What are my financing options?
Financing options range from personal property installment loans (when the home is being purchased separate from land) to conventional fixed and adjustable rate real property mortgages (when the home and land are being purchased as one entity – real estate) Personal property loans generally require 5-20 percent down and are financed over 10 to 30 years. Interest rates are somewhat higher than real property loans. Financing sources include banks, savings and loan associations, mortgage brokers, credit unions and commercial finance companies. Manufactured homes are also eligible for financing with FHA Title I and II, VA, Cal-Vet and CHFA programs. Retailers are an excellent source of information on financing programs. To find a member of CMHI that can serve your financing needs, please click here.
• Graduate PLUS Loan: You can get a Graduate PLUS Loan even if you have no credit history. After completing the Free Application for Federal Student Aid (FAFSA), available online at www.fafsa.ed.gov, and applying for the maximum amount available in Federal Stafford loans, consider the Graduate PLUS Loan to fund your entire cost of education (less financial aid). Students eligible to apply for the Graduate PLUS loan must be a US citizen or non-citizen permanent resident, attending school at least half-time and credit-worthy (no credit is also acceptable). There are no annual or aggregate loan limits and you may borrow up to the cost of attendance less any other financial aid received. The interest rate for this loan is higher than that of a Federal Stafford loan. • Private Loans: Private loan costs vary widely between programs. All private lenders will review the borrower’s credit history and some will require a loan co-signer. Private educational loan programs traditionally offer highe
• FAIR MARKET VALUE (FMV) LEASE – usually provides the lowest monthly payment and is ideal for those who do not wish to own equipment. • $1.00 PURCHASE OPTION LEASE – offers fixed terms and payments with an option to buy the equipment for $1.00 at the end of the lease. • CUSTOM LEASE – we can design a custom lease to match your specific requirements and budget, such as flexible terms, alternative payment structures, and end-of-lease options. • SHORT-TERM RENTAL – requires no long-term commitment while offering flexible terms. Rental agreements include an option to purchase at any time, applying a high proportion of rental payments to the fixed purchase price.
Twenty million foreigners visit Mexico every year. Of that number, statistics indicate that as many as 1,000,000 have bought second homes or vacation properties in Mexico. Traditionally, Mexico real estate purchases have been limited to investors with sufficient resources to buy real estate without need for financing. Unfortunately, not everyone can afford to pay cash for property in Mexico . So now that you’ve found your dream home – how are you going to pay for it? Fortunately, there are now several foriegn based mortgage companies that offer financing to qualified buyers who want to purchase properties in Mexico. Real estate financing is a relatively new phenomenon in Mexico that extends the possibility of owning a home in Mexico to many who could not otherwise afford it.
If you don’t have perfect credit or do not have the 20% for a traditional down payment, you may still be able to get a mortgage. Consumers with slightly blemished credit are able to qualify for mortgages with fairly competitive rates. Fannie Mae, for example, offers an expanded approval program for those who may not qualify for fair-market value rates through traditional lenders. FHA Loans- If you credit isn’t good enough for a Fannie Mae loan, you may still qualify for a loan through the Federal Housing Authority (FHA). The loans are government backed and have lower credit criteria. You can put as little as 3% down and finance your closing costs in your mortgage. There are no income limits for FHA loans. However, these loans are primarily for first-time homebuyers and low to moderate income families. There are limits to how much you can borrow. Private lenderslenders have come up with a lot of programs designated for first-time home buyers.
