General FAQs
Q. Does Triangle Lending offer land loans?
A. No. Triangle Lending Group current does not offer any type of land loans.
Q. Does Triangle Lending lend on mobile homes?
A. No, Triangle Lending Group does not lend on Mobile Homes.
Q. What is the difference between a mobile, manufactured or modular home?
A. Mobile homes are defined as a home with a metal chassis and wheels, even if the wheels are removed and the home is placed on a permanent foundation. (Triangle Lending does not lend on mobile homes). Manufactured homes are built off site and delivered in one section to the property location and secured on a fixed foundation. (Triangle Lending does lend on manufactured homes). Modular homes are built off site in one or more sections and delivered to and secured on a fixed foundation. Modular homes are treated the same as site built homes. (Triangle Lending does lend on modular homes).
Q. Does Triangle Lending lend to resident aliens?
A. Yes, Triangle Lending will lend to borrowers with resident alien status. All resident aliens must prove employment within the United States and provide proof that their income is from a source within the United States.
Q. What are the waiting periods for someone with a foreclosure or bankruptcy?
A. This depends on the loan type see below:
|
Foreclosure |
Short Sale |
CH. 7 Bankruptcy |
CH. 13 Bankruptcy |
Fannie |
7 years from completion |
● 2 years max 80% |
4 years from discharge date. |
●2 years from discharge date. ●4 years from dismissal date. |
Freddie |
● 7 years from completion. |
● 4 years from completion date of sale. ● 4 years from deed in lieu. |
4 years from the discharge date. |
2 years from the discharge date. |
|
3 years from completion date. |
3 years from completion date. |
2 years from discharge date. |
1 year of payout elapsed and permission from court. |
|
2 years from discharge date. |
2 years rule, nothing specific. |
2 years from discharge date. |
1 year of payout elapsed and permission from court. |
USDA |
3 years from completion date. |
3 years from completion date. |
3 years from discharge date. |
1 year of payout elapsed and permission from court. |
|
Less than 12 months max loan to value 80%. |
Less than 12 months max loan to value 80%. |
Less than 12 months max loan to value 80% |
Less than 12 months max loan to value 80% |
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Varies generally along the lines of Fannie Mae. |
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Q. Will Triangle Lending consider borrowers who have tax liens or judgments?
A. Triangle Lending will consider loans with tax liens or judgments; however, all open judgments and tax liens must be paid with loan proceeds.
Q. Does Triangle Lending lend on commercial property, or properties with a mixed use (e.g., residential with an ongoing business interest, farm, ranch, grocery store, auto repair shop, etc.)?
A. Yes, Triangle Lending does have access to capital for commercial or mixed-use properties.
Q. Does Triangle Lending lend on income properties larger than four units?
A. Yes, we do have access to capital for more than four unit properties.
Q. Is there a minimum down payment required?
A. Triangle Lending offers USDA and VA loans which have a zero down payment options, all you have to pay are the closing and escrow fees. For conventional lending first time home buyers there is a 3% down option, non first time home buyers conventional financing requires 5% down, FHA requires 3.50%. Please contact your local branch for more information.
Q. What are escrow payments?
A. Your escrow payments cover your real estate taxes, home owners insurance and mortgage insurance (if applicable)
Q. Do I have to set up an escrow account?
A. No, if you are putting 5% down or more and obtaining a Conventional loan escrow accounts may not be required.
Q. How are escrow amounts calculated?
A. Escrow amounts are calculated by the month they are due, so when setting up the escrow account there needs to be enough funds in our account the following year to pay your taxes and insurance in full, Fannie/Freddie guidelines allow for a 2 month “cushion” as well.