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Securing Finance for a Manufactured Home Improvement Project

Securing Finance for a Manufactured Home Improvement Project

Manufactured Houses
Manufactured Home Improvement Project

Securing finance for a manufactured home repair or renovation project can be a bit difficult and tricky task. If you are living in an old manufactured house, you will probably need to make repairs to the house to make it a bit more attractive and to fix damages. However, if you are planning to sell your old mobile home in the near future, then securing finance for repairing the house is not a good idea.

Having a proper knowledge on the various manufactured home financing options is necessary, as it will give you an idea on how to acquire finance for manufactured home repairs. So, consult with a few manufacturers and some manufactured homeowners, as it will help you understand about manufactured home financing options.

Some of the credit unions in the country often provide competitive financing for manufactured home repair in the form of personal loans and equity loans. However, credit unions may sometimes add the vehicle you own as a lien for securing the loan on manufactured houses.

Some other popular sources of financing are personal loans from your family members, friends, or equity loans. In addition, you could also seek help of your own personal bank and request them to finance your manufactured home improvement project. If you are a person with a good credit score, then acquiring a loan from financial institutions will be a simple task.

Several expert manufactured homebuilders advise their customers to look for the best interest rate when they are trying to secure finance for manufactured houses improvement project. Additionally, homeowners should also try not to settle for an enormously high, long-term interest rate loan. This is because most old manufactured homes fail to retain their value as much as conventional site-built homes, meaning that paying back a huge amount to your financial institution is a bad idea.

However, manufactured home improvement projects that include updating the bathroom or kitchen, adding porches or patios, replacing the flooring, wall covering, and paneling can help to raise the resale value of your home significantly. This will help you get a better deal when you are selling the house.

Best Manufactured Homes Hinges on Credit Score

Best Manufactured Homes Hinges on Credit Score

Manufactured Home For Sale
Manufactured Homes Hinges

We know hinges are used on the best manufactured homes to ensure portability. Clearly understanding the overall financial terms and conditions would quicken the process of manufactured homes for sale. The property loans, for instance, are given based on whether buyers own the property or settle in as rented occupants.

Real Property Mortgages Specialties

Buyers owning the land seek a lump sum amount as down payment to buy the best manufactured homes. When approaching lenders, the homeowners must submit the requisite property certificate proving their ownership credentials. Real property mortgages are similar in amount and other lending conditions of a traditional home loan.

Personal Property Loans aka Chattel

The manufactured homes for sale are classified under National Automobiles Dealers Association. The thing that separates the chattel loans to the real property mortgage is the down payment and interest. Rented occupants managing a portion of the lump sum amount seek chattel loans for short term with curtailed interests.

What is With the Classification?

These classification methods are adopted by lenders mainly to satiate the financial needs of the respective buyers and in line with the construction cost. Some owned properties have a landscape, whereas skirting on walls usually goes into the making of all manufactured homes. The customizations would eventually determine the loan amount and the type of loan that buyers get.

When are Chattel Loans Preferred?

Chattel loans are preferred by builders mainly because they are secured by the manufactured home for sale. This is completely different from what happens in a traditional site built home. The buyer lien the possession rights to lenders to gain real property loan until debt repayment. After repayment, they get full possession of the property as per the standard regulations.

In order for the manufactured home for sale to be classified as a real property, they should be assembled on a buyer owned land. Being a buyer, you could make a case for either type of loan based on your credit score accredited by the lending institute. Generally, the credit scores are three-digit scores given as per the repayment ability of the buyer.

A Beginner’s Guide to Reverse Mortgage for Manufactured Houses

A Beginner’s Guide to Reverse Mortgage for Manufactured Houses

Best Manufactured Homes
Mortgage for Manufactured Houses

It is true that many manufactured homeowners have no clue on what is a “reverse mortgage” even though they have heard the term several times. However, if you were ready to do a little bit of research, then you would be easily able to know what a reverse mortgage is and how they can be beneficial to the homeowners.

