Archive for January, 2008

Green Mobile Homes Make Sense

‘Green’ is the new buzzword going around. Clean, safe, energy efficient – it’s a way to contribute to the well being of our Mother Earth. It only makes sense to take an old product and turn it into a new green product. A mobile home, designed with energy efficiency in mind, fits the bill and makes cents in the pocketbook.
Green Mobile homes are not available yet. Currently there are companies planning the concept of what these mobile homes will look like, developing the marketing approach, considering financing options, and seeking relative business partnerships to promote and mass market these manufactured Green Mobile homes.
What is interesting about the increase in the new ‘green’ movement is that it is nothing new. The ‘green movement’ has slowly evolved from the use of active and passive solar systems and energy efficient appliances in private homes to conscientiously designed commercial and retail space. Now the concept is finally focusing on affordable eco friendly mobile homes.

A professor of Architecture at Mississippi State University, Michael Berk, has created the “Green Mobile.” This housing unit is affordable, designed to recover lost energy costs, and create a comfortable and energy efficient home. It features improved insulation, energy-efficient appliances, and the use of natural daylight and smart ventilation systems. This living space is esthetically pleasing and comfortable. The unit also includes an option for installation of a solar photovoltaic system. These homes will cost about $50,000 with anticipated potential for appreciation in value.

Berk is currently working with the Federal Emergency Management Agency’s Alternative Housing Pilot Program to modify the design of the GreenMobile and create a stripped-down model called the EcoCottage. The plan is to use these EcoCottages as alternatives to the FEMA trailers traditionally used in disaster-affected areas. A federal grant of $5.8 million will certainly help Berk and others realize their vision to see Green go mobile.

Add comment January 28th, 2008

Consider Manufactured Housing as an Alternative to Building

Manufactured homes are set on foundations on land you may acquire or already own. These homes are affordable and cheaper compared to having a traditional home built. They come with a wide variety of floor plans and with many custom options.
When considering the inconvenience of having a home constructed for you a manufactured home is a good alternative. You can save the daily hassles related to new construction because your factory built home is transported to your location.
Since 1974, HUD, the United States Housing and Urban Development office regulates construction and safety standards for manufactured homes, thus making manufactured homes a viable option as it relates to the national housing markets.
There are financial considerations when looking at the purchase of a manufactured home. Although the homes are cheaper than stick built homes, manufactured homes have higher interest rates. The terms of the loan are also shorter then regular housing. These two things alone will effect your monthly mortgage payment. While manufactured homes meet federal requirements for construction, they still tend to depreciate and banks see this as a greater risk compared to traditional homes.
As with any property loan, evaluation of your financial rating, past credit history, and debt to income ratio is a recipe for closing a deal. Many lending institutions will consider your bid for a loan, but you must know the year, make and model of your home. Buying your manufacture home from a company that has been in business a long time will help. Compared to loans for a traditional home, a manufactured home can put you in a home of your liking in much less time then that of building a new home on your land. It will also save you many headaches and make the dream of home ownership a reality.

Add comment January 25th, 2008

Loans For Tenants To Buy A Mobile Home

Though it is tougher for tenants to get loans to buy mobile homes than homeowners, there are loans that are available. The question is, should it be a secured or an unsecured loan? Because he has no equity, a tenant cannot get a secured loan against that but what could be done is to put up the home that you buy as collateral. Let’s take a look at what loans are available and what these two types of loans entail.

Secured loans are tied up with the property – in this case, your mobile home. So unless you keep paying your mortgage installments on time, you could lose your home. Now if you have no other place to go to this could be a disaster.

An unsecured loan on the other hand, does not tie down the mobile home in case you can’t pay an installment or you pay it late. Here, the lender cannot come and take the vehicle away and there is a legal process which has to be gone through.

You will find it easier to get an unsecured loan and very often, you can get your mobile home in a few days. You can go online and look for brokers who are well-versed with this and they will find you the lenders, and also give you competitive prices so you can choose. Try and work out the best deal with the broker so you can then proudly be the owner of your new mobile home.

Add comment January 20th, 2008

Should Mobile Home Loans Include Land?

Mobile home technology has ensured that the comfort within them is far better today than what it used to be. More and more people are going in for this type of home and for this they also look at mobile home loans. It is important to know that the mobile home you want to buy should be on land that can be bought along with the home or the government should be able to provide the land. But there is difference between getting a loan for only the mobile home and getting a loan for both land and home.

Loan terms for these two types are very different and you must find out which type you need. At times mobile homes without land can also be considered under mortgage home loans where it does not cover the amount needed to buy the land on which the mobile home sits. These are also known as chattel loans.

Chattel loans are handy when the mobile home you are looking for is sitting in a park or in communities. Chattel loans also help when you cannot afford to buy the land. A good option is to first finish the loan for the home and then if finances permit you can take another loan and buy the land too.

But there are different regulations for different places. There are some states where the loan is used to buy both land and mobile home and these loans are then recognized as mortgages. This basically means you get the benefits of any rebates, subsidizing and taxes as applicable on that category. Your local regulations will be able to tell you which are the best loans to get.

The best way to find good deals on mobile home loans and with land or without the land is to go online. You will get an idea of the different regulations applicable in different states and you can see how to tailor your requirement so you get the best deal and it may be cheaper than what you started out with.

