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General Info

The Benefits of Mobile Home Park Living

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Over ten percent of Americans choose to live in manufactured homes, and most of those are in mobile home parks. Those who don’t know anything about mobile home living may be wondering what benefits are included in this lifestyle. Here is a brief list, and I’m leaving off many benefits to focus on the big ones.

Amenities are very common in mobile home parks, and they arewell used in the community. Most Mobile Home Parks have a pool and spa and a clubhouse and maybe some shuffleboard. They are upkept by a property management company that handles the cleaning, lawncare, security system, and other forms of maintenance. Since many mobile home parks have a large retired population, these amenities are well used and are a great way to meet your neighbors.

Mobile Home parks also have a great communal feel to them. It is a throwback to times when your neighbor watched out for your home when you were on vacation. People go for walks around the community, and they even stop to say hi and will have a conversation with you until it’s dark. The casual atmosphere makes mobile home communities a sanctuary from the hustle and bustle that American life has become.

Many people have a stigma of living in a mobile home, the phrase “trailer trash” comes to mind. I assure you that this is not the case in a mobile home community. The “trailer trash” stigma is from the country folks that live in a mobile home placed on an acre of land in rural areas. Mobile home living is as far away from that as possible. In fact, manufactured homes are beautifully crafted today, with vaulted ceilings, energy efficient add-ons, and cosmetic features for the inside and outside of the home. You may have been in a manufactured home recently and not even known it.

For these reasons, many Americans love their mobile home park lifestyles, and they would not live anywhere else.

August 26, 2009 · Tagged with , , , , , ,

General Info

California Manufactured Home Institute (CMHI)

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The California Manufactured Housing Institute (CMHI) was founded to advance the availability of factory constructed homes by promoting the sale of factory constructed housing and the development of desirable sites and communities in California. The California Manufactured Housing Institute is a non-profit professional and trade association representing builders of factory constructed homes, retailers, financial services, developers and community owners and their supplier companies.

CMHI provides great resources for anyone seeking a service related manufactured homes. If you are looking to finance or refinance a mobile home loan, don’t bother, however, just give us a call at (800) 882-1999. If you need any other manufactured home services, they are a great resource for you.

Another service offered by CMHI is up to date information on California and federal Manufactured Home laws. The homepage has the “Latest News” right in the middle. Along with links to the left of the homepage that will take you to pages such as: Publications, Government Codes, Photo Gallery, and Definitions.

August 20, 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 , , , , , ,

Finance and Refinance, General Info

Home Appraisers on the Hot Seat

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Appraisals are supposed to shield manufactured home buyers from paying too much and lenders from overestimating the value of their collateral. If appraisals come in too high, mobile home buyers may overpay, making defaults more likely. If they are too low, it becomes hard to sell or refinance the manufactured home. Many real-estate agents and builders say that the pendulum has swung too far toward caution, and that undervalued appraisals threaten to prevent or prolong any recovery in the housing market.

In addition, to make a living in these difficult times, appraisers are driving longer distances to handle more assignments. This raises the qurestion: Does the appraiser even know enough about the mobile home parks to accurately assess the value of the manufactured homes. This has implications for both home buyers and owners, because if the home is undervalued they will havea very difficult time refinancing their manufactured home loan.

August 18, 2009 · Tagged with , , ,

Finance and Refinance

Manufactured Home Finance or Refinance: Get a Credit Report

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Credit Report and Manufactured Home Financing

Credit Report and Manufactured Home Financing

If you are considering buying or refinancing a manufactured home, make sure you get a copy of your credit report and review it for its accuracy. It is possible that there are errors on your credit report, and if they aren’t corrected before you apply for a manufactured home loan, the errors can derail the entire process.  Each year as a consumer, you can request a free copy of your credit report from each of the credit reporting agencies.   You can contact them via phone to request or on line by visiting www.Experian.com, www.Equifax.com and www.Transunion.com.  Please note, these reports will NOT provide a credit score for free, only a credit report. In order to secure a par interest rate you must have a FICO score of 740 or higher. If you are looking to use FHA financing, expect the rate to be higher than conventional financing.

This morning, we are seeing the best mortgage rates of the last several weeks.  Each time rates fall below 5%, they have not remained there for very long. The last time we saw 4.875%, it was available for all of one day!  This has been a very consistent pattern since early Summer. As such, I will caution you to not get too greedy. Can rates move lower?  Absolutely, but there is much more room above for rates to go higher. Rates move much faster upward than they move lower as lenders are reluctant to pass along lower rates. If you can lock a rate today under 5% on your mobile home financing or refinance your manufactured home loan you might want to take advantage.

