We recently looked at a manufactured home (mobile home on private land) which is different from a modular home. We paid 300 bucks for the inspection and then the bank decided to tell us we could not get an FHA loan for a manufactured home. Is a modular home covered by FHA loans? We found another home that is awesome, but are unsure if we can get the house or not. I could wait until tomorrow to found out the answer, but I am too impatient LOL. So can I get an FHA loan for a modular home?

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Manufactured homes refinancing depends a lot on the age and “blue book” value of your mobile home. The blue book value of a mobile home is exactly what it sounds like — a numerical value found in a book. In the past, there were multiple books. Today, there is only one book that contains the blue book value of mobile homes. It is called the N.A.D.A. Manufactured Housing Appraisal Guide. This guide is what the professionals use to determine the value of a mobile or manufactured home. The blue book value of a mobile home is calculated using a variety of criteria. This criteria may include geographic location, make, model, size and age of the home in question.

Even if you can access this manual, it is advisable to have a professional appraiser do the job for you. The formula for calculating the value of your mobile home can be quite complicated. Book value is going to be most accurate for mobile homes and areas that are deemed average in nature. It also depends on the position of the housing market in your area. Because this is such an in-depth process, you must depend on the services of a professional if you want things done right. There are certain reports you can purchase on the Internet that help you determine the market value of your mobile or manufactured home.

When you are buying or selling a mobile home, the blue book value will come into play. The majority of lenders require the book value when it comes to granting financing for people who need a mortgage loan in order to purchase their mobile or manufactured home. If you are not ready to hire a professional appraiser to come to your property, you can order an appraisal on the Internet. You will need to provide detailed information about the property for the online appraisal service to use. These types of services and reports provide you with an accurate idea of your mobile home’s blue book value so you can decide if you want to sell or not. Mobile homes do not usually appreciate in value, but this is not a hard and fast rule but rather a more general one.

Author: Milt Wapner

Online In The News …

Manufactured home prices
The traditional factory-built home manufactured housing companies would seem to have a bright future as well.

Used manufactured homes prices
A multitude of home buyers and some lending institutions resist consideration of modular homes as equivalent in value to blog-built homes.

Montana dakota mobile home dealer at modular home designs
Their roofs are usually transported as separate units, eradicating the telltale roof line of the factory built home. As the need for housing continues to grow, so does the price of homes.

Mobile homes and manufactured home specials
The tendency of these homes to rapidly depreciate in resale value made using them as collateral for loans far riskier than traditional home loans.

Mobile home floor plans
Most of the companies are selling complete pre manufactured prefab modular homes or houses called “mobile homes” or “manufactured homes”.

For more on mobile home values and prices and for mobile home mortgage refinance”>mobile home mortgage loan information, visit the Mobile Home Shoppers Guide at http://MobileHomeShoppers.com Today!

Article Source: http://EzineArticles.com/

Technorati Tags: manufactured home refinance, manufactured homes prices, mobile home, mobile home prices, mobile home value, mobilehome, refinancing

There is alot of information sorry I couldn’t cut it short. I am applying for a loan for a mobile home (manufactured) and it’s a foreclosure that has been on the market 80 days for K. No bankruptcy or foreclosure in the past, in fact it’s a first time thing. Ok credit score is 585, 637, and 617 well they pick the middle one so it’s 617. Gross monthly income of 00 and monthly debt of 0. Well we were not accepted from caldwell banker b/c the only thing posititve on the report is one credit card which was opened in October and it’s a 00 limit with only 0 spent. On the credit report there is 67 in debt. Is there any way we are eligible for this loan? We can do 00 down and can show proof of everything! There are so many people out there that get this sort of thing, people worse off than us financially and it is possible…….I am in desperate need of some assistance. Paying 00-00 a month is in our budget. Anyone please help! Thanks so much!

