Mobile Home Loans and Manufactured Home Production topics.
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.
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.
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.
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.
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.
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
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.
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.
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.
Air leaks in your mobile home make your AC or heater work harder.
Air leaking through the walls, floors, and ceilings of your manufactured home can have a significant impact on your heating and cooling bills, as well as your comfort. It can also contribute to moisture-related problems. While windows and doors are common sources of air leaks, more important leakage sites are often in less visible places.
Following these tips will reduce the unwanted exchange of warm and cold air through your mobile home’s walls, floor, and ceiling, which will in turn result in lower heating and cooling bills. It will also make your manufactured home a lot more comfortable by reducing drafts.
