Posts filed under 'Manufactured Homes'
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.
January 20th, 2008
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.
January 10th, 2008
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.
January 6th, 2008
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.
January 4th, 2008
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.
January 2nd, 2008
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.
January 2nd, 2008
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.
December 20th, 2007
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.
December 18th, 2007
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.
December 17th, 2007
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.
December 10th, 2007
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