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Quitclaim Deed: Document transferring property-interest
Quitclaim deed is a legal document that helps to transfer your share of interest in the property (house, land, mobile home, etc) to another individual. The person giving away the interest is the grantor while the one who accepts it is the grantee. While the interest is transferred, no warranty is made on the rights which others may claim from the property. The deed implies that the grantor simply transfers his interest but does not guarantee whether the grantor actually has ownership rights on the property. Moreover, the deed does not guarantee that the property is free of debt. To help you get a clear idea of the quitclaim deed, I have divided the information into different sections as given below: How to make the deed validWhen to use the quitclaimHow a life estate can help after you sign over the deedReverse/Undo a quitclaim deedHow to make the deed validIn most states, only the grantor and not the grantee sign the Quitclaim deed form as prepared by an attorney. But there are some states which do require the grantee to sign the deed. After the grantor signs the deed, a notary public should sign and stamp it without which the deed is not taken as valid. At present, only a few states like Arkansas, Georgia, Michigan, Ohio, South Carolina and Vermont require the deed to be signed by witnesses other than the notary public to make the quit claim valid. Officials from states other than where the property is located can also notarize the deed. This however depends upon the County Recorder of that state. The deed is then recorded at the land records office in the county where your property is located. The Office is called the County Recorder's Office, County Clerk's Office, Register of Deeds, and Land Registry Office depending upon the state where you own the property. After being recorded, the deed is often sent to the grantee or the grantor, title insurance company or anyone as decided by the parties. When to use quit claim deedThe deed is commonly used in the following situations. In a divorce, married couple can transfer ownership of the property to one spouse.A spouse may add or remove the other spouse's name to/from the property title after marriage.While a property is purchased, at closing the interest is transferred from the seller to the buyer through this deed.If a property is sold off to the new owner and the title shows the old owner as having certain rights, the previous owner should sign a quit claim and transfer all his rights to the new owner.A person planning for an estate or a living trust uses the deed to transfer ownership of the property into a trust.How a life estate can help after you sign over the deedEven after signing a quit claim, you can have the right to possess the property only if you retain a life estate for yourself. The life estate gives you the absolute right to stay at the property till your death. Otherwise, you have no legal right to the property after the deed is signed off to the grantee. After your death, the grantee gets the right to possess the property. Reverse quit claimOnce you have signed a quit claim, it becomes very difficult to reverse or undo the deed unless the grantee agrees to quit claim the property back to you. In case the grantee refuses to sign, you will have to prove that the transfer of property is invalid. For instance, you can prove that you signed the deed under threats, external pressure or may be the grantee made you sign by telling lies. In order to show the transfer is invalid, you can take help from a lawyer. No doubt, a quit claim is a good option if you wish to take over or give up interest in a property. But as far as the transfer of title or ownership rights is concerned, it offers no warranty. Experts therefore suggest another deed for transfer of ownership rights - the warranty deed which claims that the property is transferred in clear title, that is, it is free from any kind of lien. Related Readings Top 21 FAQs on Quit Claim Deed Related Forum Discussions Will grantor lose rights on property after quit claim? Can quit claim remove name from title? Can quit claim deed transfer mortgage debt? Will quick claim protect my home from creditors? Tax implication of Quit Claim Deed Owner deceased: Is quit claim deed possible? Quit Claim under Tenancy-in-Common Is quit claim a way to remove co-borrower from title? Can I quit claim myself off property before it gets to foreclosure? Which is better - Interspousal Transfer or Quit Claim Deed?
