Posts filed under 'Manufactured Homes'
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
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.
December 7th, 2007
Manufactured or mobile homes are the mainstay of people who cannot afford the exorbitant costs of higher priced apartments and homes. They are also the only option very often of people who cannot qualify for loans that these more expensive homes entail. However, what happens when a manufactured home has a future that is not very sure? At least where location is concerned?
The recent years have seen a number of mobile home parks giving way to shopping centers and apartment blocks and one organization is determined to stop this. It feels that the residents should be notified and allowed to choose whether they want to buy the land their manufactured homes stand in or not.
It is a group that comprises many religious groups and the People Acting Together in Howard (PATH) has pushed for legislation for the right to have the option to buy the land that their manufactured homes stand on. Though the land that their manufactured homes stand on is not really threatened at the moment, they are preparing for future contingencies.
For so many who do not qualify for moderate-income housing programs, a mobile home is the only affordable option and the law today that gives the residents a year’s notice to move is just not on, feel the members. The group has proposed several options for affordable housing in Howard County like a housing initiative trust fund, the replacement of every affordable house lost being replaced by another affordable one and the new units being on the same site, not moved to another one.
November 27th, 2007
If this revolutionary proposal goes through in Milo, Maine, there will soon be brand new manufactured homes instead of the very old mobile homes that exist now. Most of these have really no value as they stand right now and the living conditions in these lots are pretty bad. This is all set to change if the Penquis proposal for upgrading these sees the light of day.
What Penquis has proposed is to set aside a part of the village area and sell the lots and new manufactured homes on them to the owners of the old homes at a very low mortgage rate. They aim to work with those interested to help them prepare the loan applications and through the Rural Development program, the homeowners would pay as little as $2.94 a month on every $1,000 that they borrow. Once they get feedback as to how many would like to participate in this endeavor, it could be determined how much of a market there could be for this new scheme.
This could augur well for the community as a whole by bettering the standard of living for the people in the old substandard homes. Also under consideration is whether these homes could have a lock-in value so the owners don’t have to grapple with increasing taxes. This would of course, require a town meeting vote so this area could be declared a Tax Increment Financing District. Considering most of the mobile homeowners are paying little or no taxes right now, there will be some property taxes coming in once the scheme is through. Looks like a win-win situation for all concerned.
November 20th, 2007
These days, the cost of living is constantly increasing and is now reaching all time high levels. Because of this fact, many people are now unable to afford getting a home. If you are one of these people, then your best choice in home ownership is by purchasing a mobile home.
This type of home is a lot cheaper than conventional homes. However, when it comes to taking a mortgage for mobile homes, you will see that it will be somewhat difficult to do as not all lenders will be interested in financing a mortgage for a mobile home.
The reason for this is that mobile homes tend to depreciate in value over time. This means that it is much riskier to approve a mortgage with the mobile home as collateral.
If you are having difficulties in finding a mortgage lender, then a mortgage broker that specializes in mobile homes can be your best choice.
The great thing about a mortgage broker is that they will be able to provide you with a wide range of mortgage programs. With their services, you will be able to choose the loan program that will suit your needs. However, before you rush off and hire a mortgage broker to find a mortgage loan program for your mobile home, it is important that you need to know how to pick the right mortgage broker for you.
First of all, a mortgage broker is not affiliated or is working for a particular lender. They are independent professionals who can shop different mortgage loan programs for you. You need to consider the fact that mobile home mortgages are quite hard to come by. So, if you exhausted all your resources in just finding a mortgage loan for your mobile home, you will see that a mortgage broker will be of big help.
Using a mortgage broker is like having a group of car dealers that will be able to give you their offers. This means that you will have a wider variety of loan programs to choose from. So, if you are tired of chasing around lenders to help you get your much needed mortgage loan for your mobile home, you will need a mortgage broker.
First of all, the right type of mortgage broker will not give you only one particular loan and force or persuade you to take it. You need to look for a mortgage broker that will be able to present you with different types of mortgage loan programs available for a mobile home.
Adding to this fact is that the mortgage broker should also be able to explain to you the difference between each of the mortgage programs being offered to you. They should have knowledge about the technicalities of mortgages and should be able to explain them to you in lay man’s terms.
Also, the right mortgage broker should never give up until they get the good type of mortgage that you can benefit from. They should provide you with the best deals possible for a mobile home mortgage. If they don’t, then this means that they are lazy or inexperienced and you shouldn’t stick with this type of mortgage broker.
These are the things that you should look for in a mortgage broker that specializes in mobile home mortgages. Although mobile home mortgages will naturally have high interest rate, the mortgage broker you hire should be able to find the best type of offer for this type of mortgage.
