United Faith Mortgage: Manufactured Home Loans Available?

United Faith Mortgage is a direct lender that offers a range of loan and financing options, including Christian home loans, refinancing, and investment property loans. While they do not specifically mention offering manufactured home loans, they do provide a variety of mortgage options such as FHA, VA, and USDA loans, which can be used to purchase different types of properties. It is important to note that manufactured homes may have specific requirements to qualify for certain loans, such as being attached to a permanent foundation and meeting safety standards. It is recommended to contact United Faith Mortgage directly to inquire about their specific offerings and eligibility criteria for manufactured home loans.

United Faith Mortgage's direct lender advantage

United Faith Mortgage is a direct lender with a small, family-based team. This means that there is no middleman, so you can benefit from shorter turnarounds, lower rates, and reduced monthly payments.

Being a direct lender means that United Faith Mortgage uses its own money and makes its own decisions. This allows the company to offer lower rates, quicker closings, and faster turnarounds. For example, United Faith Mortgage can help you secure a lower mortgage rate and reduce interest, which means you pay less each month.

The company's direct lender advantage also means less paperwork and greater monthly savings. For example, you can secure the future of your home by converting an adjustable-rate mortgage to a secure, fixed-rate mortgage. You can also reduce the number of years it will take to pay off your loan, and consolidate your first and second mortgages into one mortgage with a lower rate.

United Faith Mortgage's $1,000 Closing Cost Thank-You

United Faith Mortgage is offering a $1,000 Closing Cost Thank-You for any new home purchase. This means that for anyone buying a new home, United Faith Mortgage will pay $1,000 of the closing costs. This is part of an initiative to make the decision of who to use for your mortgage an easy one.

United Faith Mortgage is a direct lender, which means it gets to use its own money and make its own decisions. This allows the company to deliver lower rates, super-quick refinances, less paperwork, and greater monthly savings. United Faith Mortgage also offers a "Limo Service" program, which streamlines the refinancing process, reducing the stress and time involved.

United Faith Mortgage also offers a Down Payment Assistance Program, which allows qualifying borrowers to put down as little as 0% on a new home. This program is not limited to first-time home buyers and does not exclude self-employed borrowers. The company also offers a range of loans for different situations, including cash-out refinance loans, investment property loans, and loans for veterans.

United Faith Mortgage is licensed in all states except Alaska, Hawaii, Missouri, North Dakota, South Dakota, and Utah.

United Faith Mortgage's self-employed program

United Faith Mortgage has introduced a new self-employed program that allows the company to qualify self-employed individuals for a mortgage based on their bank statements instead of their tax returns or end income. This program aims to address the challenges faced by self-employed individuals in obtaining a mortgage, as they often have more complex underwriting processes due to variable income sources and a lack of standard employment verification.

The new self-employed program offers stability to borrowers by eliminating fluctuations or unexpected jumps in their payments, making it easier to budget and plan for the future. It provides the lowest rate and payment option available, giving borrowers peace of mind that their payments will not suddenly increase.

United Faith Mortgage's program for the self-employed considers the borrower's entire situation, including their family dynamics and financial goals. The company's direct lender advantage also enables them to offer lower rates, quicker closings, and overall cost savings for borrowers.

Additionally, United Faith Mortgage offers adjustable-rate loans, which can be advantageous for self-employed individuals who plan to stay in their homes for less than 5-7 years or when interest rates are expected to drop. The company also provides FHA and conventional financing options for those with lower credit scores or who wish to make a minimum down payment.

United Faith Mortgage's down payment assistance program

United Faith Mortgage is a direct lender with a small family team that is an arm of a much bigger company. They offer a Down Payment Assistance Program (in all states other than Washington and New York) that can be used for new home purchases.

The program has several key features. Firstly, it allows borrowers to put 0% down on their new home, eliminating the need for a down payment. However, borrowers will still need to pay traditional closing costs, which are not covered by the program. The program is not limited to first-time homebuyers and includes self-employed borrowers. To qualify, borrowers must have a credit score of 640 or higher, and there is an income maximum that depends on the county in which the property is being purchased. Additionally, United Faith Mortgage will still offer a $1,000 lender credit with this program. It is important to note that this program cannot be used for investment properties or second homes.

United Faith Mortgage also offers other advantages for homebuyers, such as lower rates, quicker closings, and the ability to qualify self-employed borrowers based on their bank statements rather than tax returns or end income. They also provide a range of loan options, including cash-out refinance loans, investment property loans, and loans for veterans.

United Faith Mortgage's lending criteria

United Faith Mortgage is a direct lender with three government agency approvals: Fannie Mae, Ginnie Mae, and Freddie Mac. The company offers a range of loan options, including conventional loans, FHA loans, VA loans, and adjustable-rate loans. They also have a new program catering to the self-employed, allowing them to qualify based on their bank statements rather than tax returns or end income.

• A minimum credit score of 620 in most cases and 640 for their Down Payment Assistance Program. However, they mention that lower scores may sometimes qualify.
• A debt-to-income ratio of 45% or less
• A down payment of at least 3.5%, with certain loan programs requiring as little as 3%
• Closing costs in reserve
• The property must be in a state where they are licensed to operate, excluding Alaska, Hawaii, Missouri, North Dakota, South Dakota, and Utah

United Faith Mortgage also offers refinancing options, including securing a lower mortgage rate, reducing interest, and converting an adjustable-rate mortgage to a fixed-rate mortgage. They cater to various types of borrowers, including first-time buyers, veterans, and the self-employed, and pride themselves on their "limo-service" program, which promises a stress-free and convenient process.

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