As a result, most consumers will be bombarded at home and at work by real estate mortgage brokers, who 9 times out of 10, do not
lend on manufactured homes.
Given that the value of manufactured homes is typically less than that of an in - site home of equal size, the ratio of premiums to
value on manufactured homes is several times higher than for traditional homes.
If you live in South Dakota, you can get customized
quotes on manufactured home insurance that fit your home, your budget and the special risks you face as the owner of a mobile home.
Since 1969, HUD has been providing loan insurance
on manufactured homes under Title I. HUD's participation has encouraged mortgage lenders to finance manufactured homes by protecting them against the risk of default, which had traditionally been financed as personal property through short - term, comparatively high - interest consumer installment loans.
Always get several bids on the complete cost of tear down, re-setup and transportation of the manufactured home prior to making a written purchase
agreement on any manufactured home that will be moved at your expense.
WASHINGTON — The dominant player in manufactured housing, Clayton Homes, is supporting the Department of Housing and Urban Development's review of construction and safety
standards on manufactured homes.
However, because mobile and manufactured homes are considered more risky to insure than modular homes, in some cases you will find that the
premiums on a manufactured home policy with similar levels of coverage to a modular home will actually cost more.
However, I've read a lot of mixed
reviews on manufactured homes having high DOMs, poor resale value and being hard to finance (thus reducing my pool of buyers.)
Age A trend in western states (Kansas and Arizona for instance) is the adoption of ordinances where there is an age
restriction on manufactured homes, disallowing the placement of a home more than 5 - or 10 - years old.
If the subsidy was the only difference, he could be making loans at 6.05 %
on all manufactured homes and profiting tidily.
An existing VA home loan
on a manufactured home may be refinanced to obtain a lower interest rate.
An existing loan
on a manufactured home (except as noted below) may not be refinanced with a VA guaranteed loan.
An existing VA loan
on a manufactured home may be refinanced to obtain a lower interest rate.
Most lenders require that to lend
on a manufactured home, they are looking to see that you own the land and that the home has no wheels and is permanently installed on a concrete pad... it is still a manufactured home though.
Some lenders shy away from issuing loans
on manufactured homes, and some will flat out refuse.
No subsidy is permitted for utility costs, property taxes, or the cost of the loan or insurance
on the manufactured home.