Home Improvements and How to Finance Them I don’t know what it is about the fall, but it seems to bring out the DIY-er in all of us. Instead of flocking to the beach or heading north for a quick getaway, everyone is spending their weekends at home improvement stores. If you’ve been contemplating a remodel of your… Read more »
Manufactured vs Modular Homes: What is the Difference? There has always been a great deal of confusion regarding what constitutes a manufactured home and what constitutes a modular home. A large portion stems from incorrect word usage, as many people use these terms interchangeably. However, these two types of homes are largely different and do not reference… Read more »
Renovation Mortgage Programs If I had a dollar for every time someone responded to my comment about remodeling and DIY projects with the phrase “welcome to home ownership!”– I’d be rich! Not everyone has the means to build their pinterest-inspired dream home from the ground up– but what if I told you there are mortgage programs designed to help renovate existing structures? What… Read more »
You may have heard some buzz this spring about mortgage giant Fannie Mae and trended credit data, changes which were set to take effect in June. Just days before the launch, however, the new system was delayed unexpectedly. Well folks, long-awaited Desktop Underwriter 10.0 launched this past weekend, and with it, the requirement that lenders… Read more »
Using Gift Funds for your Down Payment Not everyone has thousands of dollars lying around for a down payment when they are in the market to purchase a home, so receiving a gift can be a great option! Here’s what you need to know, if you’re lucky enough to receive a down payment gift. There… Read more »
USDA Lowers Fees for RD Loans Great news for homebuyers considering a USDA rural development home loan (RD Loan)! The already popular zero down mortgage is getting even better. The USDA announced this week that they will be decreasing both the upfront guarantee fee—a closing cost which is financed into the total loan amount at close; and… Read more »
If you’ve ever been in the market for a mortgage, you’ve probably heard the phrase ‘loan-to-value ratio’ or ‘LTV’ for short. Obtaining a new mortgage can be nerve-wracking, even without the financial jargon and acronyms—so let’s talk about LTV, what it means, and how it affects you and your mortgage. How are Loan-to-Value ratios calculated?… Read more »
Finding a lender who will finance a manufactured home can be quite a task, but luckily Riverbank Finance is able to provide programs to help you! It is important to know what to expect and the difference between financing a stick built home and a manufactured home. There are various programs that will allow for… Read more »
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