4 weeks ago ·Justin Becker ·Comments Off on Are Manufactured Homes Energy Efficient
Now more than ever, people are looking for energy efficient or “greener” housing, which is great. Yet, many people are still unaware of the available options out there. In fact, many people are surprised to find out that today’s manufactured homes are modern, luxurious, affordable, and above all else, energy efficient. The reality is that ever since the mid-1970s, manufactured homes have been designed with the buyer and the environment in mind. Thus, when people ask if manufactured homes are energy efficient, any way you slice it, the answer is yes.
Today’s manufactured residences are actually more environmentally friendly and efficient than ever. Thanks to the HUD guidelines and the ever-evolving design/construction of manufactured homes, the industry continues to exceed expectations and produce Energy Star certified homes.
Older Mobile Homes
That said, older manufactured or mobile residences that were built circa 1976 may not offer as much in the way of energy conservation or help to further reduce one’s carbon footprint, but that does not mean older homes are harmful to the environment and your wallet. Instead, your mobile home may just need a few upgrades to ensure that it is up to code.
The good news is that there are a variety of ways to make your mobile home more energy efficient. Simple things like adding a better insulated roof or newer kitchen appliances can do wonders. Other things like replacing old light bulbs with energy efficient lighting or insulating your home’s floor are quick and easy fixes that save you money.
Newer Manufactured Homes
In contrast, new manufactured residences need little assistance when it comes to being more energy efficient. As briefly mentioned, due to HUD regulations that were instituted in 1976, modern and brand new manufactured homes are some of the most energy efficient structures around. Contemporary mobile homes actually are Energy Star approved/certified in several ways since HUD’s stipulations are applicable to just about everything from the windows to plumbing and more.
In fact, one of the very first things that changed in light of these new policies was the overall construction of manufactured or mobile homes. Designs, materials, and even the way they are now built in a controlled environment all helped make this particular housing the best of the best. There is now more of a focus on sustainability, recycling, and reducing material waste, which has made these dwellings even more efficient. Additionally, being Energy Star certified means manufactured homes are less expensive to build in comparison to standard or traditional houses, your utility bills are more affordable, your home stays consistently comfortable in terms of temperature, and that your manufactured residence is backed by the government.
Besides a more environmentally friendly construction or design, the materials that are now used to build manufactured homes are selected for their energy efficient capabilities. A prime example is the installation of better made windows and doors. Plus, comprehensive insulation is another big component to reducing heat loss and heating fuel usage. By adding environmentally friendly/safe insulation to a mobile home’s belly/underside, walls, and roof alone, manufactured residences are able to use 31 percent less energy/fuel. Plus, using higher quality caulking throughout also has helped to improve efficiency. Other materials that are now incorporated into the construction of manufactured residences include low VOC or Zero VOC (volatile organic compounds) paints, LED lighting, recycled/residual wood, Energy Star certified shingles, etc. Renewable energy systems were also added to mobile homes to help reduce pollution and lower energy costs.
Similar to traditional or standard built contemporary houses, manufactured homes are now designed and remodeled using what is known as the whole-house systems approach. This particular method essentially looks at the house or mobile home as a single energy system that has interdependent parts. These said interdependent parts, unsurprisingly, affect the system’s overall performance. Consequently, skilled professionals compare a variety of designs to ensure that each manufactured home can be energy efficient. As mentioned above, insulation, air sealing, newer appliances, safer electronics, multi use skylights, and more are all variables that, when combined, can have a positive effect on any kind of home’s overall efficiency.
Appliances and Fixtures
What’s more, appliances and everyday fixtures are also changing for the better. Thus, geothermal heat pumps, passive solar panels, solar water heaters, small wind electric systems, Energy Star certified refrigerators, and water-saving toilets are changing the game. Of course, when combined with energy efficient CFLs and LED lighting/fixtures, your home is able to use anywhere from 50 to 75 percent less energy. Plus, nowadays, practically every appliance out there comes in a more eco-friendly option. This means your washing machine, dryer, sink faucets, shower head, and stove can help you go green. Thus, with more environmentally friendly energy sources and home equipment, the sky’s the limit when it comes to your manufactured home being energy efficient.
