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Finance and Refinance

Now is the Time to Buy Your First Mobile Home

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There are many reasons to buy your first home now, and purchasing a manufactured home can be more affordable than renting an apartment. The first reason to buy a mobile home is low mortgage rates. If you have good credit, and a down payment, you can get into a manufactured home for less than renting in most cities. Another reason to consider buying a mobile home right now is the state of the market. Prices on homes are hitting the bottom of the curve, many economists predict. So, if you buy now, there is a good chance that the property and home will increase in value over the next few years. Of course, it is always a good idea to invest in a home rather than rent because your money is going towards purchasing an asset.

Mobile home financing is difficult to come by compared to a year ago, but there are still options available. We can tell you in a short phone conversation how likely you are going to be approved, and at what rate. You’ve got nothing to lose by calling to find out if buying a manufactured home is a smart idea. Getting financing can be scary, but with seasoned mobile home loan experts behind you there is nothing to worry about.

August 31, 2009 · Tagged with , , , , , ,

Production

Mobile Home Park Rebounds After Fire

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After 10 months, the San Fernando wildfire devoured more than 11,000 acres and destroyed nearly 500 residences, most of them in the Oakridge park. The first new residence has been completed, and the Kessler family has started movig into their brand new manufactured home, a beautiful yellow home with white trim. Of the 600 homes originally in the park, 101 were cleared for residency shortly after the fire and 17 required repairs. Today, 90 homes that sustained little or no fire damage have been reoccupied, said Ginny Harmon, Oakridge’s manager. A total of 130 lots have been cleared in preparation for new structures.

“It’s still a beautiful park,” Adam Kessler said. “And it’s a really nice community. It’s centrally located. It’s close to family. I like the security, the beauty, the people.” He captures mobile home park life in these statements. There is a comeradery found in mobile home parks that can not be duplicated elsewhere.

August 27, 2009 · Tagged with , , , ,

Laws & News

Foreclosure’s Continue, but could be Slowing

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Around 13% of U.S. households with mortgages was in foreclosure or behind on its home loan payment during the second quarter of 2009, which puts added pressure on federal programs aimed at preventing foreclosures. However, foreclosures have slowed on the subprime loans that initially ignited the mortgage and banking crisis, loans extended to borrowers with good credit are deteriorating at a faster rate as falling home prices and mounting job losses effect more American households.

How can the situation to improve for the financial and real estate markets? There has been little reform of the housing finance system in this country. Fannie, Freddie, and the FHA still provide almost all finance for housing. Mortgage originators, the ones who make the borrower-by-borrower lending decisions, still retain absolutely no risk on the mortgages they originate. They still originate to sell, instead of selling to private investors, they sell to the government. The answer is in legislation.

August 24, 2009 · Tagged with , , , , ,

General Info, Laws & News

Existing-Home Sales Rise 7.2%

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The past two years have been tumultuous for the housing market, however there is a small ray of light now shining through. That ray of light comes in the form existing-home sales rising in July to their highest level in nearly two years. This rise was more than expected, and was the highest increase in percentage in over a decade.

Foreclosures and short sales reflect 31% of sales in July. Distressed property sales have pushed prices lower, year over year, attracting buyers not sidelined by unemployment or tight credit conditions.

WSJ – Full Article

August 21, 2009 · Tagged with , , ,

Finance and Refinance

Mortgage Rates Hit 6-Week Low

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“The market is finally turning the corner after a severe three-year slump” said BMO analyst Sal Guatieri before the release. Many are expecting the fourth consecutive monthly increase in home sales. This increase would be the longest string increased home sales in five years.

Average rates for a 30-year mortgage fell to a 6-week low at 5.15%, which is increasing demand for purchases, refinancing, and new mortgages to all advance. The manufactured home market generally follows the housing market trends, but has also been known to stray.

Keep a tight watch on your mobile home financing and refinancing options by coming to our blog, and also feel free to call us at (800) 882-1999 if you have any specific questions about financing or refinancing your manufactured home. We’ve been doing this for 28 years, so we kinda know what we’re talking about.

August 20, 2009 · Tagged with , , , , , ,

General Info

To Be, Or Not To Be, Optimistic?

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Every day the media sends us mixed signals about the housing and banking markets. We hear that a new report shows that the real estate market will be turning around, then without even a commercial break the anchor tells us that the 6th larges bank meltdown has just occurred. Then we hear that Building expectations are optimistic, but mortgage rates are mediocre and credit is difficult to get.

What are we to make of all of these mixed signals? All I can say is that America has transformed from a beautiful marlin, leaping the oceans surface, into a bottom-feeding catfish. This just means that we are treading along the bottom of the market currently. American news resources do try to relay this message, but it gets muddled together with the good and the bad. Overall, things are improving and they are worsening, that always happens. Not much more can go wrong, lest we get into a catastrophic territory.

All I know is that right now, all Americans are effected and All Americans are worried. Our government needs to focus 100% on the coutries economic and internatioal woes, then once the recovery is complete we can argue over health care, and hold town hall meetings every night. This is madness.

