Archive for December, 2007

Florida And Mobile Home Mortgage

Are you looking for an effective way to finance the purchase of your Florida mobile home or for refinancing one? The news has a new story everyday about the market slump and lenders going out of business. But the fact is that the interest rates are at an all time low and going lower so borrowers for Florida mobile homes can get loans at competitive rates for either a manufactured home or mobile homes.

Your position stands good if you have a good credit standing and you are on the look out for refinancing your mortgage or buying a new home. Lenders are willing to fund mortgage loans and they will give you competitive rates for your mobile home loan. With an FHA mortgage program you can still get about 97% financing even if you don’t have money for a down payment.

Guidelines are being rewritten by lenders and most go with the principles of the past. Homebuyers can get good rates of interest through the FHA or Federal Housing Authority. The FHA ensures that if a mobile home buyer or owner defaults on some payment of the mortgage, the lender is insured by the FHA for the same. This gives the best interest rates to would-be purchasers of mobile home loans.

There have been some changes in the process of mobile home purchase but lenders are aware of the regulations pertaining to mobile home loans and they will guide you properly to ensure that you get the best deal on your purchase or refinancing needs of a mobile home.

Add comment December 20th, 2007

About Manufactured Home Loans And Mortgage Programs

Manufactured homes tend to depreciate quicker than traditional homes and they don’t last as long either. While there are a lot of programs and mortgage loan options available for people who are keen on buying a manufactured home, remember the interest rates are much higher because of the depreciation aspect.

Generally the manufactured home is purchased with personal property loan or chattel. This means the manufactured home is recognized as personal property like a car but it is not real estate. When the down payment is almost nil, the interest rates will be very high. The loan term is generally shorter than traditional home loans but if you own the land your home is on then you may get a longer loan period. Then you may also be considered for a traditional real estate mortgage in place of a personal property loan and you may get real estate tax breaks too.

The 80/20 Loan is one where the down payment has to be at least 20% of the price you have bought your home for. Once the owed amount goes below 80% of the home value, inform your mortgage company to drop the private mortgage insurance which was for the company’s safety, not yours. This way your monthly installment will also reduce.

VA Loans are for veterans who qualify as being able to buy a manufactured home. These loans are guaranteed by the federal government. This is a good option as the rate of interest is low and there is no down payment needed.

FHA insures private loans for people who either want to renovate or buy a new home. This is a good option because the buyer will pay the same mortgage insurance rate irrespective of their credit score. The Federal Housing Administration is part of the Department of Housing and Urban Development.

Add comment December 18th, 2007

Mobile Home Residents Livelihood Threatened

There are a lot of reasons why the people of Boise choose to live in mobile homes. These are a good alternative to apartments or traditional houses as they are low cost and it’s easy to get an application for a mobile home. This type of low cost housing is generally preferred by the over-60 population but almost 50% of these occupants are either disabled or are ailing.

A report called ‘Mobile Home Living in Boise’ was sponsored and conducted by the State University of Boise. This report focused on the various issues that crop up when mobile home parks are sold to give way to shopping complexes or maybe conventional houses. Some recommendations on how these problems can be resolved have been put in by the study report. It was also mentioned that this problem is not isolated to Boise but to the whole nation.

The research revealed that one in every 25 homes is a mobile home and about 2/3 of people who own mobile homes do not own the land on which they live. So if this land gets sold, then people have to leave their home which then displaces them. There are about 20 million Americans living in mobile homes.

There are people who do not have the funds to leave their manufactured home and relocate to an apartment and for these people it has been suggested that the city or the developers can pay to relocate the mobile home park someplace where the value of land is not too high. Another solution is housing cooperatives where if the park is put up for sale, the residents get together to buy the land. For this there are agencies where they help mobile home owners get together and avail of a loan for the same.

Add comment December 17th, 2007

When It Comes To Refinancing…

Refinancing is generally an accepted means to get reduced rates of interest which will bring down the monthly installments. What has to be kept in mind is that before you sign any contract for refinancing your manufactured home, you work out the math. It must show that money is being saved on a long term basis and your installments are lower. Basically refinancing means getting a new loan at better rates than the one you are paying so you pay off the old and start afresh with the new.

The internet will give a lot of information on the prevailing rates of interest. If the rates are low then you could consider the option of refinancing. The internet will also give you information on how to judge if you stand to gain or lose by going in for refinancing.

While on the internet you will come across a lot of companies who conduct business online. There are some important aspects of refinancing to be kept in mind if you have decided on this option. Here they are.

• Construction of the house in question should be on or after 1990.
• The current balance of the mortgage must be over $15,000 and the period of repayment on the original loan must exceed 15 years.
• Land mortgages are not covered under the refinancing scheme.
• Ensure that the company you select is a legitimate company and be sure to check with the Better Business Bureau.

Once a company approves the homeowner interested in refinancing his home there are some basic requirements to be met like job and income verification. The company may ask for other pertinent documents also.

A company bases its approval on three basic criteria:

• Can the borrower afford it?
• What payment history does he have?
• What is the home worth?

So if you are considering refinancing your manufactured home then ensure that you do the necessary research and get the right information before you take a decision or you may end up paying more than what you started out with.

Add comment December 12th, 2007

Affordable Housing Program In Wareham

In order to meet its 1000-home affordable housing requirement, Wareham needs around 300 units more and this need could just be filled with the existing mobile homes. There have been efforts to see how the town’s Subsidized Housing Inventory can be increased and this was one of the viable options.

If the planned programs go through, nearly 500 existing manufactured homes could be a part of it. If they joined up, they would be upgrading their homes on a 50-50 basis. This would mean that the owners would pay half the cost of a new unit and the other half would be taken care of by funds from the Massachusetts Housing and Community Preservation as well as other local resources. The homeowners could get a loan of $35,000 from the Housing Rehab Program.

The total cost to add the 484 units to this program would be in the region of four and a half million dollars. Grants from various sources would see an entire new mobile park coming up and there would be improvements in infrastructure. These units would then be come under the ‘affordable housing’ schemes and the owners would have to be a part of that.. There are options that allow for condo units to be built and given to the residents instead of their old mobile homes as well.

All this is being done so that the 10% affordable housing law is adhered to, failing which a developer can take over and circumvent the zoning laws prevalent in that area. This option is one of many that the town will be exploring in order to make sure they retain their say in the town’s development.

Add comment December 10th, 2007

What Today’s Manufactured Home Is Worth

How can you value a home? When it comes to a manufactured home, there’s so much more to be taken into account than just what it costs. True, time was when many bought a mobile or manufactured home if they couldn’t afford anything better. However, today, even if they do have a choice, there are those who choose a manufactured home.

Now why is this? Well, costs do play a role. Many are looking at recurring costs and the way the cost of living is spiraling upwards today. A manufactured home is reasonably priced and you might pay a higher interest but compared to a regular house, it really is a lot cheaper.

What is making the difference is how great these homes are inside. Look at many of today’s manufactured homes and you’ll be so surprised when you step in. It’s comfortable, well done-up and you have a wide choice and all for so much less. So it isn’t really a difficult choice like it would have been if the insides didn’t look good. In fact, you’ll very often find that these homes cost half as much as regular homes. So even if you do pay a slightly higher rate of interest on your mortgages, the amounts we are talking about are almost half.

However, do check to see if your manufactured home loan is assumable or not when you apply for it. You will of course have to take it for granted that the resale price will not be very great.

Add comment December 7th, 2007


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