equity loans are a safe financial solution that can be trusted for accomplishing your requirements.
Home equity loans offer a huge amount and you can borrow anything ranging from £3000 to £100000. The loan amount generally is calculated on the basis of equity present in your home. The repayment term of these loans is long and extends from 5-25 years. This is calculated by deducting all outstanding debts and mortgages from current market value of your home.
Home Loan Finance Can be Use for Renovation
There are a number of options available to a homeowner seeking finance to complete a renovation project even if there is a small need for a few thousand dollars to a much larger need. A mortgage refinance may need to be completed to accomplish your construction goals. There are, however, many avenues of home finance open that can be considered.
There is ‘Gold’ in Your Home
Consider using the value that has built up in your home to fund any renovations wanted through an ‘equity’ loan. The amount you may qualify to borrow will be subject to the difference between what you presently owe and what the property is now worth. A ne valuation must be completed, but typically, if you meet the additional borrowing criteria you will more than likely qualify for 80 percent of the property value. This could be a substantial amount depending on how long you have been making repayments and just how much property values in the area have risen.