Heating and Cooling
The same is true for your heating and cooling systems. Manufactured houses also have some of the most advanced heating/cooling options around. With that said, even if you do not have the latest model A/C, it is extremely easy to make your mobile home more energy efficient. For instance, inexpensive exterior shading, window film, and controlling moisture in your crawl space are cost-effective ways to make your home more comfortable. When your home stays at a consistent and comfortable temperature, you are less likely to blast your A/C or turn up your heat. So, if you have an older mobile home, there is no need to panic. With just a few minor adjustments, your home can be energy efficient
What to Expect
So, what does this mean for a potential mobile homeowner? Well, it means newly mobile home estates and communities have housing that is worth considering. Not only can you reduce your carbon footprint, but you can also save money when you choose to purchase a mobile or manufactured residence. As you can see, there are a whole host of benefits that come with mobile homes that have been designed with you and the environment in mind. A few benefits include increased comfort, a reduction in noise, a healthier/safer indoor space, a more durable home, and less maintenance.
Moreover, let’s not forget that manufactured residences have less square footage in comparison to a traditional or standard built house. Consequently, less energy is needed, you can utilize your space better (it is easier to declutter), and it is less expensive to make energy efficient upgrades. Thus, if you are looking for affordable luxury that is better for you, your family, and the environment, then it might be time to change your views on manufactured homes.
Ultimately, all housing is becoming more energy efficient out of necessity. Yet, the truth is that manufactured residences have been leading the charge for more than three decades now. Therefore, you should seriously consider mobile home living if you have not already.
Suppose you are currently interested in available manufactured housing but do not know where to begin your search. In that case, it is highly recommended that you start locally and seek assistance. Typically, a real estate agent that specializes in mobile housing or a manufactured home dealer can help you narrow down your options. That said, if you have questions about manufactured homes or mobile home communities in your area, then you can reach out to a knowledgeable associate at Tyrone Woods Manufactured Home Community for additional support.
2 months ago ·Justin Becker ·Comments Off on Financing Options for Manufactured Homes on Leased Land
With today’s manufactured homes, finding financing is easier than ever before, which is good news if you are looking to purchase a mobile home. Financing a manufactured home is typically more affordable and easier to qualify for than in comparison to a traditional home. Not only are your mortgage payments likely to be less, but also you are generally not required to put a lot of money down either.
Many people purchase manufactured residences for these very reasons. That said, there are specific loan programs and lenders that can assist you with this particular type of housing. Moreover, there are several financing options for manufactured homes on leased land.
Before getting into exactly what those options are, let’s go over some of the basics. For instance, if you do not know what is meant by a home on leased land, that is perfectly okay. Leased land typically refers to mobile home parks and manufactured home communities. Under these circumstances, you are likely purchasing a constructed residence that is already located within a community. As a result, you would be financing your mobile home while paying a lot rent, which is generally affordable.
Financing a manufactured home on leased land, then, does have certain rules and regulations that are often associated with funding, especially with government-backed loan programs. Nevertheless, you can work with a handful of reputable manufactured home lenders to figure out what will work best for you.
Here is a quick overview of three top manufactured housing lenders and the most common loan programs/mortgages that mobile homeowners utilize in this scenario to help get the ball rolling.
Triad Financial Services
One major manufactured home lender in the game is Triad Financial Services. This particular lender specializes in manufactured housing financing and has been around since 1959. Consequently, Triad can offer you decades worth of experience. Here, potential homebuyers are walked through a quick and easy purchase/loan process. Moreover, this process is streamlined for consumers and accessible online. Triad also offers construct-perm loans and a refinancing loan process if you are looking to refinance your mobile residence. If you are interested in working with one of the oldest lenders in the industry, then contact Triad or go to their website and check out their online loan applications.