A reverse mortgage can be simply defined as a loan that is available to homeowners above 62 years of age. This loan allows these seniors to take equity in their manufactured home and to turn them into cash payments. Note that reverse mortgages are also known as Home Equity Conversion Mortgage (HECM).

One of the major perks of acquiring a reverse mortgage for manufactured houses is that the borrower will not have to repay the loan until he/she vacates or sells the home to another person. Reverse mortgages are one of the most popular and arguably the best choice for seniors with limited income who need assistance in paying the cost for health care services or help in covering their basic living expenses.

However, many seniors wonder whether reverse mortgages are a scam. Yet you must take note of the fact that reverse mortgages are actually a legitimate product that is offered by reputed banks and other lending institutions. In fact, such banks and lending institutions follow a number of regulations and rules in each reverse mortgage agreement.

Besides that, the manufactured homeowner will also have to meet several requirements and inspections for qualifying for a reverse mortgage. The Department of Housing and Urban Development (HUD), The Federal Housing Administration (FHA), and the moneylenders – all have their own specific set of rules and requirements, which you will have to meet for getting a reverse mortgage for your manufactured home. This implies that you will have to convince three different entities for acquiring a reverse mortgage for your home.

The Home Equity Conversion Mortgage Program (HECM) has put forward a general list of requirements that manufactured homeowners will have to meet for getting a reverse mortgage. Some of the requirements to become eligible for a manufactured home reverse mortgage are as follows.

  • Your manufactured home should have a HUD seal that is affixed on the exterior of the home.
  • Your manufactured house should be built after January 01, 1990.
  • It should be in its originally installed location.
  • It should have a minimum floor area of 800 square-feet
  • You must be the owner of the land where your home rests.
How to Add More Value to Manufactured Homes

How to Add More Value to Manufactured Homes

Manufactured Housing
Manufactured Homes Value

Manufactured homes are one of the most convenient and affordable housing choices available to us. These homes are self-sufficient, eco-friendly, faster to build and a lot cheaper than conventional site-built homes. However, many people wonder if they will be able to buy a manufactured home and resell it for a profit without doing any repairs on it.

The short answer to this question is “yes” but if you are ready to do some or all of the repairs, then there are more chances for you to earn profit while selling the manufactured housing structure. If you are willing to make the repairs, then here are a few tips, which will help you add more value to the newly purchased manufactured home.

Make Improvements

Let us assume that you have purchased an older manufactured home, which is in need of repairs. Performing the repairs on this home will help you to put up a higher retail price on the house once you finish the repairs. You could also repaint the house and make improvements, as it will also help to raise the value of your manufactured home.

Move Your Home to a More Desirable Location

If the cost of moving your manufactured home to another location fits in your budget, then do not hesitate to move your manufactured home. This is because moving your manufactured home to a neighborhood that is filled with manufactured homes will help to boost the value of your home.

Add More Homes to the Land

If your manufactured home is located on your land, then adding other manufactured homes to this piece of land will significantly increase the value of your manufactured home. However, you will have to make sure that the land has enough space to accommodate more homes.

Sell Via Payments

Banks and lending institutions may refuse to finance some homebuyers who are looking to buy manufactured homes as they might be looking to buy the homes through monthly payments. Selling your home for monthly payments will attract more buyers to your home and it might help you to acquire a better deal.

Find and Purchase Mobile Home below Retail Price

If you keep a close eye on the housing market, you might be able to buy a manufactured home for a cheap price. Make a few investments to improve the look of the house and do a few repairs. This will help you earn a big profit when you are selling the manufactured housing structure.

Key Benefits of Manufactured Homes for Retirees

Key Benefits of Manufactured Homes for Retirees

Best Manufactured Homes
Manufactured Homes for Retirees

Manufactured homes have become the number one choice of housing for many people across the world. Manufactured homes offer many benefits like affordability, faster construction, and sustainability, which have enabled potential buyers in selecting them over conventional housing.

