Here is a good site to go to in order to understand what needs to be done to increase your credit scores. http://www.myfico.com/CreditEducation/?fire=1
Scroll to the bottom the bottom of the web page and go to the area that says "More Information About...” This is all free information that will help you to better understand your credit and how to improve it. If you are going to be looking for a loan sometime soon I would suggest that you purchase a copy of your credit reports from this site and review it. When you purchase a copy of your credit report from MYFICO it will have your credit scores on it and because you pulled it, you will not need to worry about your credit scores going down. You want to avoid letting lots of people pull you credit report. Every time someone other than yourself pulls your credit your credit score may go down.
If you would just like to look at your credit report and do not need your credit scores the following is a good option.
As a consumer you are able to get 1 Free copy of your credit report per calendar year from each 1 of the 3 credit reporting agencies. To get a free copy of your credit report click on the link below. If it ask for $$$ you are in the wrong spot.
https://www.annualcreditreport.com/cra/index.jsp
Once you have received copies of all 3 of your credit reports go through them with a highlighter pen and mark everything that is reporting incorrectly. Follow the instructions at the end of the credit report if you find things that are incorrect.
Please stay in touch and let me know how things are going and if I can be of help.
Ron Hopkins
5501 NE 109th Court, Suite L
Vancouver, WA 98662
Phone: 360-567-2596
Fax: 360-838-6578
Email: ronh@lsfloans.com
Friday, August 31, 2007
Mobile / Manufactured Home Finance: What your lender will need to know about the Manufactured Home itself if it is in a Rental Community.
If you are thinking about using Bank Financing to Purchasing a Manufactured Home in a in a Mobile Home Community you will want to be ready to answer the following questions about the Mobile Home.
1) What is the name of the Mobile Home Park and what is its physical address?
2) What is the physical address of the mobile home itself?
3) What are the Make and the Model of the Manufactured Home? The Make is generally easy to determine. It will be something like Fleetwood, Palm Harbor, Liberty, Golden West act. Each Manufacturer has lots of different Models of homes. They have expensive models and cheep models. About 7 times out of 10 we cannot figure out what the model is so we just go with Fleet Wood / Fleet Wood or Gold West / Golden West so if you cannot figure out what the Model is do not worry about it.
4) What are the Width and the Length of the home that you are looking at? Manufactured home can be as small as 8 feet wide and over 70 feet long. I would suggest that you use a Tape Measurer and measurer the home your self.
5) How much is the Space Rent.
With the above information you will have every thing about the Manufactured Home itself that a lender is going to need.
Please feel free to comment of contact me with questions.
Ron Hopkins
Specializing in Financing for Manufactured Housing.
WK: 360-567-2596
Cell: 360-903-7601
Fax: 360-838-6578
Email: ronh@lsfloans.com
1) What is the name of the Mobile Home Park and what is its physical address?
2) What is the physical address of the mobile home itself?
3) What are the Make and the Model of the Manufactured Home? The Make is generally easy to determine. It will be something like Fleetwood, Palm Harbor, Liberty, Golden West act. Each Manufacturer has lots of different Models of homes. They have expensive models and cheep models. About 7 times out of 10 we cannot figure out what the model is so we just go with Fleet Wood / Fleet Wood or Gold West / Golden West so if you cannot figure out what the Model is do not worry about it.
4) What are the Width and the Length of the home that you are looking at? Manufactured home can be as small as 8 feet wide and over 70 feet long. I would suggest that you use a Tape Measurer and measurer the home your self.
5) How much is the Space Rent.
With the above information you will have every thing about the Manufactured Home itself that a lender is going to need.
Please feel free to comment of contact me with questions.
Ron Hopkins
Specializing in Financing for Manufactured Housing.
WK: 360-567-2596
Cell: 360-903-7601
Fax: 360-838-6578
Email: ronh@lsfloans.com
Friday, August 24, 2007
Mobile / Manufactured Home Finance: "With a Reverse Mortgages you will never make another Principle or Interest Payment for as long as you live in your home.”
I have had to tell people that do have very good credit scores that because their bankruptcy has not been discharged long enough there is no way for me to get them qualified for a manufactured home loan. Depending on the loan most banks want to see that a bankruptcy has been discharged for at least 3 full years and some as long as 5 years. Most banks will also want to see that the borrower has re-established at least two years of stable credit use from the time that the bankruptcy was discharged.
If you are either purchasing or refinancing a Manufactured Homes on Leased Land or in Parks most lenders will require that the Bankruptcy has been discharged for at least 4 years and the borrower will need to have re-established at least two years of stable credit use from the time that the bankruptcy was discharged
For Manufactured Homes that are on their Own Land the general rule of thumb is that the bankruptcy will need to be discharged for 3 full years from the date that the bankruptcy was discharged before a borrower will qualify for either a purchase loan or a refinance loan.
Please note that these are just general rules of thumb. Each borrower will have a different situation and may still qualify for financing even if their bankruptcy has not been discharged for very long.