21st Mortgage Corporation
Another manufactured housing lender worth considering is 21st Mortgage Corporation. This mortgage company has been around since 1995 and is a larger lender with over 800+ team members that can assist you. Here, you will find multiple loan programs for your future manufactured home. 21st Mortgage loan programs include fixed rates, financing for both new and used mobile homes, permanent or nonpermanent foundations, financing for homes located within a community/park, and much more. If you would like to find out more about this lender, then do not hesitate to check them out online. Note, there are credit and state-specific guidelines that you should look at first before moving forward with 21st Mortgage.
Performance Equity Partners (PEP)
The other manufactured housing lender that may be able to assist you with funding is Performance Equity Partners. Established in 1994, this lender also has several loan programs available for manufactured houses. PEP funds and services both new and existing manufactured or mobile homes that are located within communities nationwide. That said, PEP does not offer financing for land owned units, so be mindful of that when you are pursuing their available programs. If you want to know more about PEP, then go online or call for additional assistance.
Besides lender financing, there are a multitude of government-backed loan programs available for mobile housing via select banks and credit unions. For example, USDA or Rural Development loan programs have been around since the 1930s and were originally used for on-farm housing. In regard to manufactured homes, USDA loans are a great option as they require no down payment and are willing to finance up to 100 percent of the appraised value of your future residence. With that said, you still need to meet the basic requirements of a minimum credit score of 650, the home has to be in a rural location, and you cannot make more than 115 percent of the county’s median income. Note, this loan typically comes with fees—a .5 percent monthly payment and a 2 percent fee on the entire loan.
FHA Mortgages (Title II and Title I loans)
When it comes to FHA mortgage or loan programs, this is often many people’s second option. This is due to the fact that most mobile homeowners tend to go with a USDA loan if they can. However, if their income exceeds the permitted amount for a USDA loan, then the next stop is an FHA mortgage.
FHA loans have no maximum income requirement, which obviously is helpful. However, the caveat here is that an FHA loan is not actually a home loan; rather, the government has insured your loan. Usually, lenders prefer homebuyers that are FHA-approved because they benefit from mortgages being backed by the government.
Of course, if you are interested in an FHA mortgage or loan, it is up to you to find an FHA-approved lender. There are two common types of FHA loans that you will see when dealing with manufactured housing. The first is an FHA Title II loan, which requires a 3.5 percent down payment and offers up to a 30-year loan term. However, a Title II loan is used to purchase both the mobile residence and the land it sits on (this is essentially a real estate loan). Thus, this FHA loan would not be applicable if you are looking at a manufactured home on leased land.
The other FHA loan is called a Title I loan. This is the loan that you would use when buying a manufactured home within a community or on leased land. A Title I loan is for personal property and requires that the initial lease be for a minimum of 3 years or more. Other requirements of an FHA Title I loan include a 5 percent down payment, and shorter loan terms up to 20 years. There is also a maximum loan amount here. Plus, your down payment, minimum credit score (at least 580), and terms vary depending on the lender you choose to work with. Thus, it is highly recommended that you shop around if you are interested in FHA Title I financing. Note, future homebuyers can assume your mortgage at your interest rate, and the associated fees are 1.75 percent of the entire loan with a monthly payment of .85 percent.
Lastly, you can purchase a manufactured home with a Veterans Administration (VA) loan as well. To qualify for this type of financing, you need to be a veteran or service member. Here, the manufactured home has to be permanently attached to the foundation on borrower-owned land. Thus, this financing is not available for manufactured homes on leased land.
Ultimately, these are just a few things to keep in mind when trying to secure funding for your manufactured home. In order to make the entire process run smoothly, make sure you do your research. There are often caveats, regulations, guidelines, and more that may bar you from utilizing specific funding. If you would like additional help regarding securing financing for a manufactured home on leased land, then do not hesitate to contact the aforementioned lenders.
