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General Info, Production

What is the difference between “Manufactured”, “Mobile”, and “Modular” homes?

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A “manufactured” home is a home that is built in a factory and then transported to the home-site as one single unit. Manufactured homes are built confined to the guidelines of the National Manufactured Housing Construction and Safety Standards (HUD Code).  Homes that are built within these strict guidelines may be placed on home-sites with a non-permanent foundation and still retain the personal property form of title, or they can also be affixed to a foundation permanently thus converting the home and land to real property.

A “mobile” home is any home that was manufactured prior to July 1976, before the induction of the HUD Code. The term “mobile home” is typically (and inaccurately) used in place of “manufactured home”.

A “modular” home is constructed to the requirements of local or state building codes. Modular homes are considered, for the purposes of compliance to local or state building codes, to be equivalent to “stick-built” homes. Any and all modular homes that are placed on foundations are considered real property.

August 10, 2009 · Tagged with , , ,

Finance and Refinance, General Info

Mobile Home Loans – Quick Tips

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Are you thinking about refinancing your mobile home or getting a loan to purchase a mobile home or a manufactured home?
Make sure the lender you are working with is Qualified to lend in your state and that they have a good standing reputation.
Here are some Important questions to ask your lender:

What licenses do you have to lend in this state?
Are you a member of any Manufactured Housing Associations in the state?
How long have you been in business?
What state are you located in?
What state will my loan be processed in?
Are You Able to Lend your own Funds?
Are You Equipped to Service Loans In-House?

June 1, 2009 · Tagged with , , , , , , , , , , , , , ,

Finance and Refinance, Laws & News, Production, Uncategorized

Another One Bites the Dust

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According to a recent LA Times article, Green prefab architecture firm Michelle Kaufmann Designs is closing it’s doors.

“Kaufmann, who worked for Frank Gehry and Michael Graves early in her career, was a pioneer in the so-called modern prefab movement of recent years. She was also one of the first architects to make a persuasive case that prefab design, which reduces construction waste and damage to building sites, among other benefits, was in a number of ways synonymous with sustainability.”

“Kaufmann’s own efforts, she said, were undermined by the economy’s rise and its fall. During the last few years of the housing boom, as she was starting out, many factories were so busy making money with conventional prefab construction that they saw no reason to experiment with more innovative designs. As the economy has soured, many of those same factories have gone out of business entirely. And lenders, who during the boom looked for excuses to approve even the most exotic mortgages, have taken on the kind of conservatism that formerly marked prefab builders.”

Although lending on mobile homes, manufactured homes and pre fab homes has tightened up, financing is still easily available to qualified home buyers and home owners. Now more than ever, it’s important to have a trustworthy, licensed lender, with a great reputation, like CAMHF, on hand.

May 28, 2009 · Tagged with , , , , , , , , , , , ,

Finance and Refinance, General Info, Production

Is it Possible to Refinance my Mobilehome?

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sunset

Absolutely, you can.

Most lenders that specialize in Manufactured home & Mobile home finance treat manufactured and mobile homes similar to conventionally built homes and will consider lending to homeowners who already have equity in the home they own, or qualified buyers that are considering buying a manufactured home or a mobile home. You may be asking, “Why would I consider refinancing my home?” There are some great reasons why you might be interested in doing a refinance of your manufactured home; possibly lowering your current mortgage interest rate and monthly mortgage payment, paying off high interest rate credit cards and auto loans, paying for your children or grandchildren’s college tuition, or making home improvements to maintain the value of your home.

When you refinance your manufactured home you are esentially getting a new loan with better terms to pay off your current loan. If you are currently in a situation where you can afford your monthly payments, then refinancing your home with a lower interest rate may allow you to shorten the length of your loan, pay it off sooner, and easily make additional principal payments towards the principal balance of your loan from time to time, if you so desire. Financing for manufactured homes and mobile homes is available for mobile homes in space rent parks, parks where you own your own lot, co-op parks, and mobile homes or manufactured homes located on privately owned land.

