Part II of a Three Part Series
In Series Number One, we reviewed the merits of the Good Faith Estimate and its value to the borrower for transparent disclosure of facts and figures. In the Part Two, we need to address the “service” aspect of the Real Estate Settlement Procedures Act.
When you apply for a home [...]
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REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA): Know Your Loan Ingredients!
Know Your Loan Ingredients! Truth In Labeling For Borrowers
Part I of a Three Part Series
When the FDA required food manufacturers to reveal the ingredients, nutritional value, calorie count and net weight on their product labeling, the big winner was the consumer. The consumer wins again now that Department of Housing and Urban Development (HUD) has set a standard for loan transparency. [...]
Taylor Bean & Whittaker: Not Just Another Bank Failure—You May be Affected and Not Know It!
The fact that TB&W was shut down this week did not create an earth-shattering news event. The reason: the impact of this bank closure is less like an earthquake than a tsunami—the wave of destruction hasn’t hit the shore yet. This a behind the scenes implode and as yet has not completely reverberated to the [...]
SINGLEWIDE MORTGAGE SOLUTIONS
Loans are simply harder to get these days if you live in a manufactured home and harder still if that home is a singlewide. In many ways the manufactured home owner is treated as a second class citizen by the lending industry, probably because some of the misconceptions about the quality of construction and the [...]
The Truth About Financing in Condominium-Classifed Manufactured Home Parks
Just like all real estate, there is no doubt that the economic decline has impacted values in manufactured home communities. However, condo parks have been harder hit than the broader community because financing for manufactured homes in condominium-classified parks completely disappeared for the last couple of years. Except for hard money loans, private financing or [...]
Manufactured Home Loans in Condo Park Communities
Park communities represent the most popular setting for manufactured homes. For loan purposes, lenders generally require that the owner of the home also own the land upon which the home sits. Until recently the park also had to be classified as a owner-owned Subdivision or a Planned Unit Development in order for [...]
Manufactured Home Loans:
What’s the Difference Between a Personal Loan and a Mortgage Loan?
Manufactured homes are an interesting animal to be sure. It is the only form of housing that can either be classified as Personal Property or Chattel (like a car) or Real Property (like a regular site-built home) and how the distinction is determined can [...]
The Manufactured Home Foundation and the Engineer’s Certification
To Cert or Not to Cert? Our Opinion—Not So Fast
I am a female manufactured home contractor specializing in manufactured home foundation repair. It’s not the most glamorous job in the world and mainly consists of crawling underneath the darkside of people’s homes, often in claustrophobic tight conditions and in poor air [...]
Financing and the Manufactured Home
Finding the right lender
Fair or unfair to manufactured home borrowers, most lenders view manufactured homes with derision. We’ve all heard the term —trailer trash—well that’s how most lenders continue to characterize the manufactured home loan. Without owning the land, the manufactured home is pigeon-holed into a high percentage rate personal property loan. [...]
Manufactured Homes and VA/FHA-Insured Loan Qualification
Proving your home is a HUD Home
Manufactured home loans are very unique in that in order to qualify for a loan, the lender has to qualify more than just your ability to repay the loan and the fact that your home is a good risk based on the value. Manufactured homes have their [...]