Technorati Tags: alot, bankruptcy, budget, caldwell banker, credit card, credit report, credit score, desperate need, foreclosure, mobile home, ok credit, proof, time thing

I bought (on land contract) a mobile home on land. I must pay balloon payment this month. 1) the place was added onto by previous owner(no permit… I was dumb and did not check) and is falling down. 2) I found a buyer to buy it and tear it down the only contingency was the septic had to function in order to sell (it failed). so now I can not refinance, sell, or pay the balance. I plan to quit claim it back to contract holder. Can I do that with no ramifications? We are in the state of WA. Pierce County. Thank you for help

Technorati Tags: balloon payment, contingency, contract holder, land contract, mobile home, pierce county, ramifications

Okay we have a mobile home. We owe ,000 on it after nine years. No missed payments. We have a 2004 Kia spectra. We owe ,000 on it. We have a 2004 Trailblazer and we owe ,000 on it. We have no credit cards and no one will refinance ANY of what we have.

I want to move but obviously our house won’t sell for what we owe. We can’t get rid of the Kia because again its worth less than what we owe.

My husband works full time and has a great job. But overtime has been cut. So we really have no extra money. I homeschool our oldest and we have a one year old as well. I have no experience and no way to get any unless I pay for childcare. Which would defeat the purpose of having a job.

Is bankruptcy our only option? Please only serious answers. We are at a total loss. We are in our early 30’s and just want to actually start living and have a home. Not live in a trailer park raising our kids.
Wow thank you so much Ray and Percy! Well let me add more details. My husband makes about ,000-,000 a year. Depends on the year. He has had his overtime cut but still works like a dog. So he won’t be able to get another job.

As for things for me to do. I do buy and sell items on Craigslist as often as possible. Always making a profit. But having the spare cash for me to buy something that I’m not sure when I can sell doesn’t work so well.

We have two cars because he works and I stay home with the kids. I have the large car so we can all fit and go places together. We can’t get rid of it because we don’t fit in a ‘car’ and he wants something decent so it won’t break down on me. He is driving the Kia because it is better on gas mileage and we can’t get rid of it because no one will buy it. No one will buy either one since we owe more than they are worth.

I appreciate the advice and support because we have no one to ask that would help any. Thank you so much
As for cutting our expenses. We have no extra items to really speak of. I have a cell phone but we have no land line. I pay a flat rate and it is cheaper than a land line would be. We use cloth diapers so there is no expense there. I pay 0-0 a week on food for all four of us. The baby eats like an adult so there is no baby food to buy. All the clothes we get are from Goodwill or Craigslist. I never buy things that I can’t resell for more. Even our laundry soap is less than .03 a load. I use soap nuts. Super cheap and work well. So we are NOT living a ‘grand’ life so to speak. Its not like I am out spending money hand over fist. I am doing the very best I can to keep our expenses as low as possible.

The bills are:
Car- 0
Truck- 0
House-0
Lot-5
Insurance-5
Electric- 0 (and yes I turn everything off and air is set to 80 degress)
Phone
Cable and internet
Storage (no choice)
Then you have food and gas and other items. Does that help any?
Thank you for your kind words! I may take on children to babysit, the only problem is that I home school my oldest. (That also cuts bills for clothes and other items). So trying to home school and take care of my baby and additional children might be tough. But something I will consider. Thank you so much everyone for the kind words and help. I am truly reconsidering filing now. I felt like all hope was lost and now I feel that maybe bankruptcy isn’t our best option. Thanks!

Technorati Tags: 2004 kia spectra, bankruptcy, cell phone, childcare, craigslist, credit cards, extra money, full time, gas mileage, home with the kids, job, kia, kia spectra, mileage, mobile home, nine years, overtime, trailblazer, trailer park, two cars

My husband bought an older mobile home with land close to 10 yrs ago. The mortgage is on a balloon note and 11% interest. He bought with the intentions of building a house but he can not refinance because of the mobile home. I called our mortgage company and they agreed to do a short sale. Considering we are current on our payments and have been for yrs plus the fact that the lender is listing the debt as satisfied, will it affect our credit?