08/29/2008 02:34 PM

Reverse Mortgage – How seniors tap equity for extra cash
If you're a senior person looking to cash out home equity without having to worry about monthly payments, a reverse mortgage is what you may need. If you'd like to know how a reverse mortgage can help you and what it’s all about, check out the reverse mortgage information given below:What is a reverse mortgage?How does a reverse mortgage work?Reverse Mortgage CostsWhen to pay back reverse mortgageAre there disadvantages of a reverse mortgage?Is Reverse Mortgage safe?How Reverse Mortgages differ from others What is a reverse mortgage?Reverse mortgage is a home loan which provides you with steady flow of tax-free income either in installments or in lump sum. Since the loan provides easy flow of cash, therefore it is the preferable choice of seniors in the US as well as in UK, Canada and even in India. How does a reverse mortgage work?It's just the reverse of a traditional mortgage which requires monthly payments. With a reverse mortgage, your debt accumulates as the bank doesn't collect the payments till the loan period ends or you or your heirs sell. Here are the 5 things you should be aware of before you apply for reverse mortgage.How to get the cash: You can receive the reverse mortgage loan funds in different ways.The lender or the company can provide you with a single payment.You may ask for monthly cash advances.You can apply for a credit-line account which gives you the opportunity to withdraw a required amount of cash whenever you are in need.The lender may allow for a combination of monthly cash advances as well as andquot;credit-line accountandquot;. Reverse mortgage limit: The maximum loan amount offered ranges from $200,160 to $362, 790 depending upon the county you are in. However under the New Housing Bill, 2008 the loan limit has been raised to $417,000. For high housing cost areas, the limit is further raised to $625,000. However, the loan amount that you may qualify for depends upon the factors given below:Age of the youngest borrowerThe appraised value of your homeThe equity built up in your homeWhat loan program you chooseOption by which you get loan fundsBesides the above factors, the loan limit may also depend upon current interest rates and closing costs on home loans in your area. How to qualify for the loan: Unlike other loan options, there is no minimum income or credit requirement to qualify for a reverse mortgage. However, if you have unpaid debt on your home, it should be paid off before you apply for a reverse mortgage or else pay it off as soon as you get the loan proceeds. Check if you are eligible for a reverse mortgage. Loan types you can apply for: You'll find a variety of loan products available in the market. They're the FHA-insured Home equity conversion mortgage (HECM), Home Keeper Mortgage offered by Fannie Mae approved lenders, and others. Check out for more on the loan programs you may apply for. Reverse mortgage interest rate: These loans are mostly adjustable rate mortgages with the rates adjusting on a monthly, semi-annual or annual basis. The rates are usually based on the 1 year U.S. Treasury (T-Bill) or the LIBOR index. However, you'll also find fixed rate HECMs offered by certain lenders. However, rate changes do not affect the proceeds you get; rather it affects the amount you owe.Are there disadvantages or dangers of reverse mortgages?There are 3 reverse mortgage pitfalls to watch out for:Rising debt and falling equity: A traditional mortgage requires you to make payments and build up equity thereby raising your home value. But reverse mortgages reduce your equity because you don't need to pay monthly as a result of which your debt starts going up. The equity gets even lower unless the home value appreciates at a higher rate. Thus, reverse mortgages are often known as andquot;rising debt and falling equityandquot;. Here's an example on andquot;Rising debt and falling equityandquot;. Monthly Loan Amount: $2,000Yearly Loan Advance: $24,000Yearly Interest Rate: 8%Original Home Value: $250,000Appreciation Rate of Home Value: 5% per annumEnd of YearPrincipal Amount ($)Total Interest ($)Loan Amount ($)Total Home Value ($)Home Equity ($)(Total Home Value - Loan Amount) 124,0001,05225,052262,500237,448248,0004,102 52,102275,625223,523372,0009,22481,224289,406208,182 496,00016,495112,495303,876191,3815120,00025,990 145,990319,070173,080 The above calculation shows, even if your home value goes up, it may not be enough to raise your home equity. The rate of appreciation in home value should be high enough such that even if your loan balance increases, your home equity won't go down easily. Now, when the appreciation isn't high, the equity will reduce as a result of which you may not have enough of estate to leave for your heirs. However, your heirs will only receive your home when the value of the home is more than what you owe. Rates and closing costs: The rates being adjustable can be higher at times thereby raising your interest and hence your debt because you aren't paying monthly. The closing costs are quite high although under the new housing laws, the costs have been cut down and capped so that older homeowners can afford to go for the reverse loan. Eligibility for Medicaid benefits: The loan proceeds may affect your eligibility to receive Medicaid benefits and Supplemental Social Security income (SSI). However, you can still qualify for Medicare and Social Security Income. Know more.In spite of the reverse mortgage cons, these loans are preferable options when it comes to paying for your healthcare costs, remodeling your home or making a big purchase and changing your lifestyle. Moreover, if you have debts to pay off, need money for someone's education or wish to plan for a vacation, reverse mortgages are worth considering. Related Articles:Reverse mortgage – How it differs from traditional home loansTaxes for Elderly Mortgage ApplicantsRelated References:Mortgage For SeniorsKnow More About Reverse Mortgage