August 17, 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 , , , ,

Finance and Refinance

3 Reasons to go with a Manufactured Home Finance Professional

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Using a manufactured home finance specialist will save you money and grief.

Using a manufactured home finance specialist will save you money and grief.

It seems like common sense that if you need financing for a manufactured home, then working with a lender or broker that specialize in your needs is the way to go. However, many mobile home buyers are lied to or deceived by desperate agents or companies that specialize in traditional lending, trying to break into mobile home loans. Only after dragging their customers through the entire (process and racking up quite a bill), do they realize that they could not secure financing for a manufactured home to begin with. Many of our customers don’t find us until another lender or broker has cost them up to $1,000. If this isn’t convincing enough, here are 3 reasons to seek out a mobile home loan professional to learn your financing options.

1. The banking and real estate market changes every day, and this includes the mobile home market.

Only a specialist in mobile home finance will know the lenders that do and don’t lend for manufactured home loans. Many lenders that used to lend for mobile homes, stopped their programs within the past 6 months, and if they didn’t cancel their program they have changed it quite a bit. Only a firm that specializes in mobile home finance will know the ebb and flow of this highly specific niche market.

2. Manufactured home finance has it’s own laws and regulations.

An agent or broker that only works with traditional loans does not know the intricacies of the mobile home market. This leaves the buyer, seller and any third party very exposed to legal action if the agent or broker’s ignorance causes any legal or regulatory snags in the deal. Manufactured homes are treated very differently in federal and state laws, and unless the agent or mortgage broker is in the know, there is a huge potential for a catastrophic mistake.

3. Using a mobile home loan specialist will save you money, short term and long term.

Real estate agents and mortgage brokers without mobile home experience try to apply their traditional housing experience to mobile homes, and this does not work. They will charge you to get an appraisal on a home that may not even have any comparable sales in the area, which makes it nearly impossible to finance. This will waste $400 of your hard earned money, and you’ll get nothing for it. A manufactured home specialist knows the process, and you will enjoy the wealth of experience they currently have, instead of being drug through the learning curve of a stick-built agent. Use a manufactured home finance expert from the beginning, and you are much better off.

August 14, 2009 · Tagged with , , , , , , ,

Finance and Refinance

Renting vs. Buying a Manufactured Home

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Renting vs. Buying a manufactured Home

Renting vs. Buying a manufactured Home

How do you know what makes more sense, renting an apartment or buying a mobile home? There are many factors that come into play, and the process of analyzing can be overbearing. So, here is a short and sweet post about where to start.

Not everyone is a CPA, and knows how to calculate the feasibility of buying a mobile home over renting an apartment. So, it is important to keep things simple. It comes down to two questions you must ask yourself if you want to own a manufactured home. If so, you must qualify for a manufactured home loan? Click to apply now.

If you decide that you don’t want to own and live in a manufactured home, stop reading now. If you are interested in becoming a homeowner and investing in your future, then read on.

Does it make Financial Sense?

First, take your current rent and multiply it by 12 (months) and then multiply it by 20 (years), then multiply it by 1.25 (to loosely account for rent increases). Now you know how much you will spend on rent over the next 20 years, and have nothing to show for it. If your rent is currently $500 per month, then you will spend about $150,000 over the next 20 years.

Do you trust the Real Estate Market?

In this market, it may be difficult to see real estate as a sound investment. But if you look at the big picture, it has traditionally been very strong. However, even with the recent housing market slump there has been about a 100% increase in housing prices. This means that if your $500 rent payment was made towards a mortgage, you could have a home worth $300,000 after 20 years, rather than nothing.

Can you get Approved for a Manufactured Home Loan?

The financial market meltdown has certainly made it more difficult to get financing for a manufactured or mobile home. However, there are still lenders and brokerage firms that know how to get you approved. You do have to be a very low risk to the bank, though. You must have good credit, no bankruptcy in the past 4-5 years, a down payment of atleast 10%, and a verifiable income. Taking all of this into account a mobile home mortgage broker can configure your ratios, and you are on your way to owning your very own manufactured home.

August 13, 2009 · Tagged with , , , , , , ,

Laws & News

HUD allows the First Home Tax Credit to be used for down payment

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HUD states, “The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers. FHA supports this important initiative to promote homeownership… Consistent with existing FHA policy, FHA will permit entities covered by Section 528 of the National Housing Act to use the current authority to offer tax credit advances with second liens in a manner consistent with the requirements in 12 U.S.C. 1709(b)(9). Eligible government agencies and instrumentalities of government are described in handbook HUD-4155.1 5.C3 and 5.C4.”

The First Time Home Buyer Tax Credit is available to Manufactured Home buyers.

August 12, 2009 · Tagged with , , , ,

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