2 months ago ·Justin Becker ·Comments Off on Is Buying A Manufactured Home A Good Investment
Purchasing real estate is generally a good investment, whether it is undeveloped land, traditional houses, or manufactured homes. That said, if you are looking to invest in or buy a manufactured home, but are on the fence about it, then you have come to the right place. In the past few years, manufactured homes have been very much in demand for a variety of reasons.
In fact, one reason in particular is because they are becoming more of a lucrative investment. This is not too surprising as today’s mobile homes are completely different than those of yesterday. With energy-efficient features, fully-customized kitchens, ample storage, rooftop decks, and more, investors/buyers are changing their tune when it comes to this particular kind of housing. To better assist you in your decision, let’s go over the various reasons why mobile homes are good investments.
Low Risk and Less Competition
In addition to offering affordable luxury, buying a manufactured home is a great way to expand your portfolio while still being low risk. As a result, you can purchase several houses and still come out on top. In fact, if your sole purpose for buying a manufactured home is to capitalize on profitable investment opportunities, then it is highly recommended that you buy more than one, if you are looking to spread out your potential losses.
Moreover, as an investor in a manufactured home, you will quickly notice that there is less competition. Despite the recent increase in demand, traditional real estate investors are still a little wary of purchasing mobile homes. This means there are even more opportunities for you, if you play your cards right.
Downsize and Reap the Benefits
On the other hand, if you are looking for a manufactured home for yourself, then a mobile home is a great investment because it allows you to declutter and downsize. Typically, when people buy a mobile home, they are looking to live a more simplistic or minimalist lifestyle. Thus, moving from say a traditional size house to a smaller manufactured home provides homeowners with the opportunity to get organized. Most soon-to-be mobile home residents are able to sell unwanted or barely used furniture and donate to Goodwill. As a result, you can make a little money on the side or have a handful of tax write-offs for next year.
Energy Efficient and Environmentally Friendly
Furthermore, with energy-efficient technology and appliances, you can reduce your carbon footprint. Plus, today’s manufactured residences are more environmentally friendly as they use less power and can even have customized solar panels or green-energy tech installed. What’s more, manufactured homes still offer high-quality features that rival traditional or conventional houses. Similarly, custom-built mobile residences and manufactured homes, in general, tend to use less building materials or have minimal construction waste.
Maintenance and Repair Costs
Another reason why purchasing a mobile residence is a good idea for you is because routine maintenance and repairs are relatively inexpensive. Since you are buying the manufactured home outright, you are responsible for its upkeep and repairs. The good news is common electrical issues, plumbing repairs, and so on will cost you a lot less than if you had the same problems with a conventional-sized house.
Part of a Community
For people looking for an affordable luxury home, manufactured homes are great options, especially if qualifying for a sizable mortgage right now is not in the cards. Furthermore, a good portion of affordable luxury mobile homes are located in mobile home communities. This means that as a mobile homeowner, you now have access to communal amenities, plus you are actually a part of a real community. Of course, you do not have to take our word for it. Stop by a few manufactured home communities in your area. You will see that there are community centers, playgrounds, swimming pools/outdoor recreation areas, lush landscaping, management sponsored events, and more. Note, there are also age-restricted mobile home communities which offer activities and other perks that are specifically designed to meet the needs of individuals who are 55+.
Appreciation on Land
Alternatively, if you are looking to buy a manufactured home with land, you will be glad to know that mobile residences that are affixed to property actually appreciate in value. Therefore, you have home equity here and will more than likely be able to resell your mobile home down the road for more than you originally purchased it for. Even if your future mobile home is not affixed to property, you can still make a few upgrades here and there, which will likely ensure that you will make back what you put into the home.