08/29/2008 02:34 PM

Refinance Mortgage - How much to save by refinancing
Are you stuck with increasing monthly payments and looking for favorable rate and terms on your loan? Or, do you want to consolidate your debts and pay off faster? All these and more can be done by mortgage refinance or refinancing. If you wish to know what refinancing is all about, check out the following topics:What is refinancing?6 reasons for you to refinanceMortgage refinance tipsWhen not to refinance9 Refinance Mistakes and how to avoid themTop 24 Mortgage Refinance FAQIs bad credit mortgage refinance available?Do it yourself!How much to save by refinancingConsolidation and Refinance CalculatorWhat is refinancing?It gives you the chance to replace your current mortgage with a new loan having favorable rate and terms that you can afford to manage. The new loan is offered against the same property as the collateral and may or may not exceed the current loan balance. The new loan funds are used to pay down the current mortgage while any remaining cash can be used to your best advantage. For example: Mr. X and Mr. Y both took a mortgage loan worth $400,000. After 4 years, both of them paid off $200,000. Mr. X then took another home loan worth $200,000 in order to repay the existing balance on the loan. On the other hand, Mr. Y opted for a second home loan worth $300,000 in order to repay the unpaid loan balance which is $200,000. Mr. Y could use the remaining balance in order to fulfill other financial obligations. The first scenario is regarded as mortgage refinancing and the second scenario where the new loan amount is higher than that of the existing loan balance is cash-out refinancing.6 Reasons for you to RefinanceYou want to save more:Your monthly payments will be reduced if you get a low rate or when your loan term is extended. However, with an extended term, your monthly savings will increase but you'll be paying more in total interest for the life of the loan. You want to pay down your mortgage quickly:You can shorten the length of your mortgage by reducing the loan term. Monthly payments will no doubt go up, but you will be able to save more in the overall interest payment. Moreover, you'll be debt free in a shorter time. You need extra cash to pay off credit cards:If you have enough home equity, you can borrow more than the current loan balance. With the extra cash, you can pay off high interest debts such as credit card balances or installment loans. You gain out of it as the interest on such debt is not deductible unlike mortgage interest. You wish to consolidate 2 loans into one:If there's enough equity (due to high appreciation), you can consolidate first and 2nd mortgages and refinance into a single first mortgage. The monthly payment on the new loan is likely to be lower than the combined payments on the first and second mortgages. You want to convert an ARM into FRM:This allows you to lock in at a low rate. You can thus repay the loan with stable monthly payments rather than variable payments over the loan term. You want to get rid off PMI:If your current loan balance is below 80% of the new appraised home value, you can go for a home refinance and stop paying the PMI.Tips on when to refinanceIt doesn't make sense refinancing when you shouldn't. So, check out the mortgage refinance tips as given below and get an idea on when to refinance. Build up equity:It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity. Check if current market rates are low:It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if you get an interest rate 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period).However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch. Pay off any late payment:There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan. Remove negatives and improve credit score:Pull your credit report from the bureaus and review it for any negative items (late pays, collections etc) and inaccurate detail. Try to dispute negative items and remove them from the report. If required pay off any unpaid debt. Otherwise, you won't get a low rate and may not even qualify. Of course there are lenders in the subprime market who may offer you a bad credit refinance loan, but it's better to avoid them as they'll possible charge higher rates and fees.When not to refinance Refinancing does not make sense under the following situations: Your property value has gone down:If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one. You are paying off the first loan for a long time:If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment. You have used up enough equity:Refinancing may not be that useful if you have already used up 90% or more of your home value in taking out a mortgage or any home equity loan. You won't be able to get the best rates available in the market as when you refinance a 90% LTV loan, you will probably require a loan of that value or higher. This will be quite closer to being a 100% financing option and hence the rates will be comparatively higher. Moreover, 100% loans are hardly available in times of mortgage market crisis. You have a few years left on the current loan:If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term.Refinancing will make sense if you are into it for the right reasons and at the right time. You need to decide whether you'd go for a simple refinance or take out extra cash too. And in case you'd like to check out what rates and terms are available, you may request for no-obligation free mortgage refinance quotes from the community lenders and brokers. Related Readings How to refinance your current mortgage Which Refinancing Option suits your situation?Related Forum Discussions Should I need a title insurance at the time of refinance? Is it possible to refinance after bankruptcy? Should I refinance my home to consolidate the debts? Can i refinance my home which is filed for Federal tax lien? Is the cash from Refinance - Taxable?Is it possible to combine ARMs and then Refinance?
