I have a piece of land here in Norman, Oklahoma which I own and I would like to apply for a loan to get a mobile home. I’m certainly aware that I would have to shoulder the down payment. I know FHA offer housing loans. Question is, are mobile homes eligible for FHA loans?
James
Norman, OK
First, you might want to know that financial institutions in Norman, Oklahoma actually prefer giving loans for homes placed on a permanent foundation or on land owned by borrower so you already have an advantage! And yes. Mobile homes or manufactured homes are indeed eligible for Federal Housing Administration (FHA) as well as Veterans Affairs (VA) loans.
But like all other home loans, FHA loan requires that you have a good credit standing. And the better your credit is, the easier it will be for you to get the loan. You also have to be ready to make a down payment when you apply for the loan which may be as little as five percent. But of course, the bigger the down payment you can make, the lower the corresponding mobile home loan interest rates will be. And unlike many interest rates, the rate of mobile or manufactured home remain stable with no fluctuations.
]]>I found a used mobile home here in Fargo, North Dakota that I’m planning to buy. It is a lot cheaper than new ones but I don’t want to get too excited. My concern is that would it be a not-so-good idea to buy used home and spend on modifications or would it be better to just buy new one?
Edith
Fargo, ND
Buying a used mobile home in Fargo, North Dakota is, of course, not a bad idea. But in buying a used home, you should first look for flaws that could possibly affect the price or eliminate it as a choice because there are many possible flaws. The keyword to remember in finding flaws is “water”. And when you inspect for flaws, make sure you write everything down.
First, check for weakness or water damage on the floor area in the front door. Inspect all doors, windows as well as window frames for any water damage. If there is anything in front of the area that you want to check, ask the owner if it can be moved. If they say no, there might be a good reason. You should also check the water heater and while you’re at it, see if the floor sags or if it’s stained from water leaks. You must also look under every sink, faucets and water lines. Check the bathrooms, toilets, tubs and even the bathroom walls. Inspect the ceiling for signs of leaks and don’t forget to continue your inspection outside to check the roof.
After your inspection, go over your notes and with all of the information, you’d be in a much better position to make a decision. But before making any negotiation, try to visit at least three dealers that sell new homes. And with different prices and deals, you can now go and chose your best option.
]]>I have been planning to own a mobile home here in Albuquerque, New Mexico for quite sometime now but I know so little when it comes to financing which seems to be the hardest part of actually having one. Would it be really this difficult to get mobile home financing?
Florence
Albuquerque, NM
Financing a mobile home in Albuquerque, New Mexico is no more difficult than financing any other home since personal property financing is now readily available. One of the things you need to remember is to not feel obliged to take the financing offered by the salesperson so you have to shop around. Loans for mobile housing vary widely in their terms. Also when a home is financed as a real property, a lot of financing programs would be available with terms of up to 30 years because studies show that the appreciation of these homes is similar to the appreciation of site-built homes.
Also, know that the Fair Housing Act prohibits any type of discrimination in housing or any related transaction which include mortgages and home improvement loans. In addition to your knowledge, the Department of Housing and Urban Development Secretary Alphonso Jackson, has announced in March that the New Mexico State Program and Albuquerque will receive a total of $29,424,491 to support community development and produce more affordable housing. HUD’s annual funding will also provide down payment assistance to first-time homebuyer like you.
Tags: mobile home, mobile home financing, mobile home loan quote
]]>My partner and I are thinking of buying a mobile home but we have friends who say mobile homes are not safe because they are not well-made. The biggest concern we have is that can the mobile home withstand hurricanes here in Florida?
Justin
Coral Springs, FL
Among the misconceptions surrounding manufactured homes would be that they are not safe and not well-made as your friends believe. But so that you and your partner can open the door to all the benefits of today’s value, you have to know the facts. Fact is one out of five homes sold in Florida is a manufactured home. And that is no wonder because today’s manufactured homes offer you the best in quality, affordability, as well as value.
You should know that all manufactured homes built since 1976 must meet the strict performance standards set by HUD, or the Department of Housing and Urban Development and this will assure you of first-rate construction. The requirements of this department are comparable to the Standard Building Code for site-built homes, which requires the highest standards in every phase of construction. Also, every manufacturer has its own quality assurance programs, and each home’s design and construction is carefully inspected and approved by an independent outside source. In addition, Florida manufactured home is designed to withstand even hurricane-force winds. Thanks to strict building codes, a Florida mobile home may the safest home you and your partner can buy.
Tags: mobile home, mobile home insurance, mobile home loan quote
]]>At present, I am shopping around for a mobile home. I was able to find several options here in Alabama with different price quotes of course. I have to put everything on a budget so I need all the advice I can get and I know that there would be extra charges. So with that, how can I get the exact quote?