Speaking of your mobile home’s resale value, newer manufactured homes tend to do well. For instance, pre-owned mobile homes tend to increase in value over time, just as traditional/conventional houses do. In contrast, brand new manufactured residences that need to be set-up or relocated tend to cost a pretty penny. Thus, you are less likely to make back all that you spent to purchase, set-up, and move your mobile home at the time of resale. Nevertheless, you may want to consider simply relocating your newer mobile home instead of selling it, if you are looking for the most cost-effective way to move/live somewhere new.
Good Value for Price
Mobile homes are also a great deal/value for the price. Think about it, most manufactured homes have up to four bedrooms, but are half the price of most two-bedroom stick built homes. For investors, particularly, the low costs associated with manufactured homes are too good to pass up. Consequently, many investors choose to build even larger manufactured residences due to the low price per square footage.
Depending on the location, you will notice that some manufactured homes make better long-term investments than others. As briefly mentioned, one of the main reasons some mobile homes fare better in certain areas rather than others is because the stigma of owning a portable residence is still present. That said, as this particular type of housing becomes more and more popular, or widely accepted, it is only a matter of time before manufactured homes are viewed as amazing long-term investments across the country.
Overall, purchasing a mobile home is a good investment. If you are looking to buy a few mobile residences, and rent them out, now is a good time to strike. Similarly, if you are considering a manufactured home for yourself, but are wondering if it is the right move, then stop.
There are a few disadvantages to purchasing a mobile home, like more strict lender requirements and limited design schemes, but these are obstacles that you can overcome. In the last few years alone, mobile housing has become more mainstream, which has caused lenders to ease up a little on their tough requirements. Moreover, mobile homes are customizable, and add-ons just need to be approved by the local authority/municipality. Note, if your manufactured residence is located in a mobile home community, you will also have to have add-ons approved by them as well.
Ultimately, if you have read this far, you should know that buying a mobile home is worth considering. With that said, if you have general questions about investing in a mobile home, then a local manufactured home dealer or retailer should be able to assist you further.
3 months ago ·Justin Becker ·Comments Off on 5 Reasons Why the Cost of a Manufactured Home is Half the Price of a Stick Built Home
If you have been considering a manufactured home recently, you may have noticed how reasonably priced they are. Manufactured houses are not just affordable, they are actually the more cost-effective choice when you compare them to stick-built or traditional homes.
Nevertheless, if you have had the pleasure of checking out some of these modern-day manufactured houses, then you already know what they offer—amazing contemporary layouts, full-size kitchens, multiple bedrooms, custom bathrooms, and more.
With that said, you may be wondering why these incredible homes cost half the price of stick-built/traditional houses? Well, that is a great question that we can definitely answer. There are five reasons, in particular, that manufactured homes are the more cost-effective option. So, without further ado, let’s go over those reasons.
The Major Difference
Before going into detail about why manufactured homes are half the price, it helps to know the major difference between these two types of housing.
A manufactured home is pretty much what it sounds like—a home that was made in a factory and not one that was constructed onsite. In other words, a modular house is one that was completely assembled in a factory and then transported to its intended homesite. Manufactured homes are often customized to the buyers’ specifications and offer roughly half as much square footage or living space as a stick-built house.
In contrast, a stick-built or traditional house is one that is built entirely onsite. Here, builders lay the foundation for a conventional house and then proceed to construct the buyers’ dream home.
Now that you are aware of the major difference between these two homes, it should be evident that one of the reasons manufactured homes are more affordable is because of the overall building process.
As briefly mentioned, manufactured homes are built in an assembly-line fashion and a climate-controlled factory. As a result, manufactured homes are constructed quickly and without any interruption from the weather. Plus, manufactured houses arrive at their homesites with complete wiring, plumbing, windows, and more. Thus, there is really not much to do once the home is transported to the site.