08/29/2008 02:34 PM

Second Mortgage - Way to cash out your home equity
You may need a lot of cash but cannot avail it through credit cards or any other means. Here's where a second mortgage can help you. This article gives you an overview of second mortgage and covers the following aspects:What is second mortgage?When do you choose a second mortgage?How much can you borrow?What are the possible rates, terms and options?How to get a second mortgage?What happens to the second loan if you refinance the first?Do it yourself! Check out whether second mortgage is the right option for you What is second mortgage? It is a loan taken against your home on which there exists a primary mortgage. The home equity is used as collateral for the second loan. The second mortgage has less priority compared to the first on the same property. So, if you default, you need to clear your first loan prior to paying off the outstanding balance on the second loan. When do you choose a second mortgage? There are situations when you may cash out on your home equity by taking out a second mortgage. You may have accumulated a large amount of debt through auto loans, balances on high interest credit cards and other bills (medical costs, kid's tuition fees etc) and need to pay them off. There may be an opportunity for you to invest cash in a business. You can then use a second loan to go for it. But check out if the rate of return on your investment is higher than the second mortgage rate. Only then it will turn out to be a profitable venture. You may plan to avoid paying private mortgage insurance. But this is possible only when you get a second loan that makes up for 20% of the home purchase price. You may wish to repay debts and eliminate judgments, pay for your car, purchase a vacation property or plan for a vacation. You can obtain the required cash by taking out a second loan. How much can you borrow? A second home loan allows you to borrow on the basis of your home equity. The equity is the difference between the current appraised value of your home and the amount you have paid towards the first mortgage. With most lenders, you can take a second loan such that the total loan-to-value ratio of your first and second loan is equal to 85% of the home's appraised value. However, there are lenders in almost all states excepting Texas and West Virginia who allow you to take out second mortgages equal to 125% of the appraised value. What are the possible rates, terms and options? The interest rates on a second loan are higher to that of the first loan. This is primarily because if you default, you will be paying off the first loan prior to that of the second and as such there is a risk involved in offering second mortgages. However, you may choose either a fixed rate home equity loan or an adjustable rate home equity line of credit as your second home loan option. The lender will quote you a rate depending upon your credit score, total loan to value ratio and the current market trends. The loan term will vary from 15 to 30 years depending upon the option you choose. But in general, a second loan is offered over a shorter time period compared to a first loan. How to get a second mortgage? Getting a second mortgage is similar to taking out a first mortgage on your home. You need to shop for a suitable loan offer by approaching different lenders and getting quotes from them. You can simply fill out a no-obligation free short form to get quotes from the community ranked lenders. Then you should compare the quotes, find out the offer that can cost you less in comparison and provide all necessary paperwork while you apply for the loan. The lender will conduct an appraisal on your home in order to determine its current value and complete all the steps that are necessary to complete the loan processing so that he can arrange for the closing. At closing, you will be signing the note and other documents as required by your lender. You will have to pay closing costs similar to that of your primary loan. What happens to the second mortgage if you refinance the first? When you refinance the first loan after getting the second mortgage loan, you should request your lender for a subordination of the second loan. This implies that your second home loan will be considered as a junior lien compared to that of the refinance loan. Otherwise, if you do not subordinate it, the second mortgage will be taken as the first lien and the refinance loan will take over the second lien position. In this case, there will be less risk with the second loan but higher risk involved with the refinance as a result of which the first mortgage refinance will cost you more in interest charges. With a second home loan, you get the chance to tap a large sum of money. Moreover, you can deduct the interest on your taxes up to a certain limit. But you cannot overlook the costs and the high interest rate associated with a second loan. Besides, if you default on the second loan, you may lose your home. Therefore, prior to going for a second mortgage, it is best to prepare a budget and find out how much you can afford to pay in addition to the first loan. Related Articles10 Big Mistakes while looking for second home loanTapping your equity with a Home Equity Line of CreditSteps to protect your equity while shopping for Second MortgageRelated Forum DiscussionsCan I get second home loan with bad credit?Should I take out second mortgage to pay for credit card?Home sold due to foreclosure - Am I liable for second loan?Second mortgage charge off - What does it mean?Is Second mortgage interest tax deductible?California Second Mortgage on rental propertyDo I need to pay for second loan even after charge off?What happens to second mortgage after deed-in-lieu of the first?
