Evergreen Park

Evergreen Park

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According to the latest manufactured housing trends, design and function are still at the top of the list.

Architectural style, color schemes, floor plans and attractive appliance packages remain as top priorities for most mobile home and manufactured housing buyers. With the typical smaller footprint of mobile homes, the design function and layouts can be a little more challenging than a larger home.

Even though some of the mobile homes have smaller square footage, manufacturers are dedicating more time and effort to providing better storage solutions and better ergonomics in the space that is provided. The extra space can be seen in things like built-in medicine cabinets, added pantry spaces and capitalizing on the little extra nooks for better use.

Naturally there remains pricing pressure on all fronts. With new regulations, comes additional costs. Some regulations can be beneficial such as having adequate cross bracing in a structure, while a number of diminutions improvements are adding substantial cost to home owners. We all hear about the need to support affordable housing, but very few seem to be asking why individuals cant pick out there own light bulbs or water fixtures anymore.

After all, most homes are connected to a electric and water meter. If the electric bill gets a little to expensive, individuals sooner or later will figure out that they can just shut the switch off and/or put in higher or lower wattage bulbs in “their” home to meet their individual tasks and needs.

So while the trends are changing, being able to select a home with the fixtures and functions you desire may be a thing of the past. And this lack of free market freedom is driving up the cost of all housing, from Mobile Homes to Multi-Million dollar mansions.

 

Financing a Mobile Home purchase often will take several extra steps and procedures than if one were to purchase the mobile home outright from a dealer. The following general information provides some additional insight guidelines from HUD that may help.

Anytime you are looking to place a home in a Mobile Home Park, it is highly recommended that you coordinate directly with the Mobile Home Park to ensure realistic availability, measurements and estimated timelines.

Keep in mind, the mobile home dealer is typically only working on ordering and delivering the mobile home. Whereas, the Mobile Home Park has to address site plans, set backs, grading, utilities, accessibility (trees, turning radius, obstacles etc.) Stairs, landscaping, sidewalks, patios, and parking just to mention a few areas that the Mobile Home Park typically has to address in one form or another.

In other words, in order to have a successful mobile home move in and set up, it is imperative that the resident and dealer have a respectful understanding and cooperation with the Mobile Home Park and the logistics that others must endure. The mobile home dealer will work on the file for a few months, the Mobile Home Park and resident will be working with the end result for years. Get a done right the first time.

Therefore, ensure that the Mobile Home Park receives, clear, concise and accurate updates on the entire process. It will make the entire project flow much better for everyone for years to come. The following is a little more on Mobile Home Financing options per the HUD.Gov website.

Under the Title I program, FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a manufactured home and/or lot. FHA insures the lender against loss if the borrower defaults. Credit is granted based upon the applicant’s credit history and ability to repay the loan in regular monthly installments.

FHA does not lend money; FHA insures loans in order to encourage mortgagees to lend. Title I manufactured home loans are not Federal Government loans or grants. The interest rate, which is negotiated between the borrower and the lender, is required to be fixed for the entire term of the loan, which is generally 20 years.

Purpose of the Loan

A Title I loan may be used for the purchase or refinancing of a manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrower.

Manufactured Homes Placed on a Leased Lot

For Title I insured loans, borrowers are not required to purchase or own the land on which their manufactured home is placed.  Instead borrowers may lease a lot, such as a site lot within a manufactured home community or mobile home park.  When the land/lot is leased, HUD requires the lessor to provide the manufactured homeowner with an initial lease term of 3 years.  In addition, the lease must provide that the homeowner will receive advance written notice of at least 180 days, in the event the lease is to be terminated.  These lease terms are designed to protect homeowners in case the lessors sell the land or close the park.

Maximum Loan Amount

  • Manufactured home only – $69,678
  • Manufactured home lot – $23,226
  • Manufactured home & lot – $92,904

Maximum Loan Term

  • 20 years for a loan on a manufactured home or on a single-section manufactured home and lot
  • 15 years for a manufactured home lot loan
  • 25 years for a loan on a multi-section manufactured home and lot

Locating a Dealer

Manufactured homes are usually purchased through dealers or retailers that sell the homes. The names of lenders in your area which specialize in financing manufactured homes can be obtained from local retailers. These retailers are listed in the yellow pages of your telephone directory. They have the required application forms.

Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements governing the installation and construction of the manufactured home foundation system.

Consumer Protection

HUD provides two types of consumer protection. The borrower must sign a HUD Placement Certificate agreeing that the home has been installed and set-up to their satisfaction by the retailer before the lender can give the loan proceeds to the retailer.

Eligible Borrowers Must

  • Have sufficient funds to make the minimum required downpayment.
  • Be able to demonstrate that they have adequate income to make the payments on the loan and meet their other expenses.
  • Intend to occupy the manufactured home as their principal residence.
  • Have a suitable site on which to place the manufactured home. The home may be placed on a rental site in manufactured home park, provided the park and lease agreement meet FHA guidelines. The home may be situated on an individual homesite owned or leased by the borrower.

An Eligible Manufactured Home Must

  • Meet the Model Manufactured Home Installation Standards.
  • Carry a one-year manufacturer’s warranty if the unit is new.
  • Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

The proceeds of a Title I manufactured home loan may not be used to finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.). However, built-in appliances and equipment and wall-to-wall carpeting are eligible for financing.

Want Advice on Buying a Home?

HUD encourages those who are considering a home purchase to talk with a HUD-approved housing counseling agency for guidance.  These agencies offer free assistance to consumers in meeting their specific housing goals.  A housing counselor can assess your financial situation, determine available options, and is familiar with various HUD programs and other local community resources.

HUD-approved counseling agencies are located throughout  the country.  You can find a counseling agency near you by calling (800) 569-4287 (toll-free). Or, search for HUD-approved housing counseling agency near you by visiting the following website: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

 

 

 

 

 

 

 

 

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