Nowadays, retirees comprise the major portion of potential buyers opting for manufactured homes. Apparently, the numerous benefits offered by such homes to families are also extended to those nearing their retirement age.

Manufactured homes are the perfect way to live for retirees. Many of the homebuilders have come up with housing and floor plans that can accommodate the requirements of any retired individual. The following are some of the key benefits provided by manufactured homes for retirees.

Space Requirements

One of the most significant benefits of selecting a manufactured home is the ability to construct the home the way the homeowner wants. This is especially in regards to the space requirements of the retirees. Most of them have different needs related to the home. Some retirees are comfortable with cozy spaces that offer much simplicity in living, while other needs spacious interiors to accommodate easy movement and living.

Every home manufacturer can accommodate the specific requirements of retirees by offering increased customization options. This enables in easily picking out the right kind of home that fits the living requirement of any retiree.

Affordability for Retirement Income

Affordability is one of the major advantages of a manufactured home. This is attributed to its factory built construction that minimizes any of the extra costs, unlike a conventional site-built home. The lower costs involved in living and maintaining manufactured homes make it ideal for retirees who rely mainly on their fixed retirement income.

In addition to that, most manufactured homebuilders offer increased accuracy in the construction for maximizing the insulation, thereby increasing the energy efficiency. Most of the homes come with many energy efficiency certifications like Energy Star and EnerGmiser that can aid in saving costs in the monthly utility bills.

Placed Anywhere

Manufactured homes offer the flexibility in choosing the preferred location site for placement of the home. For retirees, manufactured homes can be placed anywhere according to their liking, be it their own lot, a mobile home park, or any other site. In addition, most manufacturers offer retirees with the option to choose many ready-to-move-in homes and even a perfect community for placing the home.

Common Misconceptions about Manufactured Homes

Common Misconceptions about Manufactured Homes

Manufactured Housing
Manufactured Homes Myths

Manufactured homes have completely altered the housing industry around the world. It has become the preferred housing alternative for many low-income homebuyers. This is due to the many benefits they offer to the buyer like lower costs, quicker factory-built construction, and durability. However, there are many misconceptions associated with the concept of manufactured housing that prevents many buyers from choosing to buy one. Given below are some of the common misconceptions about manufactured homes and the truth about them.

Look Alike

Identical looks and features are one of the most commonly misunderstood aspects of manufactured homes. Most buyers confuse such homes as cramped and devoid of comfortable spaces, unlike a traditional home. However, this is false as manufactured homes present itself a wide range of customization options in regards to its aesthetics and functionality.

All manufactured home builders offer a diverse collection of floor plans and other prominent customization options like roofing, kitchen cabinets, bathroom additions, etc. Relying on a manufactured housing option will provide the customers in choosing their preferred features, plan, and location to cater to their various living needs and lifestyle.

Poor Quality and Lack of Safety

Poor quality in construction is a highly misunderstood fact regarding manufactured homes. This is untrue, as all manufactured homes are built using the same construction materials as that employed in conventional homes. Furthermore, the factory-built construction of manufactured homes offers more quality and finish than what we get with a site-built home. In addition, the construction of manufactured homes is strictly regulated by the US Department of Housing and Urban Development.

In regards to the safety considerations, the construction of such homes abides by Manufactured Home Construction and Safety Standards. These regulations involve ensuring certain construction, durability, quality, energy efficiency, design, and many other performance standards.

Less Energy Efficient

Lack of energy efficiency is another thing that is clearly misunderstood about manufactured homes. However, this is untrue as well, since most of the modern manufactured houses allow for increased retrofitting, remodeling, and design for ensuring better energy efficiency than conventional homes. In addition to that, most manufactured home builders and installers have certified Energy Star ratings in their products for improved energy efficiency of these homes.

