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kaspro
Guest
0.10 Dollars($)
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 Posted: Sat Jan 21, 2006 10:57 am Post subject: manufactured home |
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What is the purpose of a Title I manufactured home loan? Are they low interest rate loans?
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 jameshogg
Joined: 20 Dec 2005
Posts: 1835
Location: nevada
272.70 Dollars($)
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| Posted: Sat Jan 21, 2006 11:05 am Post subject: |
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Hi Kaspro,
This loan can be taken for the purchase of a manufactured home or for refinancing it. The home should be the principal residence of the borrowers.
These are not low interest loans. The rate depends upon the existing market rate in the area at the time when the loan is made. The rate is fixed then.
James |
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kaspro
Guest
0.10 Dollars($)
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| Posted: Sat Jan 21, 2006 11:42 am Post subject: |
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What are the eligibility criteria for the loan?
Thanks |
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jameshogg
Joined: 20 Dec 2005
Posts: 1835
Location: nevada
272.70 Dollars($)
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| Posted: Sat Jan 21, 2006 12:01 pm Post subject: |
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Hi Kaspro,
The borrowers must fulfill the following points -
- They should have enough funds to make the 5% down payment and should be able to prove their ability in repaying the loan.
- The manufactured home should be their principal residence.
- There should be a suitable site to place the home.
Apart from these, the manufactured home must qualify with standards of National Manufactured Home Construction and Safety and should have a one year warranty from the manufacturer. It should be placed on a site that meets the local standards.
James |
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Anotoneilo
Guest
0.10 Dollars($)
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| Posted: Sat Jan 21, 2006 12:12 pm Post subject: |
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I have heard of it but doesn't have a clear idea.  Can you help me with the main features of manufactured homes? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1546
Location: MASSACHUSETTS
138.57 Dollars($)
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| Posted: Sat Jan 21, 2006 12:24 pm Post subject: |
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Hi Anotoneilo,
A manufactured home is a complete unit for dwelling purpose. It can be transported and is built on a permanant chassis.
It must have the certification of the manufacturer and should be built in accordance with HUD's standards for design, construction and safety.
The homes can be placed on the land you own or in a manufactured home community and th rules and regulations for either case should be followed.
You can buy a manufactured from a retailer in your area who sells this type or a manufactured home supply office.
In case of any problem reagrding your manufactured home, the retailer, who sold you, should be contacted. If he fails to solve your problem, then you may contact the manufacturer. If you fail to get satisfactory result for your complaint, you may complain the SAA office in your state or HUD.
Hope you will benefit from this information. 
God bless you.
For MortgageFit,
Samantha
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Last edited by Samantha on Sat Jan 21, 2006 12:49 pm |
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kathy
Guest
0.10 Dollars($)
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| Posted: Sat Jan 21, 2006 12:46 pm Post subject: |
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| How can I get financed for a manufactured home loan? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1546
Location: MASSACHUSETTS
138.57 Dollars($)
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| Posted: Sat Jan 21, 2006 12:52 pm Post subject: |
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Hi,
You can get information on financing from the retailer from whom you buy your home. You can also shop on your own or contact communities like us to find a suitable financing.
There are a lot of lenders who grant conventional mortgage for manufactured homes. The home will be required to be placed on a permanent foundation for that purpose. These kinds of homes are eligible for FHA and VA home loans.
God bless you.
Thanks,
Samantha
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