Archive for January 25th, 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.

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