Felix
Montgomery, AL
It is pretty hard in today’s market to get an exact price for a mobile home because of the options added to it. Most manufacturers let you to upgrade almost anything in the home from the windows to floors, walls, cabinets, as well as appliances. It is easy to a price range, but the ranges could be very broad. Most homes that are available at a sales center in Alabama may have many options installed already, which change the price. If different dealers have the same model home, but the prices are not the same or not even close, it could be because of the options that are installed. When shopping around, it’s important to know what options you want so you can accurately compare prices.
Get the price of the home with all of the different options you want in writing for you to be sure that you are not charged extra. Also, don’t forget that setup and delivery of a home are not always included in the price and can cost extra. Have your salesperson calculate the fees for setup and delivery and have it included into the price before giving you a quote. These fees usually depend upon the geographical location. Make sure all of the costs are put into writing and go over all of the details before you make a commitment.
]]>We recently purchased our first mobile home insurancepolicy in Arkansas. At the closing, our attorney suggested we consider an umbrella policy. Is he being melodramatic? What are your thoughts?
Erin
Little Rock, AR
Congratulations Erin!
Investing in your first mobile home insruance is a big step. Your lawyer is probably being cautious and has your best interest at heart. A typical homeowners policy generally has liability coverage with a limit of $100,000.00 per incident. As you probably know, mobile homeowners insurance covers accidents involving you and your family, your house guests and your pets. That’s a fair amount of exposure.
Suppose there is a household accident resulting in a personal injury. The purpose of the umbrella added to your homeowners insurance is to deal with today’s ever-rising medical cost and increasing legal fees and unforeseen, catastrophic accidents. Many homeowners derive peace of mind with the umbrella. The premium cost is reasonable and compliments your homeowners policy nicely.
You should discuss this additional coverage with your mobile home insurance agent in rkansas, who will help you determine a recommended amount of coverage and premium cost. Added to your homeowners policy, this umbrella will protect you, your home and your family. As you prepare to enjoy your new home, please take the time to read and understand all the coverage and conditions explained in your homeowners insurance.
]]>- Your local credit union - if you don’t belong to one join one. Some credit unions are open to anyone who lives, works, attends church or school in the area. Joining a church to get into a credit union who gives super low rates on credit cards, checking accounts and mobile home financing might not be a bad idea.
- Your local bank if you don’t or can’t join a credit union is the next place to inquire. If you already have a checking or savings account with your bank you might be eligible for lower rates on mobile home financing. Don’t be affraid to ask for a lower rate than what is posted publically especially if you have been a long time customer in good standing.
- Use the Internet and get 5 quotes online. Then use each of those quotes against each other. Call the first company and tell them you got a better quote from company X and want to know if they would beat their rate. Then call company X and tell them company Y gave you a better rate and give them an opportunity to beat that new rate. This takes some time, but it REALLY works. Keep doing this will all 5 companies until you have reached the best quote you are going to get.
- Contact the credit reporting agencies and get the latest copy of your credit report and credit score. Make sure all information (good and bad) is correct and factual
- Once you have determined your credit report is accurate - figure out which is the companies that is reporting badly about you, contact that creditor directly and work out a payment plan with them….they will usually do this if they feel you will make an effort.
- Have a garage sale - Most people can sell items they really don’t need and come up with quick cash. use this cash to pay off creditors and get them to remove the information they have posted about you or at least make amendment to your report that you made a significant payment recently.
- Do a real good job of searching your personal expense items, going over a budget to see what expenses you can cut or reduce and come up with cash. Can you live without a cell phone, cable or satellite TV for a few months while you SAVE this cash you would normally spend? Pay off your creditors!
- Most people can reduce their monthly spending by 20% if they really make up their mind to do so. This 20% can be used as a down payment on the mobile home loan or used to pay off existing debt. If you spend $1,000 a month on expenses (utilizes, rent, car, food etc) 20% would be $200….in 6 months this would be $1,200 which is a nice downpayment on a mobile home loan or to pay off exisiting debt….and it’s easy to do!
What can you do to lower your insurance premiums?
- Shop around….ya I know, that is what you are doing now.
- Combine your coverages with one carrier….move your auto, life, health etc to one company
- Carry a high deductible amount…the higher the better. You really only want to cover your mobile in the case of a total loss anyway. You would not want to make a claim less than $1500 if you can help it. Your premium will cut in half just by raising your deductible.
- Ask about discounts - adding a security light outside, adding covered parking outside, moving the structure away from trees etc. could result in a discount in your premium.
- Pay down what you owe on the mobile….if the insurance company sees you own a large part of the structure they are more likely to give you a discount on the premium.