November 13th, 2007
Today, mobile homes are now getting more and more popular in the United States. Even in the Golden State or in California, mobile homes are now very popular for many people. There are quite a lot of reasons why mobile homes are now the preferred homes of people living in California. First, it is way more affordable than conventional homes, and second, it can be moved when necessary.
In California, you will find it hard to get a mobile home financed by large financial institutions. So, how will you be able to get a mobile home if you can’t even get a loan to help you buy the mobile home of your choice?
If you need to get a mortgage loan for a mobile home in California, it is recommended that you should find a lender that specializes in this type of mortgage loan. Mobile home lenders are individuals or businesses that will be able to offer you mortgage loans to finance the purchase of mobile homes if you are a qualified buyer.
However, since mobile homes depreciate in value far quicker than a conventional home, you will find that the majority of mortgage loans for mobile homes have higher interest rates than conventional home mortgages. The reason for this is the risk factor in mobile homes as collateral for the loan. Besides, try to be in the shoes of the lender. You wouldn’t want to loan someone that will give you a collateral that depreciates quickly, would you? What if they haven’t been able to pay off the loan? That leaves you to repossess the collateral that you agreed upon and sell it in order to get your money back. If the collateral depreciates quickly, you will be forced to sell it at a much lower price.
Another reason that mortgage loans for mobile homes have such high interest rates is that it is not regulated by the US government.
These are the reason why interest rates are high for mortgage in mobile homes.
However, even though the loans will be high in interest, this may work in your favor, especially if you have bad credit rating. This type of loan will give you a chance to own a mobile home and also give you a chance to fix your credit score. Just keep in mind to pay your monthly dues on time in order for you to decrease the risk of getting your home repossessed by the lender and also get your credit rating to become worse than it already is.
Also, because mobile homes tend to be much cheaper than traditional homes, high interest rates will not matter as you will be able to afford it because of the relatively low price that the home is worth.
Mobile homes today are quite different in the past. If you picture it as a home with cramped spaces, then you can never be more wrong. Mobile homes today are stylish in design and are also very spacious. Although it may not be the dream home you pictured, it will definitely make your dream of owning a home a reality.
These are the reasons why you should purchase a mobile home in California. If you are unable to finance the purchase alone, you might want to consider getting a mobile home mortgage loan from the lenders available. Be sure to shop around in order to get the best deals possible in a loan program for mobile homes.
November 3rd, 2007
As a first time home buyer, you know that buying a brand new home can be quite heavy on the budget. To make things more difficult, you have to face that fact that you don’t know anything about buying a home as you never experienced doing so yourself.
If you do not have that much money but you still want to buy your own home, then mobile or manufactured homes is your best bet. First of all, manufactured homes are built in an assembly line in a factory.
The whole house will then be delivered in the lot where it will be situated. The great thing about manufactured homes is the fact that it is very cheap and it can build equity. This means that the value will increase even if it is a manufactured home which will mean that you will be able to sell it at a higher price.
Today, there are quite a lot of used manufactured homes available for sale. The great thing about used manufactured homes is that it is relatively cheaper than brand new ones. Also, because manufactured homes are built in simplicity, maintenance will also tend to be a lot cheaper. A good manufactured home will also tend to provide you with low cost insurance, and lower property taxes. However, buying a used manufactured home does have some problems.
It is important that you should watch out for these problems in order for you to obtain all the benefits of buying a manufactured home.
The first problem is the age of the manufactured home. If it is too old, it will make it tough for you to finance. Although some old manufactured homes may be financed, you will see that it will have a very high interest rate. So, this means that you should check the age of the manufactured home you plan on buying before you even consider making an offer for it and also make sure that you should take the higher payments into consideration when you compare your options.
Another factor about the age of the manufactured home is the insurance for it. Usually, the older the manufactured home you purchase, the less likely you will be able to get it insured. Try to find out if you still can obtain a reasonable insurance rate for the manufactured home you plan on buying before you purchase it.
You also need to consider that manufactured homes built before 1976 have aluminum wirings that can be hazardous as this metal can react to other metals which will cause the wiring to break. You definitely wouldn’t want to buy a home that sparks on the inside of the walls. Try avoiding manufactured homes with aluminum wirings as this type of manufactured home is a fire hazard. If you still plan on buying a manufactured home with aluminum wiring, you may want to have it rewired in order for you to get it to be safer to live in and also get it approved for insurance.
Stains and leaks should also be checked in used manufactured homes as this type of problem is very common.
Nevertheless, if there are any problems with the used manufactured home you plan on purchasing, you will see that renovating it will be much cheaper than renovating a traditional home.
These are the things you have to remember about buying a used manufactured home. By following these tips, you can be sure that you will find the right first manufactured home you will invest and live in.