August 18, 2009 · Tagged with , ,

Finance and Refinance

Banks Remain Tight on Lending Standards

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Lenders are Tight on Home Loans

Lenders are Tight on Home Loans

“Domestic banks indicated that they continued to tighten standards and terms over the past three months on all major types of loans to businesses and households,” the Federal  Reserve’s survey of senior loan officers said.

Looking ahead, the Fed said most banks plan to keep lending standards tighter than average levels over the past decade, but that should be expected given the reputation lenders made for themselves leading up to the subprime crisis.

This is definitely expected, however very unwelcome. These tight standards that banks now hold themselves to can only be compared to a farmer that depletes all the resources from the soil as fast as possible, then blames the grocery store for their loss in livelihood. The banks have been taking supreme advantage of the loose legislation for half a decade, and they are very irresponsible for doing so. Now, the hens have come home to roost, and the banks are acting irresponsibly in the other direction. Lenders are finding phantom reasons to decline even the lowest risk loans.

In an economy that the banks are majorly responsible for ruining, they are now proceeding to decline America by acting reactively and not responsibly. A retired American with a good bank account, credit score and income cannot get a loan to purchase a manufactured home, even though Berkshire Hatheway recently came out and said that they are a lower risk than a traditional home loan.

Banks and their irresponsible tight lending practices are sending ripples throughout an already brittle economy, and the ripples are effecting the working and retired alike.

August 18, 2009 · Tagged with , , , , , ,

Production

Modern Manufactured Home Designs

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modern manufactured home

modern manufactured home

The new iHouse by Clayton offers a modern and energy efficiency in a manufactured home design, with a price tag starting at about $100,000. This is the first of it’s kind in the manufactured housing community, and it is revolutionary.

A statement from the iHouse website reads:

“The i-house is now available for those who are committed to modern living. If you wish to begin the process of acquiring the i-house and become a Charter 100 owner please register using this page. Your personal i-house building specialist, who will listen to your needs, communicate developments and assist you in delivering your efficient and environmentally responsible home, will contact you. Take the first step to living responsibly for the next generation.”

More Information:
iHouse website
iHouse Brochure

August 17, 2009 · Tagged with , , , , , ,

Production

How are Manufactured Homes Built?

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Manufactured Homes are built in a factiry.

Manufactured Homes are built in a factory.

Buying a new manufactured home means you don’t have to spend your time fixing-up an old site-built home. Since the buyer chooses the colors and textures of the inside and outside of a manufactured home, there aren’t any aesthetic improvements necessary either. Many people who live in mobile homes say that the low maintenance feature is a large selling point for them.

Modern manufactured homes are nothing like what you may have seen 20 years ago. They are much better. Manufactured homes are well built and have many advantages, including energy efficiency, quality workmanship, and dry wood manufacturing. The energy efficiency can be found in the use of thick insulation and quality windows and doors. This eliminates drafts in the house, and prevents climate-controlled air (which you pay for) from getting outside. So, your heating and cooling costs are lowered, and most importantly you stay comfortable.

There are two options on where to place a manufactured home, in a mobile home community or on private property. There are benefits to each, it just depends on your preferences. In a community, you own the home, but the site is leased. Many communities provide clubhouses, pools, and more. Communities also usually have very little upkeep or yard maintenance, and allow you to develop close relationships with neighbors, and even participate in social events. A manager, who lives in the community is there to serve the needs of the homeowners, from solving problems to keeping everyone safe. Home Security Systems can also be installed in manufactured homes to increase the security, or include medical alert features.

Modern Manufactured Homes are often mistaken for site-built homes, because they can look so similar. Steeper roof’s, gables, and larger floor plans all make a mobile home more desirable to buy and live in. Also, home buyers also have the option to add matching garages or separate storage buildings.

People who would like to live in a larger plot of land, may choose to place their manufactured home on private property. Of course this is more expensive up front, but there is no leasing with this option. Whether a homeowner chooses to place their manufactured home in a community or on private property, they have the same options across the board. There are three options for a foundation: concrete slab, crawl space, and a full basement.

August 14, 2009 · Tagged with , , , ,

Production

10: Insulating the Walls, Floor and Ceiling

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Insulating your walls, floor and ceiling in your mobile home will save on energy costs

Insulating your walls, floor and ceiling in your mobile home will save on energy costs

Insulation in walls, floors, and ceilings acts like a blanket, keeping the heat inside your home in winter—and keeping the heat out of your air-conditioned home in summer. Like a blanket, the thicker the insulation, the better it works. The performance level of insulation is called its R-value, which indicates its resistance to heat flow. (As R-value goes up, energy use goes down).

Insulation in manufactured home walls and floors is usually fiberglass batts. Ceiling insulation is usually loose-fill fiberglass or cellulose. Before the first energy crisis in 1973, most homes built in the U.S.—including manufactured homes—contained little insulation. The level of insulation used in homes has been increasing ever since. The recommended amount of insulation for a given house depends on its climate; colder climates generally demand more insulation.

Determine if your home is a candidate for adding insulation. Decide what part of your home, if any, should be insulated: floor, ceiling and/or walls.

August 12, 2009 · Tagged with , , , , , , ,

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