08/29/2008 02:34 PM

Mobile home loans - How to qualify and what are the options?
If you're a home buyer looking for housing options other than traditional site built houses which cost you more, then mobile/manufactured home may be the right choice for you. Mobile homes are first built in factories and then taken to the site where it may or may not be given a permanent foundation. There are 2 options when it comes to financing your mobile home. Check out the financing options and the topics as given below: Types of mobile home loansHow to qualify for mobile home mortgage loansTypes of mobile home mortgagesBad credit mobile home loansLow down payment mobile home loansOptions to refinance mobile homeTax benefits of manufactured home loansTop 20 Mobile home loan FAQs What are the types of mobile home loans?Mobile home loans or manufactured home loans are available as mortgage and personal property loans.Mobile home mortgage loan: If the home has a permanent foundation, you may take out a mortgage loan for buying both the land (lot) and home, or either the land or home. The loan covers the cost of your home as well as any repair work done on the lot depending upon whether the appraised value is equal to the selling price of the mobile home. You can approach local banks, lenders, mortgage companies, brokers, and credit unions for loans to purchase or refinance mobile home. When you apply, the lender will ask for credit report fee, loan application fee, loan doc preparation and origination fees etc. Get a good faith estimate from the lender to get an idea of the costs involved. Also, know how to qualify and what options are available. Personal Property loan: This is meant for purchase of homes on a rented lot as in mobile home parks. Personal property loan is offered by retailers who sell mobile homes. In order to qualify, you need to put down 10% of purchase price for 10-30 year loans. The interest rate will be 2-3% higher than mortgages, fixed or variable. But you can qualify with higher debt ratio and use the loan funds to cover home plus lot improvements (walkways, garages etc). For improvements on an already owned mobile home, you can go for the Title I loan, but the limit should be within $7500 to be treated as personal property loan. How to qualify for mobile home mortgagesYou are eligible if the conditions given below are fulfilled. Foundation requirements: Mobiles homes built prior to 1976 hardly qualify for mortgage because lenders are concerned over the life expectancy and quick depreciation of such a home compared to that of traditional site-built houses. The manufactured home must follow the building standards proposed by HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974.The HUD code requirements are as follows: The houses must be built as one, two or three section homes in a protected building center and then transported on a frame to be installed on the site. The wheels and axles must be removed and the mobile home should be fixed to the ground to give it a permanent foundation. As per HCD rules, you need to record form 433(A) which implies that the home is changed from personal to real property due to it's permanent foundation.The homes should comply with the HUD code restrictions for construction, design, durability and strength, fire resistance, energy efficiency, transportability and quality.The property should maintain high standards for heating, plumbing, air conditioning, thermal and thermal systems.The property must pass through strict inspections conducted by third party. Ownership Rights: The borrower must have absolute ownership (free of liens) rights except if the loan is required for a lot which consists of a share in a co-operative association owning and operating the mobile home park. Purpose of the loan: The loan must be taken in order to purchase or refinance only a manufactured home with the lot/land being owned by the borrower, the home and the lot on which it is situated, only the lot on which the mobile home (already owned by the borrower) will be installed.The home must be the principal residence of the borrower.For a lot loan, the mobile home must be placed on the lot and must be the principal residence within 6 months after the date of the loan.If the loan is meant for a home in a mobile home park, then the lease on the home should extend for at least 5 years beyond the loan term. Credit Score: Borrowers must have a minimum credit score of 620 in order to get an affordable rate of interest. However, you may get manufactured home loans in spite of having poor score but you'll be charged higher interest rates. So, you can try for loans that are not score driven but even such loans require you to have a moderate credit score of 550 and above. Down payment: Lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. For a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above. Types of