Mobile Home Loans and Manufactured Home Production topics.
If you are looking to buy a manufactured home in California, we now have a great option for you. Along with our decades of experience in factory-built home loans, we are now licensed to sale manufactured homes. Call us at (800)882-1999 for a free consultation.
The good news is that just because you lost your home to foreclosure, this does not mean you’ll never be able to buy another. However, you will need to be smart about repairing your credit, because the foreclosure has definitely dropped your credit score into the “too low to get approved” area.
“A foreclosure will cause a credit score to drop sharply, typically by 200 to 300 points,” says Andrew Housser, co-CEO of Bills.com, “That would drop a score of 700 – considered a ‘good’ score – to as low as 400 – considered pretty terrible.”
Going through a foreclosure could effect your credit score for up to seven years, however, Housser adds “If you keep all of your other credit obligations in good standing, your FICO score can begin to rebound in as little as two years. The important thing to keep in mind is that a foreclosure is a single negative item. If you keep it isolated, it will be much less damaging to your FICO score than if you had a foreclosure in addition to defaulting on other credit obligations.”
It is also very important to remember that there are many Americans that have gone through the foreclosure process, much more than in ever before in our countries history. And even though a foreclosure on your record was the “kiss of death” 5 years ago, it is generally understood that the housing crisis was mostly caused by loose legislation and opportunistic banks. So, there could be a sympathetic eye given to foreclosure victims in years to come.
I would not be doing you any favors without some advice on how to re-build your credit score, so here it is:
Since your credit has taken a hit, keep your cash flow high. Almost all cases of bad credit are an emergency, whether it be medical bills, foreclosure, loss of employment, or a family emergency. If your credit score has dropped from a foreclosure, then it is extremely important to have cash reserves in case of another emergency. Even if it means selling off some of your luxury items, or making some major lifestyle changes, remember that you no longer have the credit options that you had before. And if an emergency happens, you will need to have cash available to prevent a wrench from being thrown in your credit rebuild endeavors.
California’s Proposition 60 offers tax relief by preventing property reassessment when a senior citizen (55 +) sells their current home and buys a new home worth the same or less. One problem with Prop. 60 is that the tax relief is nullified if a senior buys a home in another county. However, with Prop. 90 a senior citizen will enjoy the tax relief even if their new home is in another county, as long as they move to a participating county.
It is important to know that there is an application process to qualify for the tax relief, it is not automatic. Within three years, the application must be submitted. The counties that are currently participating in Prop. 90 are: Alameda, El Dorado, Los Angeles, Orange, San Diego, San Mateo, Santa Clara and Ventura.
CMHI has formed a list of 5 important prerequisites to obtaining mobile and manufactured home financing. To satisfy the five essentials for real property lending on manufactured housing:
Penn State University carried out a mail survey in 12 rural Pennsylvania counties, the findings showed that mobile home residents were “overwhelmingly satisfied” with their housing choice. The survey elicited 385 responses. The results showed 48 percent of the respondents cited affordability as a benefit. Another 47 percent said the interior layout of the mobile unit contributed to their satisfaction.
Many mobile home residents can afford to live wherever they please, but choose to live in a manufactured home because they enjoy the lifestyle. The findings of this survey are likely to hold true in mobile home parks across America. It is no secret that a manufactured home can be custom built to meet the owners needs and wants for much less money than a site-built house. The crash in the American economy has created a wave of foreclosures, and mobile home parks are becoming very popular for families. Even with a lower foreclosure rate, mobile home loans are still difficult to finance across America because conservative lenders are not very interested in lending.
In order to determine this value you must first identify what you actually have.
Do you have a manufactured home,mobile home or modular home. It sounds like you have either a manufactured or an RV/mobile home. What year was it made? Prior to 76 the value drops off the map as there is no available financing for it outside of creating a note on it and selling the note.
We just did a streamline loan at 5.25. We did not have to pay anything. Rates have gone down are we able to refinace.again?
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A housing market that isn't in decline
Fort Worth Business Press As defined by the Texas Manufactured Housing Association, or TMHA, a mobile home typically refers to an older product built before the Housing and Urban … |
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Project to provide service to nearby mobile home park
Warren Tribune Chronicle WARREN – Earth is moving on a sewer project in Warren Township that's expected to spur job growth and service a nearby mobile home park. … |
Hello, i am self employed and have been running into problems obtaining financing on a new home because my tax returns don't show a lot of taxable…