October 31st, 2007
When it comes to owning a home, you know that getting insurance for it is very important. For people with manufactured homes, it’s another story. Most people who owns and lives in manufactured homes tend to think that getting their home insured is very difficult to do or sometimes impossible. However, this is only a misunderstanding and there are quite a lot of home insurance companies today that offer coverage for manufactured homes.
However, it is very important that you should do your homework about manufactured home insurance as it is not quite similar to insurance policies offered in conventional or traditional homes. There are different types of insurance policies for manufactured homes that you need to be familiar with in order to help you make the right decision.
So, here are some tips that you can use in order for you to know what you want in an insurance policy for your manufactured home.
Basically, there are three important things that you need to aware of when it comes to looking for an insurance policy for your manufactured home. These are:
• Personal property or personal possession protection
• Liability coverage
• Insurance on the home itself and also insurance on the surrounding properties
The type of manufactured home insurance policy that you should look for should offer protection to your personal possessions or personal property. Try to make a list of all your personal items and include a picture of each. Document this and store it in a secure place, which is not your home.
This list will be very useful in case your home is destroyed. This will serve as a proof of your personal possession and it will enable you to get proper compensation. You may also want to try giving a copy of the list and pictures to the insurance agent, but it is very important that you keep a copy for yourself just to be on the safe side. Although you may find this unnecessary, you will see that it will be very helpful when you are going to claim for the coverage.
The second important thing that you should look for in a manufactured home insurance policy is liability insurance. This will serve as your protection against lawsuits. If someone gets hurt on your property or inside your home, the liability insurance feature will be able to cover the medical expenses that are associated with the injury sustained by the individual in your property or in your home. Good manufactured home insurance should also cover legal defense in case you are sued by the person injured.
The third thing that you should look for in a manufactured home insurance policy is the insurance to the home itself and the surrounding properties. With this policy, it will be able to cover the home itself in case it gets destroyed. Try getting a policy that will include coverage on fire damage, explosion damage, vandalism, and other disasters that can potentially destroy your home.
These are the three things that you need to remember about the insurance policy that you should get with a manufactured home insurance. By having these three basic coverage, you will be able to make sure that you and your home is well-protected.
Although manufactured home insurance policies are pricier than traditional home insurance policies, you will see that it will be worth every penny. Besides, with this, you will be able to protect yourself and your home from basically about anything.
October 9th, 2007
When it comes to buying a home, you know that buying a traditional home is quite expensive. Especially in today’s economy, you may find it difficult to pay for traditional homes.
As a first time home buyer, buying a manufactured home is one of the best choices you have. Often, people who are not sure about buying a home choose manufactured homes as it is cheaper and the manufactured home is also somewhat like a mobile home that you can move from one lot to another.
The great thing about manufactured homes is that it can be ready within 5 to 10 days or depending on the where the real estate you own is situated. However, it is still better than waiting for months just to get your home ready. Today, you will find manufactured homes to be very spacious, well-designed, and very affordable.
Another great feature of manufactured homes is that it is thoroughly inspected to meet the construction standards of the US Department of Housing and Urban Development. It is also often energy efficient, very durable, and has fire resistant features to ensure additional safety to the person living in it.
You will be able to find different types of manufactured homes with different architectural designs. Although it may not be the dream house you want, you will still see that you will be able to find the home that you need.
When you plan on purchasing a manufactured home, there are some things that you have to keep in mind in order for you to choose the right type of manufactured home. The first thing that you have to consider is that price. It is important that you should look for a manufactured home that you can afford and at the same time look for a manufactured home that will be able to accommodate the size of your family. Basically, a basic single section home will cost you about twenty five thousand dollars. It will have basic features and amenities that you need to live life comfortably. However, if you have a large family, you can consider getting a multi section home for about a hundred thousand dollars or more.
If you can’t afford a brand new manufactured home, you can consider buying a used manufactured home. However, you have to keep in mind that homes like this are quite susceptible to damage. Try bringing a building inspector with you in order for you to know about the home you are interested in buying.
Leaks, infestations and other factors that can depreciate the value of the home are signs that you have to abandon the idea of purchasing homes like this.
Manufactured homes are quite cheap. With over a hundred companies existing today that make manufactured homes, you will see that you will be able to shop around for variety and price. Just make sure that you can afford the manufactured home you are purchasing.
You need to remember that investing in a manufactured home is a big decision that you and your family have to make. Besides, you will be living in it. If you choose the wrong type of home, then you have to put up with your mistakes for quite a long time.
These are the things that you need to remember about buying a manufactured home for sale. By following the mentioned tips, you can be sure that you will be able to find the right type of home for you and your family.
October 4th, 2007
Next Posts