There has been a lot of press on these new fangled interesti only loans lately, but what are they, really? Well, first off, they're not all that new. Second off, they're not technically a mortgagei type, but rather an option or add on to a mortgage.

Questions and Answers on Manufactured Home Loans for Veterans

What is a va-guaranteed manufactured home loan?

VA-guaranteed manufactured home loans are made by private lenders such as finance companies. The guaranty means that VA will protect the lender against loss if the veteran or a later owner fails to repay the loan. The amount VA will guarantee is 40 percent of the loan amounti or the veteran's available entitlement, up to a maximum amount of $20,000. The guaranty amount is not the same as the amount a veteran can borrow (see question concerning loan amounts).

FHAi streamline refinancing program emerged onto
the mortgagei scene in the early 1980's. Since then, thousands of FHA home
owners have utilized this program to lower their interesti ratei with fewer
costs and relative ease.

The appraisali and property condition assessmenti is used to determine the market valuei and acceptability of the property for FHAi mortgagei
insurancei purposes. The value serves as a basis for determining
the maximum FHA insurable mortgage loan.

Central to an appraisali is the determination of a property's market valuei
(also known as the fair market value).  Market value is the most
probable price a buyer is willing to pay a seller for a product on the
open market.  Market value is not the highest price possible for
a home; rather, market value is the most likely price the
property will receive.