The one product that is available for manufactured home financing even if your bankruptcy is only 1 day old is a Reverse Mortgage. With a Reverse Mortgage the lender does not care about the borrowers income or their credit history, they are mainly looking at the borrowers age and the equity that they have in their home. Please see the other article that I posted to learn more about Reverse Mortgages for people 62 years of age and older.
"Know what is on your credit report after your Bankruptcy has been discharged."
Under the FACT Act amendments to the Fair Credit Reporting Act you are entitled to one free copy of your credit report per calendar year. To request this free annual disclosure you may contact the Central Source on-line at www.annualcreditreport.com. You can also contact the Central Source to request this free annual disclosure by calling toll free (877) FACTACT or by using the mail request form available at the central source website by clicking the following link www.annualcreditreport.com.
"Start to re-establish your credit as soon as possible after the Bankruptcy has been discharged."
If you have had a Bankruptcy in the past, it is critical that you start to re-establish credit as soon as possible. Lenders will want to see that after the bankruptcy was discharged that you have been able to use credit in a responsible way. The only way to re-establish your credit is to borrow money and pay it back on a timely basis.
When you get a loan and or credit you will want to make sure that it will show up on your credit report. Examples of credit / loans that will show up on your credit report are credit cards and loans from banks and credit unions. Examples of loans that will not show up on your credit report are loans from family, friends and private party loans. If you are borrowing money to help re-establish your credit, " always ask to be sure that the debit will show up on your credit report".
Another good tool that can help you start to rebuild your credit is to get a Secured Credit Card. With a secured credit card you will need to deposit a lump sum of cash into an account. The lump sum of cash will be the banks guarantees that you will pay your debt, if you don’t they will simple take the money out of you account to pay your bill. You may want to talk to your local bank or credit union to see if they offer secured credit cards if they do not you can go to http://www.Bankrate.com and click on credit cards.
For more good information on improving your credit score you can go to http://www.myfico.com. Scroll to the bottom of the web page and go to where is says “Credit Education Documents
If you would like to talk to a real live person that has no interest in making money from you and truly would like to help you to become a homeowner you may want to contact the HOME OWNERSHIP CENTER. The Home Owner Ship center is a HUD Certified Non- Profit Organization. Their Mission is to ASSIST ANYONE in ACHIEVING SUCCESS in HOME OWNERSHIP. You can contact them by calling Toll Free 1-877-690-4496 or go to http://www.homecen.org.
Please feel free to add to this blog, ask a question or leave a comment.
Thank you,
Ron Hopkins
If you are either purchasing or refinancing a Manufactured Homes on Leased Land or in Parks most lenders will require that the Bankruptcy has been discharged for at least 4 years and the borrower will need to have re-established at least two years of stable credit use from the time that the bankruptcy was discharged
For Manufactured Homes that are on their Own Land the general rule of thumb is that the bankruptcy will need to be discharged for 3 full years from the date that the bankruptcy was discharged before a borrower will qualify for either a purchase loan or a refinance loan.
Please note that these are just general rules of thumb. Each borrower will have a different situation and may still qualify for financing even if their bankruptcy has not been discharged for very long.
The one product that is available for manufactured home financing even if your bankruptcy is only 1 day old is a Reverse Mortgage. With a Reverse Mortgage the lender does not care about the borrowers income or their credit history, they are mainly looking at the borrowers age and the equity that they have in their home. Please see the other article that I posted to learn more about Reverse Mortgages for people 62 years of age and older.
"Know what is on your credit report after your Bankruptcy has been discharged."
Under the FACT Act amendments to the Fair Credit Reporting Act you are entitled to one free copy of your credit report per calendar year. To request this free annual disclosure you may contact the Central Source on-line at www.annualcreditreport.com. You can also contact the Central Source to request this free annual disclosure by calling toll free (877) FACTACT or by using the mail request form available at the central source website by clicking the following link www.annualcreditreport.com.
"Start to re-establish your credit as soon as possible after the Bankruptcy has been discharged."
If you have had a Bankruptcy in the past, it is critical that you start to re-establish credit as soon as possible. Lenders will want to see that after the bankruptcy was discharged that you have been able to use credit in a responsible way. The only way to re-establish your credit is to borrow money and pay it back on a timely basis.
When you get a loan and or credit you will want to make sure that it will show up on your credit report. Examples of credit / loans that will show up on your credit report are credit cards and loans from banks and credit unions. Examples of loans that will not show up on your credit report are loans from family, friends and private party loans. If you are borrowing money to help re-establish your credit, " always ask to be sure that the debit will show up on your credit report".
Another good tool that can help you start to rebuild your credit is to get a Secured Credit Card. With a secured credit card you will need to deposit a lump sum of cash into an account. The lump sum of cash will be the banks guarantees that you will pay your debt, if you don’t they will simple take the money out of you account to pay your bill. You may want to talk to your local bank or credit union to see if they offer secured credit cards if they do not you can go to http://www.Bankrate.com and click on credit cards.
