Before scheduling a showing of a property, you'll need to get pre-approved for a loan. Most sellers won't show their properties without a lender pre-qualification letter or proof of funds. Here are some lenders we work with and recommend. Remember, when shopping for a mortgage, it pays to shop around. Each lender might offer different interest rates, terms, and conditions. We have worked with the following local lenders and have had many smooth transactions with them:
Lenders and mortgage frequently asked questions (FAQ)
There are several different types of mortgages. Your lender will tell you which ones you qualify for and which one will be best for your situation. The two most common types of mortgages are conventional loans and government-insured loans (FHA, VHFA, VA).
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Conventional loans:
Require excellent credit scores and a large down payment. Lender's property requirements are less strict. Great choice for primary or secondary residence.
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Government-insured loans:
Also referred to FHA, VHFA, or VA loans, are excellent for first-time homebuyers and those with lower credit scores. They often require no down payment or they offer down payment assistance. Lender's property requirements are more strict and must meet certain safety criteria. VA loans are only offered to veterans. These types of loans can only be used to purchase or refinance a primary residence.
The VHFA Assist program is very useful in this seller’s market. Seller concessions (where seller agrees to pay some towards your closing costs) are hard to come by these days, but the VHFA Assist offers homebuyers up to $15,000 to apply toward their down payment and closing costs. The Assist can be used with Conventional Fannie Mae or Freddie Mac, FHA, and USDA Rural Development mortgages. The Veterans Administration (VA) no longer allows the use of the Assist with VA mortgages. All borrowers must be first-time homebuyers, and they may not have more than $30,000 in liquid (non-retirement) assets. VHFA income caps and purchase price limits apply. There is no monthly payment required for the Assist, and it is only repaid if the mortgage is refinanced or the property is sold.
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Financing mobile homes:
Double-wide manufactured homes can be financed using the Conventional Fannie Mae/Freddie Mac, FHA, and VA programs. Single-wide manufactured homes may be financed on an exception basis through FHA if the borrower meets certain credit requirements and the property meets all lender safety requirements. The buyers should have high credit scores and low debt ratios. In all cases, the manufactured home needs to meet HUD criteria. It has to have been manufactured after June 15, 1976, and the HUD tags should be visible for the appraiser to inspect. The manufactured home cannot have been moved, other than from the dealer to its present location. An engineer’s inspection report to certify that the foundation is HUD-compliant is required. The mobile home must be on a concrete slab with engineer-approved tie-downs to qualify.
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Financing off-grid homes/camps:
It is possible to finance an off-grid home or camp. Off-grid refers to a property not connected to the electrical grid. It is usually powered by solar or generator. These types of homes usually require a conventional loan with a large down payment, as most do not qualify for FHA/VA type loans.
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Financing land:
Land requires a conventional loan with a large down payment, usually 35-50%. Each lender's requirements are different.
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Choosing a lender:
When choosing a lender, it pays to shop around. Some lenders have better rates or requirements. You can start with your local bank, and also check with national lenders as well. Also, you want a lender that communicates with you regularly and clearly expresses what they need and require. We recommend checking with the lenders above first, but we have others we can recommend as well.
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