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If you’ve had a look around for Arizona mobile home loans, you’ve probably come to realize that the options are incredibly narrow and the terms are often confusing. There’s an easy way to get qualified if you know where to look though.
The trouble with Arizona mobile home loans starts with the very definition of the phrase. A “mobile home” is often considered the same thing as a trailer house, manufactured house, or even a modular house, but these are really distinct things.
In modern times, people sometimes put up modular houses. These are fabricated in pieces at a production plant or facility and then carried to a building site as-is. Once there, a traditional foundation is usually poured and the house goes up. It is permanent and some are done so well you can’t tell at a glance that the building wasn’t constructed where it stands. However, because it isn’t built on site, many erroneously refer to it as a manufactured house.
Manufactured houses are different because they’re constructed at a facility or plant, but are brought to the property in just one or two pieces. The phrase, “trailer house” has a certain connotation, so it gets used less often, though it is accurate. They’ve earned the name because they’re transported on trailers, but many people take this to mean they can be picked up and moved at any point as well. Generally speaking, that’s not true. Most are affixed to the land they sit on.
This brings us to mobile homes, which is actually an outdated term. Technically speaking, it refers to a manufactured variety built prior to the Federal Manufactured Home Construction and Safety Standard Act of 1976. The federal law increased standards significantly across a broad range of areas, such as fire resistance, strength, and energy efficiency.
Manufactured Homes are the Real Deal, But It’s Still Hard to Get Financing
Once you get past the terms, manufactured or Arizona mobile home loans are still hard to come by. Some still think they can be picked up and moved at a moment’s notice, while others are hooked on the quality of models built prior to 1976. There are also depreciation concerns. Whereas traditional houses that are well taken care of will rise in value, the manufactured variety tends to lose value over time.
You need to learn the differences in lending terms too.
More often than not, Arizona mobile home loans are not referred to by that name at all. Instead, people get “chattel mortgages,” with “chattel” referencing a piece of personal property rather than real estate. Historically, these have much higher rates than traditional mortgages though. As an alternative, many Arizona hard money lenders are now offering financing for manufactured homes as well. This may be more ideal for those who wish to purchase one for commercial use, be it to start a business or as part of a real estate venture, like fix-and-flips or for use as a rental.
What Are Arizona Hard Money Lenders?
Arizona Hard Money Lenders are private lenders who fund loans without the use of a bank or mortgage company. Unlike traditional loans hard money is secured by an asset rather than the borrower’s personal credit.
Arizona Hard Money Lenders are either private individuals or private business groups who loan borrowers funds for short-term loans. The biggest benefit of these private lenders is that the loan approval is based on the value of the property being used as collateral for the loan rather than the creditworthiness of the borrower. This opens up a great opportunity for borrowers who cannot meet the stringent loan qualifications of traditional banks and mortgage companies.
The term of most Texas Hard Money Loans is less than five years, making these loans perfect for real estate investors. The recent craze with property flipping has primarily been funded by Arizona Hard Money Lenders as they offer a simple application process and a fast turnaround on the approval and finding. Many banks can take up to several months to approve a loan application but Arizona Hard Money Lenders can approve and fund many loans in just about a week.
In addition to the fast funding, borrowers who have less than perfect credit look to hard money as a viable option for their funding needs. Being asset-based rather than credit based, many more borrowers can qualify for hard money. And because of their limited options for borrowing, they are willing to pay the higher rates charged for the hard money. In the end, it works out well for both parties involved as the lenders are being paid a higher interest rate for the increased risk of a borrower with a low credit score and the borrower has a resource that is less demanding than a bank.
Uses Of Arizona Hard Money
The first real estate deal that most consumers think of when hard money is mentioned is a fix and flip. These are very popular but there are other used for hard money as well. Homeowners who are facing a foreclosure but have strong equity in their home can use hard money to pay off the original mortgage and avoid losing their home. This allows the homeowner the choice of remaining in the home and finding a traditional mortgage to pay off the hard money loan or selling the home at a fair price and paying off the loan. The second option is far better than the foreclosure as the homeowner will keep any profit rather than turning it over to the mortgage company in the foreclosure.
Pros and Cons of Arizona Hard Money Lenders
There are pros and cons to every type of loan and even to every lender. Before selecting a hard money loan, it is important to do your research and find the lender who offers the terms and services that you need at the best rate. Easy applications, fast funding and lower credit requirements are all great but realize that these benefits come at a price that you must be willing to pay to use a lenders money.
Do Arizona hard money loans Work for Cash-Only/ As-Is Deals?
As you begin searching for your initial fix-and-flip deals, you’ll see quite a few ads that implicitly say the seller only accepts cash or that the property is being sold as-is. Generally speaking, Arizona hard money loans (HMLs) work well in these situations, though it’s important to consider the methodology behind the verbiage.
There are many reasons why sellers will list a property as-is or denote it’s a cash-only sale. Usually, it’s one of the following:
- The property is in such ill repair that a bank won’t finance it. Oftentimes, the seller will mention that the home is “damaged.”
- The seller needs to be free of the property quickly and can’t wait for someone to get approval. If this is the case, the listing may mention it is a “distressed” property.
- The price or the value is too low for the property to qualify for a traditional mortgage.
In short, none of these situations really means that the seller requires you to have cash sitting around, but rather, the seller knows you aren’t going to get traditional financing and they don’t want to be bothered with offers that are contingent upon it. They don’t care whether your cash comes from your savings, if you borrowed it from family and friends, or if you’ve obtained an Arizona hard money loans; only that the sale won’t get held up by a bank.
Cash vs. HMLs: Which is Right for You?
There are benefits to going with cash when you can and there are benefits to leveraging Arizona hard money loans as well. If you’re using your own cash, then you’ll obviously have it tied up in the project for the duration, which can be problematic if you run into issues or come across another great investment opportunity while your money is already in use. However, if you have enough to cover it and feel confident you won’t need it, going with your own cash can be the cheapest way to fund a project. Borrowing from friends and family works along the same lines, but you’ll naturally have to be mindful of the repayment terms to avoid causing any issues. With an Arizona hard money loans, you do have to pay to borrow, but the fees can easily be paid for with profit when you manage a successful project.
Getting approval for cash-only properties is easy when you work with the right lenders.
If you’ve got a property in mind that’s listed as a cash-only or as-is sale, do your homework to ensure the purchase and rehab will be profitable. Spend time getting to know the property, what it has been appraised at, what challenges you’ll face when doing upgrades and repairs, and what similar homes in the area are selling for. Then, check with a broker to find out what terms you qualify for before approaching the seller. Armed with information and an approval in your back pocket, most sellers will jump at a fair offer, and perhaps even a low offer, regardless of whether your cash is coming from an HML or your personal bank account.
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