Value Reduction

Most buyers have wrong assumptions about the decreasing value of manufactured homes in resale. However, it is proven by many studies that such decrease or increase of a manufactured home is dependent on the same factors that affect the market value of conventional homes.

Exterior Design Tips for Enhancing the Appeal of Modular Homes

Exterior Design Tips for Enhancing the Appeal of Modular Homes

Modular Home Manufacturers
Exterior Designing of Modular Homes

Modular homes provide immense possibilities in design and customization for the homeowner. This is particularly helpful in highlighting the unique character and appeal of the home in both its interior and exterior. This serves as a direct answer to many of the misconceptions about modular homes regarding their similarity in look. However, modular homes have a huge range of customizable options that will aid in designing the homes according to our preferences.

The exteriors remain the most important area of a modular home, as it conveys the overall theme of the house to any onlooker. Any major makeover for your home should start from the exteriors, which includes all additions and design works. For this, there are many tips to improving the overall look and appeal of your modular home. Some of them are described in detail below.

Roofs and Dormers

Roofing plays a significant role in enhancing the appeal of your modular home. For such homes, there is a huge range of decorative roofing available made of tiles, ceramic, and slate materials. Installing them can aid in the look of your home and offer many other benefits like durability as well.

In addition, dormers are excellent additions that further enhance the appearance of the roof. Dormers are also a highly affordable option in adding the character and personality to the home. It also offers many functional benefits like letting in a good amount of natural light to the interior of the home.

Decorative Front Door

The front door is a unique and notable addition to making your modular home stand apart in the neighborhood. A good decorative front door conveys many of the lifestyle preferences of the inhabitants of the home as well as conveys a fashion statement. When installing a decorative front door, always consider that the material is not made of too much glass, as this can compromise on the safety of the home. So, always go for one that blends in safety and functionality.

Adding Front Porch

The addition of a front porch can aid in enhancing the overall look and character of your modular home. One of the major benefits of adding a porch is that it provides a comfortable space for the inhabitants of the home to sit and relax. Moreover, a front porch will present a more welcoming feeling into your home.

Different Benefits of Custom Prefabricated Homes

Different Benefits of Custom Prefabricated Homes

Prefabricated Houses
Custom Prefabricated Homes

Building custom prefabricated homes have become the new trend among buyers. The custom prefab housing industry has recently witnessed a revival with many opting this housing option rather than going for traditional or pre-existing homes.

This general shift towards prefab houses reflects the many limitations and disadvantages of conventional homes. In fact, the limitations that underline the construction and maintenance of traditional homes are effectively solved in the technique of prefabrication.

Prefabrication involves assembling of the entire building component inside the controlled environment of a factory rather than the location site. This provides many benefits like quicker construction, affordability, customization, etc. Below are some of the many benefits of building a custom prefabricated home.

Energy Efficiency

Prefab homes allow for better energy efficiency when compared to traditional homes. It can accommodate many energy saving technologies in the home that aid in effectively implementing energy savings. For this, a variety of methods such as installing good quality windows, proper insulation, as well as alternative sources like solar are used.

As prefab homes are built in controlled environments of a factory, the materials used and the methods of construction further ensures minimal energy usage.

Customization

Prefab homes offer greater customization options on almost all aspects of the property. Many of the manufacturers offer the addition of appliances and features into the homes, which contributes to saving money in the end. The buyer can select all their preferences they want in their homes and the manufacturers will incorporate all the requirements into the home.

Costs

Affordability is one of the biggest benefits of building a prefab home. The factory construction ensures that all the additional and unnecessary costs involved in the process are eliminated. This is a great way to save the overall costs involved in the building process. Due to this, prefab houses are considerably inexpensive than building a traditional home.

Privacy

A custom-built tiny prefab house offers many means to maximize the privacy according to your requirements. The necessary additions for privacy are included by prefab home manufacturers upon the request of the client. There are also several ways to maximize other features like sufficient natural light without compromising the privacy.