Because these mobile homes are manufactured off site, they aren’t the same as a standard stick-built home. The laws and regulations concerning the financing for mobile homes and manufactured homes vary from state to state, so be sure that your lender or mortage broker is compliant with your state laws, and is licensed to loan funds to you. Knowledgeable lenders that have experience in Manufactured Home Loans and Mobile Home Loans will be able to answer your questions in regards to the laws and regulations in your state.  The costs associated with refinancing your home mortgage should be similar to the fees that you paid when you financed your home purchase.

Some lenders like California Manufactured Home Finance, offer a low, flat rate fee, if you are looking to refinance with the lowest fees possible. Most borrowers have the option to go ahead and pay the fee(s) up front, however you can also include the fees into the new loan amount and keep out of pocket expenses as low as possible. Just like a traditional home loan, borrowers can also “buy down” their interest rate. To do this, borrowers must be charged with “points”. Points are additional fees that are paid at the time of closing to the lender that is financing your new loan. Usually a point is considered one percent of the new loan amount.

The process of refinancing a manufactured home or a mobile home is essentially a similar process to refinancing a stick-buit home, however there are certainly some differences. It is very important for mobile home and manufactured home owners select a good lender that is experienced in mobile and manufacutred home loans that can guide you through the process easily.

May 13, 2009 · Tagged with , , , , , , ,

Finance and Refinance, General Info, Production

“Did you Know?” Mobilehome Edition

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beautiful mobile home

Did you know… ?

if a manufactured home was built after September 1, 1958., alterations to the electrical, plumbing, or mechanical systems of a manufactured home require a permit and inspection from the Department of Housing and Community Development regardless of where the home is located.

Did you know… ?

a community park manager or management association must obtain permission from HCD or the local enforcement agency to move lot lines for individuals residing in the park, after obtaining a homeowner’s approval and meeting other requirements. See Title 25 California Code of Regulations section 1104(d) here.

Did you know… ?

the rules and regulations of a mobile home park must be given to the resident at the time of application for tenancy and with new leases/extensions. There is no requirement to post the park rules, however.

Did you know… ?

Mobile Home park management can require homeowners to correct violations of local and/or state regulations for the unit and accessory structures. Management generally cannot require a homeowner to make physical improvements to park-owned property or structures, including the lot.

See MRL sections 798.73.5 an 798.83 in the Civil Code for more information Here.

Did you know… ?

Contrary to popular belief, fixed rate financing IS available for mobile homes and manufactured homes built prior to June of 1976. Visit California Manufactured Home Finance’s website at  www.camhf.com for more information on financing a mobile home.

This concludes today’s Mobile home edition of  ”Did you know?”

May 12, 2009 · Tagged with , , , , , , , , , , , , , , , , , , , ,

General Info, Laws & News, Production

Mobile Home Park Inspections Explained by The Department of Housing

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Every 5 to 7 years, California law requires that the California Department of Housing and Community Development maintain an health and safety hazard inspection on every mobile home or manufactured home community in California. The Department of Housing, or HCD, has released this informative video, explaining why these inspections are necessary.

screenshot

Mobile home and Manufactured home communities provide desireable lifestyles at affordable costs, however, the nature of such community style living requires that each homeowner be responsible for maintaing their home and their lot to ensure that the community remains free of any illegal health and safety hazards.

To ensure that each Mobile Home park remains free from these hazards,  legislation was put into place in 1991 that ensures every mobile home park in the State of California is inspected every 5 to 7 years.

In the course of their research, the Department of Housing realized that most of the violations exist because home owners and park operators simply do not realize that the violations are illegal and dangerous. However, the following examples of common violations are offenses that must be corrected to ensure the safety of the home owners and the general public:

Broken Windows

Missing Steps

Combustibles stored under homes

Blocked emergency exits

Another common fire safety violation is the construction of a combustible accessory structure, such as a shed. The easiest way to remedy this violation is to remove or relocate the structure.

