Tag Archives: finance

Finding financing for mobile homes

Affordable Housing Update

National Nonprofit partners to expand efforts in Texas

Nonprofit organization Texas Community Builders, a wholly-owned subsidiary of Business and Community Lenders (BCL) of Texas, is demonstrating the potential of delivering affordable, energy-efficient housing in Texas’ rural communities with factory built housing through a partnership with Next Step Homes, LLC and Clayton Homes.

A model home in La Grange, Texas, will serve as an example of what is possible for teachers, first responders, families and individuals of moderate income levels, and more searching for higher value, lower cost homeownership opportunities to promote asset building.

Rosa Ríos Valdez, CEO of Texas Community Builders, said, “We are proud to work with our partners to offer a model for affordable, energy-efficient housing that will be replicable in communities across Texas.”

City officials, economic developers, and members of the public will be invited to an open house and tour of this model home to explore the future of sustainable housing. An open house for home buyers and the public will be held on Saturday, July 8, with a second event for developers, real estate professionals, and officials on Friday, July 21.

Please visit nextstephometour.eventbrite.com to RSVP for the July 21 event, or nextstepopenhouse.eventbrite.com to reserve a spot for the public event.

Pricing for 3 bedroom, 2 bath homes starts from $149,000, including the land. Homes are highly customizable with optional features and a choice of layouts, and are built on a permanent foundation to ENERGY STAR® standards. Homes will be available for purchase or order as early as August 2017.

“This is a great opportunity to show the benefits of factory-built home,” said Stacey Epperson, president and founder of Next Step. “Working with Texas Community Builders, we hope to provide sustainable homeownership opportunities for more hard working Texas families.”

 

Final Input Sought for Fannie Mae, Freddie Mac

fannie-mae-freddie-mac

The House Appropriations Committee’s Subcommittee on Financial Services and General Government (FSGG) on June 30 passed language from the Preserving Access to Manufactured Housing Act as a part of its Fiscal Year 2018 Financial Services Appropriations bill.

Last month, the Federal Housing Finance Agency (FHFA) issued a final request for input on Fannie Mae and Freddie Mac’s associated proposal on Underserved Markets Plans within the “Duty to Serve” program.

Mel Watt, director of the Federal Housing Finance Agency, speaks in Chicago on affordable housing finance initiatives. From left, Paul Mullings, Sr. VP of Single-Family Strategic Business Initiatives for Freddie Mac; Russ Cross, regional manager for community outreach with Wells Fargo, and Sandra Thompson, deputy director in the Division of Housing Mission and Goals for the Federal Housing Finance Agency.

FHFA, the regulator of Fannie and Freddie tasked with enforcing the “Duty to Serve” provision, issued a final implementation rule on Dec. 13, 2016 mandated by the Housing and Economic Recovery Act of 2008.  The statute requires the Enterprises to serve three specified underserved markets – manufactured housing, affordable housing preservation and rural housing in a safe and sound manner for residential properties that serve very low-, low- and moderate-income families.

The rule requires each Enterprise to adopt a three-year Underserved Markets Plan to fulfill this mandate.  FHFA requests public input on the proposed plans through its dedicated web page by July 10, 2017.

It is anticipated that implementation of “Duty to Serve” provisions will create more financing options for potential home buyers, which also would be a benefit for the housing sector, including the manufactured housing industry.

“I strongly encourage stakeholders to submit feedback on Fannie Mae and Freddie Mac’s proposed ‘Duty to Serve Underserved Markets Plans,'” said FHFA Director Melvin L. Watt.  “FHFA will evaluate stakeholder input as part of our review process to ensure that the plans help the Enterprises meet their statutory obligations in a safe and sound manner.”

Each Enterprise will update their “Duty to Serve Underserved Markets Plan” after reviewing public input and FHFA feedback. Each Enterprise’s Duty to Serve Underserved Markets Plan must receive a non-objection from FHFA before becoming effective Jan. 1, 2018.

The objectives in the proposed and final plans may be subject to change based on factors including public input, FHFA comments, compliance with the Enterprises’ Charter Acts, safety and soundness considerations, and market or economic conditions.

The Smart Buyer’s Guide to Low Cost Mobile Home Financing

Whether you are buying, selling or refinancing a manufactured home, choosing the right loan can be tricky. But like most things, the more you know, the better prepared you will be.

First of all, to get the best possible loan you should understand where the money comes from.

Many mobile home loans are written by one of six national loan companies that specialize in mobile home financing. In addition to these national lenders, many mobile home loans are provided by small regional lenders. Depending on your situation, your best loan could come from either of these sources. Also, your local bank or credit union might even be willing to finance your home. Even if your bank normally does not do this type of loan, they may make an exception if you are a long-time customer. The bottom line is to do your homework and check out several possible sources to get your best loan.

Continue reading

How to Get Financing for Your Mobile Home

(Note from the editor: We get so many questions at MHVillage about financing, we decided to republish a popular article from a few months back.)

Looking to get a mortgage on your mobile home? Manufactured housing lender 21st Mortgage has a great checklist on their web site on exactly what you’ll need to help expedite your loan request. Having all these items on hand will help you be prepared for getting the financing that you need. Getting financing can be a complicated process, but being prepared will help make the process easier.

Continue reading

The Smart Buyer’s Guide to Low Cost Mobile Home Financing

Whether you are buying, selling or refinancing a manufactured home, choosing the right loan can be tricky. But like most things, the more you know, the better prepared you will be.

First of all, to get the best possible loan you should understand where the money comes from.

Many mobile home loans are written by one of six national loan companies that specialize in mobile home financing. In addition to these national lenders, many mobile home loans are provided by small regional lenders. Depending on your situation, your best loan could come from either of these sources. Also, your local bank or credit union might even be willing to finance your home. Even if your bank normally does not do this type of loan, they may make an exception if you are a long-time customer. The bottom line is to do your homework and check out several possible sources to get your best loan.

Continue reading

How to Get Financing for Your Mobile Home

(Note from the editor: We get so many questions at MHVillage about financing, we decided to republish a popular article from a few month’s back.)

Looking to get a mortgage on your mobile home? Manufactured housing lender 21st Mortgage has a great checklist on their web site on exactly what you’ll need to help expedite your loan request. Having all these items on hand will help you be prepared for getting the financing that you need. Getting financing can be a complicated process, but being prepared will help make the process easier.

Continue reading