mobile home mortgage loansFederal programs: FHA approved lenders offer Title I loans for purchase and refinance of manufactured homes for a loan term of 20-25 years at a fixed rate of interest. They also offer Title II mortgage loans on manufactured homes. The maximum loan limit for homes located on land you own is $175,000. Besides, the VA guarantees manufactured home loans for veterans; however the loans are offered by VA approved private lenders. With such a loan, you can borrow up to 95% of the purchase price. There is also the USDA Rural Development offering 30 year manufactured home loans for home purchase and repair. The programs stated above are specially meant for first time buyers who can put down little cash and look for lower rates of interest. State programs: State Housing Finance Authorities/Housing Agencies offer mobile home loans to first time buyers at rates comparatively lower than that offered by private lenders. For instance, lenders approved by the Maine Housing Authority offer the First Home Program to first time buyers of mobile homes. Then there is also the first time buyer mobile home loan program offered by the Connecticut State Housing Finance Authority. Conventional Loans: Such mortgages are offered by private lenders, banks, etc with conforming as well as jumbo loan packages ranging from 15-30 year Fixed Rate loans, 3-2-1 Buy down loans, to 6 month-1 year ARMs, and Hybrid ARMs (3/1, 5/1 and 7/1 year loans). There are amortized as well as interest-only options available. Know more about popular loan programs. Bad Credit Mobile home loans: These are sub-prime loans offered to those having andquot;Bandquot;, andquot;Candquot; or andquot;Dandquot; credit due to late payments/loan defaults/bankruptcy or foreclosure in the past. Bad credit mobile home loans can be FRMs as well as ARMs but the interest rates and costs associated with such loans are usually high. So, if you cannot afford higher payments, wait till you repair your credit by using the Credit Repair tool. Alternatively, you can request for no-obligation free mortgage quotes with a few lenders who’ll first work with you in improving your credit and then provide you with loans. Lenders often provide a free service in helping a borrower repair his credit. So, you may not even have to pay for the credit repair. Low down payment mobile home loans: Low down payment loans on mobile homes will require you to pay private mortgage insurance which protects the lender in case you fail to pay down the loan. Whether you'll get a low down payment loan will depend upon 3 things:The lender's policies for down paymentYour ability to make mobile home mortgage paymentsYour creditworthiness as evident from your credit reportHowever, a gift from family or friends can help you make the down payment. No income/No asset verification loans: If you're self-employed and unable to verify your income and assets, then this is right choice for you. Here again the interest rate and costs are higher on account of higher credit risk involved with this loan. These are also known as NINA loans. Construction loans: You can apply for construction mortgages to build your mobile home and also make improvements on the land. These loans are available at fixed as well as adjustable rates during the construction period after which the loan is converted into a permanent mortgage. Mobile home land loans: You may wish to purchase land and then set up the mobile home or you may be willing to purchase a lot in a mobile home park. For such purpose, make use of land loans. Home improvement loans: Such loans help in financing mobile home improvements. The Title I Home Improvement loan insured by FHA is an example.Apart from the options stated above, there are mobile home refinance and equity loans available with specific lenders. All you need to do is, understand your purpose of taking the loan and then choose the right one depending upon your affordability.What about the tax benefits?Whether the manufactured home loan is a mortgage or not, the interest on it is deductible provided it is used to secure your principal residence. If you have a mobile home mortgage and itemize your taxes, you can deduct the interest and property taxes on your Federal income tax return. You can also deduct the interest on a loan for mobile home in a rented lot. But the rent payments are not deductible until you have a 15 year or longer lease with a lot purchase option. Related Forum Discussion Personal loan using Mobile home as collateral Mobile Home Repossession Mobile Home Reverse Mortgage for seniors Is there any federal tax lien on the mobile home? Are they similar - Mobile, Manufactured or Modular home?Related References: FHA insured Title I loan for home purchase/refinanceTitle I loan for mobile home improvementVA guaranteed manufactured home loanRural Development Manufactured home loans
08/29/2008 02:34 PM