Emotional Value

Prefab houses are definitely a worthy investment due to the amount of labor and planning utilized in the process. There is a certain amount of emotional value affixed to the whole process right from the start to the finish. Prefab homes offers the independence to build your home as per your needs and wants, which is certainly one of the major benefits of building one.

Why is Modular Home Construction Gaining Popularity

Why is Modular Home Construction Gaining Popularity

Prefabricated Houses
Construction of Modular Homes

Many of us think that a modular home and mobile home are the same and that both can be towed, but that is not true. Modular homes, also called as prefabricated houses or simply prefab homes, have pieces that are specially built in factories. These pieces or modules are then transported to the construction site where the pieces are joined together to make the home. The result will be a beautiful home that is not distinguishable with a conventional stick built home.

Advantages of Modular Home Construction

If you have worked on a building project, you will know how long it will take for the skeleton of the building to appear on site. Shortage of building materials, problems with the plans and weather issues can bring untimely delays in conventional home construction. This is where prefabricated houses hold the upper hand. Let us look into some of the greatest advantages of modular home construction.

Convenient and Fast

As the modules of the home are made in controlled environments, factors like weather and shortage of supplies will not delay the manufacturing process. In addition, as the manufacturing is done inside factories, the building materials will be protected from the effects of the natural elements.

Modular home manufacturers use state of the art technologies to speed up the process and make it more efficient. In fact, the factory manufacturing time is very short and the complete installation of the house with plumbing and electrical works can be finished in just three months. This means that modular home construction can offer you a home to live in less time than conventional home making.

Offer Energy Efficiency

Modular home construction does not just offer a convenient and quick solution to make homes, but also offer great energy efficiency. With ceiling insulations, top of the line walls, and argon filled glass windows, prefabricated houses offers numerous energy saving features. Additionally, modular home construction can be eco friendly, as there is minimal waste and disturbance to the surroundings in modular home construction.

Customization Possibilities

Choosing modular home construction does not mean that you only have one-size-fits-all solution. In reality, one of the main reasons why modular home construction is becoming much popular is the range of customization options and designs that are offered by this housing option. You can have your modular home tailored to meet your specific needs, such as adding a new room or even a floor to your modular home. That will not be a difficult task and the best part is the cost savings that you will get in modular home construction when compared to conventional home making.

Tips to Take Care of your Manufactured Home

Tips to Take Care of your Manufactured Home

Best Manufactured Homes
Care for Your Manufactured Homes

Manufactured homes are long lasting and durable, but just like any other homes, these structure also need regular maintenance and care to keep them in top shape. Timely fixes can avoid big issues and costly maintenances, and will help you keep the pristine look of your home unaltered for decades. Now you may have understood that caring and maintenance is very essential for manufactured homes.

There are a few simple things that you can do to ensure that your manufactured home continues to look awesome for years. Read ahead to know some important tips that will help you take care of your manufactured home easily.

Check around your Home

You should regularly inspect your manufactured home for any damages. It is good to make a habit of inspecting your home after a storm. Sometimes debris or hail can lead to mild damages to the roof or siding of your home, but it can be rectified easily if found in time. Besides that, a thorough check around the house after severe rain or harsh weather will help you to prevent any water damage to your home.

Check your Utility Bills

If you find that the utility bills for your manufactured home are much higher than the normal charges, it can be an indication that something is wrong with the cooling or heating system of the house. It is a good idea to maintain the cooling or heating system of the home, as this will help you save lots of money on the utility bills. Make sure that you have scheduled regular annual maintenance checkups with a local business for the heating and cooling systems of your home.

Keep your Home Clean

A simple way to maintain your manufactured home is to prevent dirt and debris from building up. Do not allow dust and dirt to build up on the outside or inside of your home. Debris can collect moisture like a sponge and this will lead to areas of water damage over the course of time. This is why it is important to clear off leaves, mud, and other natural waste from the surroundings of your manufactured home in order to keep it looking great and beautiful.