Vendors on the internet are always willing to supply quotes and information so you can compare deals and offers and take the one that fits your bill the best.

Add comment January 10th, 2008

What Is Blue Book Value?

The Blue Book value of mobile homes is meant to serve as a vehicle appraisal service. Previously there were many books for this function. Today, one of the more definitive ones is the National Automobile Dealers Association or the NADA that has been publishing since 1933. The NADA Manufactured Housing Appraisal Guide had been identified by professionals to be more than useful to find out the value of a manufactured or mobile home.

Now, there are a variety of rating parameters that are used to estimate a mobile home’s Blue Book value. Firstly, there is model and size of home, then there is the age, and geographical location and the make. To knowing the Blue Book value is something that is quite useful if you are selling or even buying a mobile home. Most lenders would ask for the Blue Book value when one is taking a mortgage to purchase a home.

Even if you have the book at your disposal, it is still a good idea to get a professional appraisal. The formula for determining book value is actually complicated and a better opinion wouldn’t hurt much. The Book Value for mobile homes and areas that are considered average and low-quality can be easily determined while sometimes it just isn’t. One can also determine the value of your mobile home by purchasing such services from certain internet sites.

The NADA guides are also known as one of the prime providers of vehicle information to a majority of the nation’s leading banks, dealers, insurance companies, government agencies, credit unions, fleet and lease organizations, and financial institutions.

Add comment January 6th, 2008

Low Income Housing In Davie

More than 23,000 people live in mobile homes at Davie. And it had come as no surprise that Davie had ordered a halt to the sale of mobile home parks last year, so no residents would lose their homes as many are really incapable of moving. It had also given leaders a little breathing space to help formulate a new report for affordable housing options.

A lot of residents have found mounting numbers of empty lots and truth to the talk of mobile home parks being sold. And many wish to preserve their community, especially as only some 130 families still reside at parks like King’s Manor. Davie residents are now trying to come up with options for the town in possessing affordable housing. One option is the Trotter’s Chase development, a proposal for homes and apartments that will hold dozens of units for people with lower incomes.

According to Davie Mayor Tom Truex, many of these people are so vulnerable. He had also added that it makes sense for builders to set aside affordable units. While another option is to use bonds or low interest loans to permit mobile home residents to own the land their homes sit on.

A lot of people wish for the trailer park to remain, simply to ensure help to people who can’t really afford new homes. And throughout the park more and more lots tend to be empty. The town council had discussed the issue predominately in the recent past, and is the first South Florida community to delve into the issue.

Add comment January 4th, 2008

Mobile Home Loans And Financing Options

If you are looking for a mobile home, you’ll realize that there is a vast selection of loan programs and financing options to help you buy the affordable home of your choice. There are even quite a few mobile home sellers who offer financing for their customers. So when you go shopping for one, ask the company about the type of loan programs it can offer. Even if you have poor credit, you may be able to obtain the funds for a mobile home.

Interest rates would be higher, but could be refinanced on a later date when the credit rating improves. One can even find FHA loans suitable for mobile homes, such as loans for people who own their own land for a mobile home, and loans for those who would be living on an established mobile home park. FHA loans have certain requirements such as being capable of providing a 5% down payment and possessing an acceptable credit rating. And there are maximum loan amounts along with max-level terms. For instance, the loan term requirements are twenty years for a mobile home, fifteen years for a lot and twenty-five years for both.

Now, not all mobile home loans and mortgages are FHA and there are quite a few specialized private lenders who offer loans for mobile homes and/or manufactured homes. Now, interest rates for these privately funded loans could be quite high. Nevertheless, mortgage loans are frequently available for refinance at a later date. This is the reason why many people start off with a mobile home or manufactured home. If you do have bad credit and want to own a home, this would be a good idea. And you can always move on, once your credit rating has improved.

Add comment January 2nd, 2008

Living By The HDMA Act

All online lenders involved in real estate home mortgage loans are required to abide by the Home Mortgage Disclosure Act (HMDA), that is also known as “Regulation C”. They are required to provide information that is meant to prevent any discrimination in lending practices. For instance, all internet lenders have to garner information on every prospective borrower’s national origin, race, sex, income and other information. This is meant to permit monitoring for discriminatory lending practices.

Regulation C also applies to certain financial institutions, such as banks, credit unions, savings associations and other mortgage lending institutions. HMDA is especially subjected onto mortgage loans or home improvement loans for the acquisition and/or repair of residential dwellings, including condominiums, manufactured homes, mobile homes, or multi-family dwellings.

The regulation also intends to provide public information of a financial institution’s record of lending, in the communities where they are based. It is meant to assist public officials in scrutinizing public programs that are designed to draw investments by the private sector, by studying a lender’s mortgage loan record in order to determine whether there are any prejudiced practices against any classes of individuals.

Now, this information should be found on the Real Estate Loan Application Form 1003 in the government monitoring section. It would request a borrower for all information regarding national origin, race, sex, income relied on, sum of the loan, intention of the loan, location of property, and the action taken and date of such action.

The regulation would also allow the borrower an option as to whether they would like to provide the data concerning national origin, race and sex and they do not have to provide information on national origin, race, or sex if the application is taken by a telephone interview.

Add comment January 2nd, 2008


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