Awnings and screens that are attached to homes sometimes are added by homeowners that don’t realize that the home was not manufactured to support additional weight. For this reason, adding an awning or screened in area to your home must be done with a construction permit.

Other common violations are missing handrails and guardrails along the steps and porches of manufactured homes. The law states that handrails must be present if there are more than two steps attached to the home. Guardrails must be present on porches that are 30 inches from the ground. While these handrail and guardrail requirements seem strict, statistically most injuries in manufactured home parks are caused by falls in and around one’s own home.

These are the typical, correctable violations that are most commonly seen in mobile home parks.

Lastly, when an inspector visits your park, you should know that the inspector is not allowed to enter your home without your permission, however, the inspector is required to enter your lot for the inspection. The inspector must inspect the condition of your lot, your utility hook uips and the exterior of your home.

May 8, 2009 · Tagged with , , , , , , , , , , , , , , , , , ,

Finance and Refinance, General Info, Laws & News, Production

The iHouse

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Talk about buzz!

In the Manufactured Home Industry, there has been much talk recently surrounding the iHouse, manufactured by Clayton Homes. Clayton Homes has dedicated a website, ClaytonIhouse.com, to showcase their newest, eco-friendly, pocket-book pleasing homes.

From Mnn.com, ”The Clayton i-house is available is in two sizes at two different price points: The 723 square-foot, one bed/one bath i-house I starts at $74,900. The 1,023 square-foot, two bed/one bath i-house II starts at $93,000. Both homes can be configured in at least seven different ways and include eco-friendly and energy-saving features like low-e windows, dual-flush toilets, butterfly style rainwater-collecting roofs, tight insulation, zero-VOC paint, and more. Not included are optional bells and whistles like solar panels, bamboo flooring, etc. and the cost of shipping the prefabricated home to the placement site. ”

These purchase prices may yield monthly mortgage payments as low as $575 – $700!*

Right now, these small sized, economically made homes are of increasing consumer interest. In a less than stable mortgage market, the trends towards purchasing a reasonably sized home with a low-moderate sized mobile home mortagage couldn’t be more appealing to consumers, especially with homes this gorgeous & ec0-friendly.

livingroom, model 1

kitchen, model 1

*O.A.C, inquire for more details at (800) 882-1999 or visit http://www.camhf.com/

May 5, 2009 · Tagged with , , , , , , , , , , , , , ,

Finance and Refinance, General Info, Production

Helpful Hints: Maintain the Condition & Value of your Manufactured Home or Mobile Home

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The Manufactured Housing Institute has issued a helpful guide for Manufactured home buyers. This guide shows buyers what to expect from start to finish, when purchasing a new Manufactured Home. The guide even includes information about qualifications and information that buyers need to know when considering a Manufactured Home Loan.

Today we are sharing one aspect that was highlighted  in this guide;  Manufactured Home maintenance.

MHI believes that “All homes require a certain level of maintenance to protect your investment, maintain their beauty, and keep the home in good operating condition.

At least once a month:

• Check/replace furnace filters

• Clean range hood filter

• Check weather stripping around door and window seals

• Check AC A-coils to ensure they are not clogged

• Clean vinyl floor coverings and vacuum carpets

At least twice a year:

• Inspect shingle roofs for missing or damaged shingles. Vents and flashings and caulked joints should be resealed once a year or as needed

• Check dryer vents to ensure they are working and free of debris and that they are not vented to or leaking moist air under your home

• Check AC condensation drain to ensure it is working and not clogged

• Clean out floor heat duct registers

• Check the underside of the home and repair any openings in the special material that protects the home from moisture

At least once a year:

• Wash exterior siding

• Inspect roof; clean off debris; rinse off with water

• Check exhaust fan systems

• Check anchor ties for snug but not overly tight fit

• Check heat tapes for proper operation

• Clean/check furnace

• Check/clean air conditioner

• Inspect and replace, as necessary, caulking around windows, doors and other openings

• Clean gutters

• Lubricate window guides with a silicone spray and ensure window latches are adjusted as needed

• Professionally clean carpets

Long-term absence from home:

• Turn off water supply: during winter, add approved anti-freeze in kitchen, lavatory and toilet traps

• Turn off water heater

• Close and lock windows

• Adjust thermostat accordingly for winter or summer months”

For More information, visit the Manufactured Housing Institute Website here.