On the other hand, stick-built houses are constructed from scratch onsite. Thus, weather conditions play a major role in the building process and affect the overall quality of your future home. Think about it, if it is raining, snowing, or even too windy, then construction will more than likely be delayed until weather conditions are more favorable. Moreover, traditional homes are not efficiently built all at once like manufactured homes are, rather they are built in stages.
Furthermore, stick-built houses require ample building materials, thanks to their overall size; but, also just in case any unexpected problems should arise. Thus, you have to purchase all the necessary materials upfront and then essentially find a way to store them until they are needed. Remember, you cannot leave shingles, lumber, windows, and insulation lying around. Likewise, you do not want these vital materials exposed to the elements for too long. Unprotected building materials left out in the open are often vandalized, stolen, or damaged. Therefore, all of these things need to be accounted for monetarily when building a traditional house. What’s more, any unused materials need to be properly disposed of or removed from your homesite, and this generally does not happen for free.
With manufactured homes, these potential problems simply do not exist. Consequently, there is no real need to order more building materials than you might need. The reality is that manufactured home factories have building homes down to a science, which means your future home is built without hardly any material waste, in record time.
Time Frame to Construct
As briefly touched upon, there are a variety of factors that affect the time frame for constructing both types of housing. Manufactured homes are typically completed in a matter of months—three to five months, to be exact. Stick-built/traditional dwellings, however, may take up to six months to build, or it could very well take years to complete for several reasons.
For starters, bad weather can literally undo any progress that has been made with your traditional home. Similarly, days that do not have the right weather conditions are days that no one is working on completing your house. Moreover, stick-built homes are larger and thus can take even longer to build.
Ultimately, these are only a few reasons that affect the final price of your home. Note, many people save money with manufactured homes by having the foundation laid simultaneously to in-factory construction, which you cannot do with traditional houses.
Design and Overall Scale
Another reason manufactured homes cost less than stick-built residences is because of their design and overall scale. In the past, manufactured homes were, for lack of a better term, very cookie-cutter; thus, this was a turnoff for many people. However, today’s manufactured homes rival that of even the most intricately designed and customized traditional houses.
Plus, due to the sheer size of manufactured homes, customizing them is very inexpensive. For instance, an upscale kitchen that needs granite countertops, custom cabinetry, and more, is still less labor-intensive and involves fewer materials when it is a manufactured home. Furthermore, manufactured homes are designed to be more efficient, which generally includes smaller, more energy-efficient appliances and fixtures. Smaller, energy-efficient appliances and fixtures inevitably cut down on labor costs since they are typically easier to install and transport.
Finally, homes with less square footage do not require a wealth of materials or take forever to put together, which just equals even more savings.
Price of Land
Lastly, the price of your homesite is another reason manufactured houses cost less than stick-built homes. People often overlook the price they paid for their homesite when cost comparing manufactured and traditional homes; however, it is still very much a factor in the total price (depending on location, your homesite can account for more than half of your construction budget).
Typically, traditional houses are built on purchased property; thus, the cost of a sizable land lot will absolutely be included in the price of your home when you think about it. Plus, let’s not forget the property taxes and other expenses that pop up when you buy the land your home sits on.
With manufactured homes, you can also purchase property to place your house on, but if you choose to do so, it will likely cost you less because you will not need a ton of acreage for a smaller home.
That said, most people nowadays place their manufactured homes in manufactured home communities. So, they are not spending thousands of dollars on the property for their house. Likewise, manufactured homeowners generally pay less in property taxes if they are required to pay them at all. The cost to rent a manufactured home lot is minimal at best. Therefore, this is something to keep in mind if you are still unsure about which type of housing is best for your budget.
Ultimately, manufactured homes tend to be the more sensible option, especially if you are looking for affordable luxury housing. Not only do they cost less than traditional houses, but you also tend to get more bang for your buck.
So, if you are ready to start building your future home, why not do your budget a favor and check out the manufactured home communities and factories in your area—there are at least five reasons you won’t regret it.
