In view of the popularity of Mobile Homes and the demand from those who could not afford buying the conventional brick and mortar homes, the Department of Housing and Urban Development (HUD) is coming forward to finance the Mobile Home buying.
The system works this way – lenders in the approved list of HUD can extend home loans to barrowers towards buying Mobile homes from their own resource and after satisfying the eligibility criterion of the barrower. FHA insures such loan amounts to the lenders that in case of default in repayment, HUD will reimburse the lenders with the dues.
The purpose of such loans is for purchase or refinancing of manufactured homes, a lot for placing the manufactured home or a combination of purchase of manufactured home and a lot. The pre-condition for the loan is the barrower should use the Mobile home as their principal residence. The interest rate charged is generally the market rate prevailing at the time of purchase of the Mobile home. (more…)
The world press is publishing news day in and day out about the ongoing crisis in U.S. real estate market, where house owners are the most distressed lots – either forfeiting their equity to foreclosure epidemic or having sleepless nights as to how to sell of their homes for a reasonable price. You can be a home owner and still be singing without these worries and hassles, if only you acquire a Manufactured Home or a Mobile Home.
(more…)
‘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. (more…)
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. (more…)
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. (more…)
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. (more…)
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. (more…)
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. (more…)
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. (more…)
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. (more…)
Next Posts
Previous Posts