For more good information on improving your credit score you can go to http://www.myfico.com. Scroll to the bottom of the web page and go to where is says “Credit Education Documents
If you would like to talk to a real live person that has no interest in making money from you and truly would like to help you to become a homeowner you may want to contact the HOME OWNERSHIP CENTER. The Home Owner Ship center is a HUD Certified Non- Profit Organization. Their Mission is to ASSIST ANYONE in ACHIEVING SUCCESS in HOME OWNERSHIP. You can contact them by calling Toll Free 1-877-690-4496 or go to http://www.homecen.org.
Please feel free to add to this blog, ask a question or leave a comment.
Thank you,
Ron Hopkins
Tuesday, August 21, 2007
Mobile / Manufactured Home Finance: "The first 3 question that i ask a borrower".
Where does your income come from?
Your lender will need to know where your income has come from for the last 2 years. It does not matter if you have been on the same job as long as your Job Title has not changed. If you are self employed you will be asked for 2 years worth of Income Tax Returns and maybe a Year to Date Profit and Loss Statement. If your income is from Social Security, Retirement or some other source you may be asked to provide proof that the income will continue to come in.
How much money do you have available for a Down Payment?
For most Mobile Home Loans the borrow will be required to put a minimum of 5% down. The only exception to this rule is if you a purchasing a New Manufactured Home that has never been lived in. If this is the case you can borrow up to 100% of the purchase price. If you have 20% or more for a down payment you will qualify for a reduced interest rate. Your lender will ask you to show proof that you have money available for your down payment. The proof can be a current statement from your savings account, checking account, Roth, 401K, IRA or other. Some lenders will also allow you to get a gift from a family member for your down payment.
How is your Credit?
Your credit report is one of the most important pieces of your financial life that a person should keep track of. If you have really good credit you will qualify for a lower interest rate. If you are really credit challenged you may not qualify for a loan at all. If you have the luxury of time and do not need a loan today you may want to request a free copy of your credit reports from annualcreditreport.com. It is a good idea to look at your credit reports at least 1 time a year to make sure that they are reporting accurately. Your credit scores can go down each time some one pulls your credit report so you should be careful about allowing people to access it any more than is necessary. I will NOT pull credit until I am relatively sure that a borrower has a good chance of qualifying for a loan. In order for a lender to be able to pull your credit score they are going to need to know the Borrower/s Full Name, Social Security Number, Date of Birth and their Current Home Address. With these 4 things your lender will be able to pull your credit report.
These are the first questions that I will ask a borrower/s about their financial situation. Please keep in mind that these are just basic guidelines and sometimes do not need to be followed.
Please feel free to email me with a question or leave a commitment.
Thanks again,
Ron Hopkins
Specializing in Financing for Manufactured Housing.
WK: 360-567-2596
Cell: 360-903-7601
Fax: 360-838-6578
Email: ronh@lsfloans.com
Your lender will need to know where your income has come from for the last 2 years. It does not matter if you have been on the same job as long as your Job Title has not changed. If you are self employed you will be asked for 2 years worth of Income Tax Returns and maybe a Year to Date Profit and Loss Statement. If your income is from Social Security, Retirement or some other source you may be asked to provide proof that the income will continue to come in.
How much money do you have available for a Down Payment?
For most Mobile Home Loans the borrow will be required to put a minimum of 5% down. The only exception to this rule is if you a purchasing a New Manufactured Home that has never been lived in. If this is the case you can borrow up to 100% of the purchase price. If you have 20% or more for a down payment you will qualify for a reduced interest rate. Your lender will ask you to show proof that you have money available for your down payment. The proof can be a current statement from your savings account, checking account, Roth, 401K, IRA or other. Some lenders will also allow you to get a gift from a family member for your down payment.
How is your Credit?
Your credit report is one of the most important pieces of your financial life that a person should keep track of. If you have really good credit you will qualify for a lower interest rate. If you are really credit challenged you may not qualify for a loan at all. If you have the luxury of time and do not need a loan today you may want to request a free copy of your credit reports from annualcreditreport.com. It is a good idea to look at your credit reports at least 1 time a year to make sure that they are reporting accurately. Your credit scores can go down each time some one pulls your credit report so you should be careful about allowing people to access it any more than is necessary. I will NOT pull credit until I am relatively sure that a borrower has a good chance of qualifying for a loan. In order for a lender to be able to pull your credit score they are going to need to know the Borrower/s Full Name, Social Security Number, Date of Birth and their Current Home Address. With these 4 things your lender will be able to pull your credit report.
These are the first questions that I will ask a borrower/s about their financial situation. Please keep in mind that these are just basic guidelines and sometimes do not need to be followed.
Please feel free to email me with a question or leave a commitment.
Thanks again,
Ron Hopkins
Specializing in Financing for Manufactured Housing.
WK: 360-567-2596
Cell: 360-903-7601
Fax: 360-838-6578
Email: ronh@lsfloans.com
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