What are the FHA or HUD requirements for refinancing my mobile home in North Carolina?
I recently started the refinancing process of my home, located in Charlotte, and now have told that it must meet the HUD foundation requirements for manufactured homes. I have lived in my home for years with no problems, so what are these requirements and why are they needed?
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is forfeiting my mobile home the right thing to do?
I am a single mother of 2 and work 2 jobs but no matter how hard I work I still cant meet all the bills after car payments, insurance, food, daycare, utilities, etc. My fathers name is on this as a cosigner and I can rent a place bigger than my home for almost half of what I pay for my mortgage so this is why I am asking. My ex-husband (who also doesnt pay child support and the state isnt doing anything about it) ruined my credit so refinancing is not an option for me either (plus the fact that I owe WAY much more than it is worth). So, is forfieting it better for me? Will it ruin my fathers credit too right? What would you do in my situation? Thank you so much in advance!
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Manufactured Home Refinancing
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/
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Mortagage Co. Licensed Mortgage Brokerage Business my , Where can I look for them, they don’t pick?
Need to locate them for real estate question and refinancing property (AMFED Mortgage-for mobile homes). Is this a real Co., were can I locate them as they are not picking up telephone.? 1-800 330- 9679
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mobile home with no title. prev. owner purchased m.h. frame with no title & constructed new home on frame?
there are additions on sides & home is attached to real property and cannot be moved without severe damage to structure.how can i get a new title to satisfy lender for refinancing in state of fla?
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What steps are needed when deeding property?
Several years ago we placed a mobile home on some land that belongs to my parents. The land we are living on is still in their name. We are wanting to do a refinancing of our home and want to know what steps we have to go through to get the land in our name. The land we are talking about is just a portion of their land, not all of it. Do they just deed it to us, do we need our part surveyed? What paperwork is needed? Any guidance will be appreciated.
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Years ago my husband and I purchased a manufactured home- at the time I was naive, thinking that at least it would be money we wouldn't be throwing away on rent. Now here we are, 9 years later, paying high interest and only per month comes off the principal! I received information from an insitution which specializes in manufactured homes- I filled out an application, and now I am told that even though 1. Our Credit is Stellar, and 2. Our income is just perfect, they will NOT finance us since our home is worth less than we owe. So now what?!?!?!? Our local banker believes they set our monthly payment to low, and that is why we aren't paying down our principal. Our monthly payment is what we can handle, I can't really afford to pay more each month.We own land that we could move the home on, would that make it more valuable so we could refinance? Any tips from those of you who have similar problems or a background in refinancing? Thank you In advance!
We own a single-wide Wick home, it is a 1999, we ordered it brand new. Hope this may help….
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At what point do attached additions to a manufactured home make it NOT a manufactured home?
Do additions (structural and attached) eventually change the classification of a manufactured home for refinancing and insurance purposes? At what point does this happen? Our house is no longer what I would consider mobile at all! lol
We are in a very rural setting and the building has been done to code although no inspections were required. The home is a 2003 model. The addition does have foooters and a foundation.
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