4 months ago ·Justin Becker ·Comments Off on Why Tyrone Woods Manufactured Home Community Has The Best Chattel Financing Options For Manufactured Homes
What is a manufactured home?
The terms ‘manufactured home’ and ‘mobile home’ are often used interchangeably, but there are a few differences. Manufactured homes are technically only those built after July 15, 1976, because that is when stricter standards were set for mobile homes. These standards applied to design and construction, strength and durability, transportability, fire resistance, energy efficiency, overall quality, and performance of house systems (electrical, plumbing, heating and air conditioning). Manufactured homes are built and assembled primarily in factories. They are then transported to a site for use.
Mobile vs. Manufactured vs. Modular
- Mobile homes were those built prior to the 1976 Mobile Home Construction and Safety Act. These homes were easy to move and built with few production standards.
- Manufactured homes are those built after July 15, 1976. They are built in one piece. Once manufactured homes are transferred to their site, they are placed on wooden pillars, metal piers, a solid foundation or basement. These homes must adhere to federal regulations. Manufactured homes come in many styles and are usually fit with comfortable amenities.
- Modular homes are built in multiple pieces at factory facilities. The pieces are joined when they arrive on the site and are joined on solid foundation. Modular homes look more like a traditional home than other factory-built options.
Mobile and manufactured homes are popular in the United States today. The once negative stereotype of low value mobile homes is less applicable to modern manufactured homes. It is estimated that 17.7 million Americans live in manufactured homes. These are typically young adults and retirees. They are homeowners as well as renters. The affordability and value of a manufactured home is what draws people to this type of living solution.
Benefits of Choosing a Manufactured Home
- Manufactured homes are built at a fixed price in a factory setting. You are unlikely to run into the costs that arise when building a traditional home, like weather setbacks or subcontractors.
- The base cost of a manufactured home is much lower than a traditional house. A new manufactured house can cost half as much, per square foot, as a house.
- Manufactured homes are built to high safety standards. Federal laws require smoke detectors, escape windows, and limits on combustible materials around heating sources. You can be sure your manufactured home is safe.
- There are many floor plans to choose from and your manufactured home can have all the amenities you desire. Many have walk-in closets, bay windows and fully-equipped kitchens.
- Mobile home loans are available to make manufactured houses available to individuals wanting to own one.
Tyrone Woods Manufactured Homes Community offers mobile homes for lease and for sale. Purchasing a manufactured home is much more affordable than a traditional home. Homes for sale at Tyrone Woods range from $30,000 to $50,000. Although this is much more affordable than a house, it is still more than most people are able to pay up front. Because of this, partnered lenders are available to work with individuals of all financial backgrounds and are incredibly understanding of past financial hardship. Almost anyone can own their home with these manufactured options. If you do not qualify currently, lenders will also work with you to make future plans. Consider all the ways you could finance a mobile home.
Ways to Finance a Mobile Home
- FHA loans: You can get an FHA loan for a mobile home if the borrower does not own the land. The borrower must provide a signed lease for a mobile home plot. There are other requirements relating to maximum loan amounts and terms.
- Fannie Mae: The borrower has to own the land they intend to place their mobile home on to qualify for this type of loan. The land also must be titled to secure collateral for financing.
- Freddie Mac: To get this type of loan, a manufactured home must be permanently affixed to the land it sits on. The loan is attached to the home and the land.
- Chattel loans: These loans are personal property loans instead of real estate loans, which means the mobile home does not need to be affixed to land. For this reason, chattel loans are popular for manufactured home communities.
Chattel loans are a common way to finance manufactured and mobile homes. While traditional mortgages typically disqualify mobile homes, chattel loans are a great option. Chattel loans are technically personal property loans instead of real estate loans. These loans are designed specifically for movable property and are also applicable to vehicles, airplanes, boats and farm equipment. Chattel loans are popular for homes in manufactured home communities because they can be used when land is not owned by the owner of the manufactured home. A chattel loan is completely separate to the land that the manufactured home sits on.