Technorati Tags: balloon note, building a house, mobile home, mortgage company

I purchased a mobile home 8 yrs ago ()in a park with no land as viable asset) and I do own another home. I have exhausted all avenues for getting it sold, refinanced, (Note holder is Vanderbilt and they REFUSE to help), renting, short sale, etc. I am at the point of walking away cash for keys sort of thing. This one is a rental and I can’t even rent it to pay the note on it. The economy is extremely tight here for real estate rental market. I know I am going to take a hit on my credit but since I pay cash for most everything I buy I am not too worried. Do I need a lawyer to "walk away" or can I send the keys in with a disclaimer note and tell them I am done? I bought it from them out of a foreclosure and found out they did the same thing to previous two owners.

Technorati Tags: avenues, disclaimer note, economy, foreclosure, lawyer, mobile home, real estate, vanderbilt, viable asset

I’ve owned my house for seven years. I do not have an adjustable rate mortgage, and, in fact, my house payment is not too unreasonable as it is pretty comparable to most of the area rents in this area. My problem is that I have a job that doesn’t pay very much … actually less than an hour, and my income has not increased with the cost of living. I also have two teenagers and the support money I use to make my house payment will end in three years. At the time I bought the house, I was making slightly more than I am now, and, of course, I thought my income would increase with time, which it hasn’t. Also, I’ve tried to find a better job for the past four or five years, and although I’m called for interviews, I never get the job. I’ve also tried to find a part-time job, but the part-time jobs I’ve interviewed for don’t want to work around my full-time hours. Also, my daughter, the oldest, works a part-time job to pay her car insurance, but lately, her income has actually been going towards car repairs. At the present time, we’re sharing my car. Also, I might add that I’m within the poverty income guidelines and would have to make another 5 a month not to qualify for such things as HEAP and insurance for my kids. I’ve also been placed on the waiting list for low-income housing … I even qualify for that.

Recently, a mobile home became available for rent in my area. The rent is half as much as my house payment. Although it is only a two bedroom and I have a boy and a girl, I could sleep on the couch … I could make this work because I could actually help my kids out. Both are talking about education past high school, and I worry that if I’m unable to help them out once they’re out of high school, they’ll become discouraged and quit to get a mediocre job like I did when I was young.

At the present time, I have difficulty in buying groceries and keeping up with my utilities. I cannot save money because I don’t make enough to save. Each time I attempt to put money away, I have to help my daughter buy a part for her car or something around the house breaks.

I’ve attempted to refinance. Chase told me I didn’t have enough equity in my home and I barely made enough money to qualify. This, of course, was after they took my 0 in refinance fees. I’ve attempted to do a loan modification with the help of a HUD-approved counselor. Chase told me that they don’t lower payments. I really don’t know what to do other than walk away from the house, but I fear what will happen if I do that. At this point in time, I’m not concerned so much with my credit rating because I don’t actually make enough money to buy anything anyway. I’m more concerned with garnishment of my wages because I’m barely scraping by now.

Any suggestions? Has anyone else gone through this?
I might also add that after my divorce about four years ago, I filed a Chapter 7. At the time, I thought I might be able to save my house, so I didn’t include it in the bankruptcy.
Also, I do have more in the home than it is worth. I received grants to do improvements and make repairs that did not have to be paid off as long as I stayed in the home. I just spoke with the county yesterday … those grants, which are considered second mortgages until 10 years have pasted, now come to about ,000. From what I understand from reading information about deed in lieus and short sales, with the "second mortgages", I’m unable to do either.

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options are available for us? We don’t have a down payment (we might could come up w/ 00 before closing). We didn’t think we’d find the property so soon….and it’s too good to pass up. Our offer has already been accepted on the property.
We need to finance more money than the cost of the land, to pay for expenses such as setting it up on a permanent foundation, clearing the land, new (log) siding, installing the septic, etc.
Most land loan places will only do 15 or 20 yr. financing. We need 30yr. to get the payments low enough. We only owe 18yrs. left on the home (it is a 2004 model) and would really like NOT to have to refinance it. If we had to refinance the whole thing to make this work we would. Most places also do not want to deal with mobile homes because of the stigma and stereotypes placed on them. We are not rednecks….we both have good paying jobs. Our house does not look like a mobile home on the inside and once we put log siding on the outside, it will look better than any other stick built home around the block.
I don’t think I left anything out. What would our options be? How do we get past this stereotype?
added…we bought the home new in 2004. It was refinanced 2 years ago and is now on a 20 yr. mortgage. Right now, the house is on my husband’s parent’s property. We obviously want our own property. We could afford a 200,000 house somewhere, but we are pretty much stuck with the house being that we don’t own the land and would lose money if we sold just the house off of the property. It’s a great house though, so we’d love to just move it to the great property and be done with it. Easier said than done!
hybrid ……good article but we have great credit.

Technorati Tags: good paying jobs, land loan, log siding, love, mobile home, Mobile Homes, money, mortgage, stereotype, stereotypes, stigma

My mom has 80 acres she has a mortgage on. We have a mobile home on about 3 acres of it. we want to refinance. Can she give us the 3 acres? she has about 5 years left on her mortgage. Also what would we need to do to make this happen. can she just do a warranty deed or a quick claim deed or what.
We are wanting to refinanace our property. It is currently financed with another 50 acres as collatoral. we are buying a new place and want to refinance our current. The rate the bank gives us using the collateral that is not the land the house is on is an adjustable rate and we are tying to get to where we can get a fixed rate. We have excellent credit.
Also land has been surveyed and platted a few years ago but not recorded with the county.

Technorati Tags: collateral, collatoral, fixed rate, mobile home, mom, mortgage, quick claim deed, warranty, warranty deed

We purchased a new mobile home 9 years ago. At that time, we financed approx. ,000, a 30-year mortage, with the fixed interest rate of 9.25%. Our montly payment is only 0. Here it is, nearly 10 years later, we still owe ,000 and no bank will refinance because they say the home is not worth it. SO, I’ve been making add’l payments, usually about an extra a month. My question is, when I apply that add’l pymt. (which is on a separate check and indicates "add’l principal") why does nearly all of my initial 0 pymt. go to interest?
If I only make my 0 payment, more goes towards the principal. I’m not making headway either way it seems. I don’t understand this. We were young & naive when we bought this home, and now we’re stuck.
Currently we do not own the land it is on, but we do own 6 acres that we plan to move the home onto. Would this qualify me for a FHA loan then?

Technorati Tags: 10 years, amp, fha loan, fixed interest, headway, interest rate, mobile home, mortage, pymt

My husband and I are in a real pinch, and we have to move FAST. We don’t exactly have cash to buy a house. We are considering buying a mobile home. We can’t afford a HUGE down payment, like ,000 or ,000. So we can’t really buy a home over 50 grand. We have to move out really soon, and we hav epermission from family to move one on their land since we don;t own our own land. What’s the best way to finance? We’re looking for NO cash down if possible. Plus what are some pitfalls of buying a mobile home? The dealers mentioned turning a home in to trade like you would a car, but I’m not too hot on the idea, cause after you spend double what your orig price was, you wanna buy something better later. I think it’s best to get the luxuries NOW and not have to pay for 2 homes, for the price OF 2 homes! We’re having a HARd time trying for a small single, we prefer a double, that’s not over 70 ft long and we’ve seen some pretty expensive ones so far. the cheap ones we’d consider are like 30-35 grand. The most expensive ones are about 70 grand. So if we got 2 singles in 20 years(which is stupid) it’d be the same price as 1 lux. I prefer just to buy ONE house and be done with it. What’s your take? Any good websites? ANY advice? I live in KY. No jokes please! PLEASE HELP ME!!!!!
Whe I said trying for a small single. I meant we’re having a hard time dealing with such SMALL space.
Honestly. We need to move in te next month or two. We don’t exactly have 5-10 grand laying around. We can’t really afford over 2500 as a down payment. If we could afford 10 grand, we’d just buy a used one. But we can’t do that with our budget.

Technorati Tags: budget, hard time, luxuries, mobile home, move one, pitfalls

When I got divorced we agreed he would take over the mobile home, including payments. Unfortunately he was unable to refinance into his name alone. I wasnt worried because it was in the divorce decree that he was taking the home. Now he is going ch13 and the mortgage company is coming after me. i have absolutely no income and dont know what to do. I have been advised to go ch 7 to clear my self of this huge debt.

Technorati Tags: ch 7, ch13, divorce decree, mobile home, mortgage company

I have a friend going through a financial disaster and she needs your help. She is on disability, going through a divorce (her husband just left her high & dry for a younger woman), and is overwhelmed by her debt. She has a mortgage on a trailer in a trailer park with a 13.5% interest rate. She fits the criteria set forth by the Obama Administration her monthly payment is over 38% of her income. She has contacted many banking institutes inquiring about loan modification or refinancing. The banks all have said the same thing to her that since her home is in a trailer park she can not reorganize her loan (a mobile home in a park is not considered real estate). To me this is an outrage. It’s not like she can move her house it has no axles and is a doublewide; moving it is not an option for her. Just because her socio-economic status is low and she was forced by the state laws to put her trailer in a trailer park (you can’t have a mobile home on land where we live) she is being punished by investors. Is there any help for low-class individuals who find themselves in trouble with a mortgage on a trailer in a trailer park? Any suggestions I can give her? She’s such a nice older lady, I’d love to be able to help her. Thanks a lot.
Northpoint lending will not finance anything inside a park.

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I have a credit score of 567 because of late payments and charge-off’s from 3 credit cards. I’m looking for between 00.00-00.00. It cannot be a home loan because my home is a mobile home and I do not want to refinance it because I’m going to be listing it for sale very soon. Any suggestions on where I could get a "bad credit" personal loan? I live in West Chester, Pa if that helps any.

Technorati Tags: bad credit, credit cards, credit score, home loan, late payments, mobile home, personal loan, west chester pa

We bought our house in Oct. 2007. Our interest rate is 6.5%. Would it be good to refinance if the rate got down to 5.75%? We need to lower our payments if need be. We are so strapped right now with rising gas prices, food prices, daycare for summer, etc.

Right now we are financed through Wells Fargo and have been on time with every payment. We filed bankruptcy in 2004 on a mobile home that had water damage so I was wondering if this might hinder us in refinancing? Any advice would be appreciated!!!!!!!!!!

Technorati Tags: bankruptcy, food prices, interest rate, mobile home, rising gas prices, water damage, wells fargo

Last year I bought a mobile home (already owned the land) on a 10 year fixed rate loan at 11.255% interest. I have an opportunity to refinance at 4.755% interest. But the loan is a conventional fixed rate that most be refinanced in three years at whatever the rate is then. It sounds like an ARM, but he says it isn’t. I know the interest is good, but I am concerned about the type of loan. Thanks all
My credit score is 680, but it is difficult to finance a mobile home in south Mississippi since Hurricane Katrina, so I took what I could.

Technorati Tags: credit score, fixed rate loan, hurricane, mobile home, south mississippi

Ok, my huband has been divorced from his ex-wife for 7 years now. We had to contact her to sign a legal paper for us to refinance our mobile home that they purchased together to get it in our names. Should I go with him to meet her?

Technorati Tags: huband, legal paper, mobile home

It was built in 2004 and is only 85k. My question is, can a person finance a mobile home just like a regualr home? Are down payments required even though the home is so affordable? (probably sounds like dumb questiones, but I really don’t know) It mentioned something about lot fee also. I’m new to this whole home buying thing and I’m learning as much as I can before diving in. It really is a nice starter home. Any info,advice etc. would be great. Thank you in advance.

Technorati Tags: mobile home, questiones, whole home

How do I get my name off of a mobile home title after bankruptcy?
I filed bankruptcy back in 2000. This mobile home was included. I had a co-signer on the mobile home who decided to keep it (he just kept making the payments). He does not; however, keep the decals up to date and every year or two I have to go through the same thing again with the clerk of the court. They threaten to suspend my license because the decals are not paid. I called the mortgage company and they say the only way to get my name off the title is for the co-signer to refinance. I tried to explain to them that I filed bankruptcy. All to no avail. Are they right? Do I have to get in touch with the co-signer and convince him to refinance? What is the point of filing bankruptcy if I am still going to be responsible for a property?

Technorati Tags: avail, clerk of the court, co signer, decals, filing bankruptcy, mobile home, mortgage company