Now may be a great time to refinance your Mobile home or Manufactured home, or pull out some equity, to perform these repairs and ensure that your home stays in great condition. This maintenance helps you to avoid costly damages or repairs down the road. Contact California Manufactured Home Finance for more information on accessing the equity in your mobile or manufactured home.

April 28, 2009 · Tagged with , , , , , , , , , , ,

Laws & News, Production

Mobile Home Marvel with the Trailer Wrap Project

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Mobile Home Transformation by Trailer Wrap

Mobile Home Transformation by Trailer Wrap

Trailer Wrap projects make affordable and ecologically concious remodeling efforts possible, transforming  used 1970′s “trailers” into beautiful, environmentally sound modern homes (that could be featured in model home magazines).  From TrailerWrap’s website “TrailerWrap is a collaborative, design + build project that addresses issues of sustainable and affordable design in the context of the ubiquitous American trailer park. At the scale of an individual building, the project explores the potential for augmenting this affordable housing typology with outdoor living space, improved, energy efficient construction and high volume, light-filled interiors. At the urban scale the project reexamines the mobile home park as a model for equitable, high-density alternatives to suburban sprawl. In pushing the envelope of adaptable reuse, the TrailerWrap project seeks to create exciting, small scale, high density, and affordable architecture with a social and environmental conscience.”

On the flip side, some might say that such a project detracts from one of the main benefits of manufactured housing; the controlled environment that the homes are produced within, which ensures quality, affordability and reduces environmental waste.

Trailer Wrap Interior Photo

Trailer Wrap Interior Photo

Other’s may be conerned with the reduced functionality of the actual mobile aspect of this type of home. However, Trailer Wrap has prepared for such concerns and ensures that the homes remain mobile by definition and compliant with goverment mobile home codes. The Trailer Wrap website purports, “This project conforms to the code governing mobile homes because it doesn’t require traditional foundations and the unit retains a functioning chassis. Substantial concrete piers and demountable steel connections serve as wind tiedowns, but those tie-downs are permissible because they do not emerge above the ground plane and they can be disconnected from the chassis.”

More information on the Trailer Wrap project can be found on the informational pdf offered at Trailer Wrap.Net

April 23, 2009 · Tagged with , , , , , , , , , , , , , , , , ,

General Info, Laws & News, Production

Mobile Homes, Smart and “Upwardly”

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Mobile Homes are being seen in a new light all across the country.

This article in the New Jersey News publication highlights some of the new sentiments that are popping up in regards to Mobile Homes and Manufactured Homes.

“From the Depression to the recession, trailer parks have been reinvented. They’re now called manufactured housing communities, and belt-tightening buyers are giving them a second glance, even in New Jersey where the double-wide has long been an outcast. Within the past few months, two new communities have opened in the state, and some bankers say loans for mobile homes are up.”

According to our experience, the demand for financing in the mobile home loan and manufactured home loan market continues to increase.

“The manufactured housing industry has held up well in the recession compared to traditional real estate. Even with the flashiest new factory-built palaces, monthly payments rarely exceed $1,000, Salamone said.

The average price of a traditional single-family abode nationwide was $313,600 in 2007 while the median cost of a dwelling assembled off-site totaled $65,100.”

“Additionally, prices of mobile homes aren’t depreciating as dramatically as traditional pieces of real estate. A house that was $55,000 five years ago is worth $50,000 today he estimates, adding that his clients’ delinquency rate is 1 percent.”

It looks like, despite the recession and the troubled economy, it’s still an excellent time to consider purchasing a Mobile Home or a Manufactured Home and take advantage of the $8,000 Tax Credit.

April 7, 2009 · Tagged with , , , , , , , , , , ,

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