Compared to a traditional mortgage, chattel loans typically have a higher interest rate and come with shorter terms. Buyers can own their mobile home quickly and easily using a chattel loan. Manufactured homes often allow for individuals to purchase a home more conveniently than a traditional house. Chattel loans have lower down payment requirements than a traditional mortgage, which may allow borrowers to get started paying for their home faster.
How can I get a chattel loan?
An individual with a stable job and fair to poor credit is typically able to get a chattel loan. Lenders associated with Tyrone Woods Manufactured Home Community work with all credit scores and income levels. If applicants have experienced a hardship in their past, they will not be dismissed. Even if you cannot get approved currently, they also can help plan for the future. This level of service and financial assistance makes it one of the best ways to finance a mobile home.
Tyrone Woods Manufactured Home Community
Located right outside Fenton, Michigan is Tyrone Woods Manufactured Home Community. This pet friendly living community is strategically located 30 minutes from Ann Arbor and Flint. It is also about an hour from Lansing and Detroit. Fenton offers plenty of its own amenities, like shopping, a historical downtown, dining, entertainment and education.
Tyrone Woods provides financing for individuals with various backgrounds. The average purchase payment is often $200 to $300 less per month than lease options. Minimum down payment typically matches a lease security deposit.
If you are looking to buy a home in Fenton, Tyrone Woods Manufactured Home Community is the place to look. Fully renovated manufactured homes are complete with spacious kitchens and master suites. Upgrades, like new appliances, new flooring, new utilities, metal roofing, sheds, central air conditioning and more are also available. There are down payment assistance and referral programs for extra financial support as well.
Purchasing a manufactured home is a great way to get all the amenities of a traditional house for a much lower cost. The value of manufactured homes is unmatched. This is a great way to achieve home ownership for millions of Americans.
Overall, manufactured homes offer the best of both worlds if you want to own your own home without the commitment of a traditional house. With a chattel loan, you can quickly and easily work towards this goal. Instead of constantly renting and moving, start owning your home today. Average closing time is just three weeks.
Tyrone Woods Manufactured Homes Community offers affordable purchasing and leasing options. Get started on your pre-qualification form or apply now to become a resident of the Tyrone Woods Manufactured Homes Community.
7 months ago ·Justin Becker ·Comments Off on How to Search For Mobile Homes For Sale in Fenton, MI While Still Staying Safe During the Coronavirus Epidemic
Since the outbreak of the Coronavirus, people are left not really knowing what to do when it comes to looking for a home to move into. There are a lot of concerns about how they can still safely look for mobile homes for sale in Fenton, MI, during a pandemic. The spreading of Coronavirus has been increasing over the past several weeks, and there are stay at home orders issued by the governors of many states.
If you are hunting for mobile homes for sale in Fenton, MI, there is a chance that you are worried about being able to find one during this unprecedented time. The most important thing to remember is to stay calm, especially right now during this state of utter distress and panic. It is important to acknowledge there are steps that you can take to remain healthy and safe while you are searching for a mobile home in Fenton.
8 months ago ·Justin Becker ·Comments Off on The Benefits of Mobile Homes over Apartments in Fenton, MI
If you are currently living in Fenton, MI or are looking to move to the Fenton, MI area, and you are not living in or looking for a manufactured home at Tyrone Woods Manufactured Home Community, you are missing out on the luxuries of space, privacy and saving yourself money.
12 months ago ·Justin Becker ·Comments Off on Fenton MI Manufactured Homes – How To Make Them More Energy Efficient
Just like any other types of home, manufactured homes can be built and designed with energy efficiency in mind. You can also remodel older manufactured homes to improve its overall energy efficiency by adding or installing energy saving equipment.
Because of the U.S. Department of Housing and Urban Development (HUD) Code , you can make your home more energy efficient by adding or doing the following tweaks and improvements at your Fenton manufactured home: