A Premier California Mortgage Lender and Mobile Home Loan Expert…
New Horizon Mortgage Concepts thrives on helping our Customers obtain the type of Financing that best addresses their individual and unique requirements. Being a Mortgage Broker allows us to match the many Financing Products we represent with our Client’s specific needs and desires…thereby ensuring that we can offer all of our Customers a Lending Option.
The types of Loan Products we offer include Conventional Financing (i.e. Programs backed by Fannie Mae and Freddie Mac) as well as all of the available Government Programs such as FHA, VA, USDA and Reverse Mortgages (HECM). These Programs are insured by the Federal Government (to varying extents) and that is generally reflected in the lower Interest Rates associated with these Programs. In addition, Government Loan Products tend to be a little more forgiving with regard to Credit Score requirements. We also have access to “Private Investor” Financing for those Scenarios that fall outside of the Conventional and Government Guidelines.
Over the course of our many years of providing Home Financing in California, New Horizon Mortgage Concepts has come to specialize in two important Lending Genres…Manufactured / Mobile Homes and Home Equity Conversion Mortgages…also known as Reverse Mortgages. You’ll find in depth information about both of these below and throughout our Web Site.
Interested in “Manufactured & Mobile Home Loans”?
Beginning in June of 1976, Building Codes for Manufactured Homes were standardized and clearly delineated. This ensured that the Homes were built to a consistently high standard and an important offshoot of this standardization is that “Bank Financing” started to become available to Manufactured Home Owners as a result. This meant that a Manufactured Home was not only affordable, but also financeable…which is a magic combination. Although financing has become more accessible over the years, many Lending Institutions still shy away from financing Manufactured Homes.
However, New Horizon Mortgage Concepts has specialized in Manufactured Home Lending in California since 2004. As a result, the same Lending Terms are made available to their Clients as to any other Homeowner including: 30 Year Fixed Terms, competitive Low Interest Rates and wide variety of Loan Programs (i.e. Conventional, FHA, VA, USDA and even Reverse Mortgages (HECM). This means that qualified Borrowers can purchase a Manufactured Home with as little as “no money down” (in some instances)…and also take advantage of the current low Interest Rates available.
New Horizon Mortgage Concepts has long held that Manufactured Homes represent a fantastic Housing Genre for a wide spectrum of Home Buyers and they have an equally diverse palette of Financing options to make the dream of Home Ownership in California a reality. Click Here to Learn More…
Reverse Mortgages (HECM’s)
We first began originating Home Equity Conversion Mortgages (widely known as Reverse Mortgages) to California Homeowners in 2006 and it has turned out to be a most enjoyable facet of our Lending experience. In short, a Reverse Mortgage allows a Homeowner to “convert” the Equity in their Home into dollars. Unlike a “traditional mortgage scenario” (where the Homeowner begins paying the Loan back after receiving the Financing), a Homeowner utilizing a Reverse Mortgage makes no monthly Mortgage Payments for as long as they live in their Home and comply with the Loan Terms.
In light of this, the criteria for obtaining a HECM is quite different than that used in the Underwriting of a traditional, or “forward” Mortgage. This is largely due to the fact that the focus is on the Equity in the Property rather than Borrower’s Income and Credit History, since there are no “monthly payment requirements” to qualify for. Initially, Reverse Mortgages were only available as a means of obtaining Financing on a Home that was “already owned” by the Borrowers (i.e. Refinancing). However, it is now possible to “Purchase” a Home using a Reverse Mortgage and New Horizon Mortgage Concepts has helped people do just that all throughout California. Click Here to Learn More…