Land-Home and Mortgage Finance
Course Description
This online course provides in-depth information about mortgage financing and its increasing use for financing manufactured homes. Today, manufactured home retailers are becoming more like site-builders, in that they are providing turn-key new home projects for their customers. The retailer has more responsibility over the project and mortgage financing increases the requirements related to the land development and home placement. This online course provides information on the processes required when selling a home that will be financed with a traditional mortgage loan.
Topics covered include:
1. The decline of the personal property loan market
2. The increase in traditional mortgage financing
3. The difference between conforming and non-conforming loans
4. How the secondary market (Fannie Mae and Freddie Mac) works
5. Advantages and disadvantages of 15-year, 30-year and adjustable rate mortgage loans
6. Figuring “home-debt” and “total-debt” ratios for homebuyers
7. Responsibilities of a retailer as the general contractor
8. Construction loans and the steps of staged funding
9. FHA loans
10. RESPA, escrow accounts, private mortgage insurance, etc.
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