Florida Modular Home Lender, Florida Mobile home lender, Florida Modular Home loans,

•· Florida Modular Home Loans

•·        Florida Mobile home loans for Single and Double wide in Florida.

•·        Florida FHA Mobile and Modular Home loans for Single and Double wide.

  Many people say it's impossible to get FHA financing on a single wide mobile home yet I have been doing singlewide wide mobile home loans for years using FHA mortgage insurance.

1^st continental Mortgage is licensed to originate FHA singlewide mobile home loans Florida.

***ADVANTAGES TO FHA SINGLE WIDE MOBILE HOME LOANS*****

•·        Low Down Payment of 3% and 100% financing options available.

•·        95% of Appraised Value Cash-Out Refinance

•·        FHA Streamline Refinance

•·        NO Income Maximum Limits

•·        Gift Funds:  3% down payment can come from FRIEND, FAMILY MEMBER OR NON PROFIT

•·         Seller CAN PAY UP TO 6% OF YOUR CLOSING COST!

•·        Down Payment Assistance

•·        NO Cash Reserves Required

•·        Gap in Employment OK

•·        Self Employed 1-2 Yrs OK

•·        Permanent Alien OK

•·        NO pre-payment penalty

•·        FHA Secure

    http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml

Remember we are direct FHA lenders providing single wide FHA mobile and modular home loans in the following

Singlewide Mobile Home Lenders

Quick Application

Mobile Home Financing In Florida

No matter if you call it a factory built home, a manufactured home, a modular home, or a prefabricated home; smart Florida financing Mobile Home Buyers know that manufactured homes offer them comparable quality, lower costs per square foot and dramatically quicker build times than a traditional site built home.

These new mobile homes in Florida are a world better in quality and Construction than the single and double wide trailer homes of a generation ago. Not only has the quality of manufactured and modular housing improved dramatically for Florida home buyers, but now there are also more Florida mobile home mortgage programs for manufactured homes and better home loan options for modular home buyers in Citrus County and the other Florida cities we serve.

Most industries in Florida switched to factories and assembly lines over one hundred years ago. Only Florida home builders were left behind. Many still cling to the outdated belief that the only way to build a home is by delivering materials and workers to the vacant lot and managing subcontractors for 6 months to a year.

Not true.

It should be no surprise that the fastest growing segments of the housing market today are Florida manufactured homes and modular homes.

As Mortgage Lenders, we at 1st Continental Mortgage have helped scores of Floridians from first time home buyers to vacation home buyers secure excellent FHA home loans to achieve mobile and modular home financing. If you need a loan for a mobile home on land, a modular home in a Florida subdivision or a manufactured home on acreage - please call 1-800-570-0448 or apply online today using our quick application.

Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.

Some mortgage lenders do not know how to get these loans approved. Worse still, they don't welcome the business of manufactured home buyers. At 1st Continental Mortgage, we want your business. We will be glad to assist you in securing the best rate and terms for your Florida manufactured home mortgage. We have been helping with the purchase and Refinance of mobile, modular, and manufactured homes from Dade County to Leon County for over a decade.

Some Florida Mortgage lenders don't know the lenders who want to lend money for a manufactured home and land package. We do. If you are looking at a modular home in a subdivision, or one of many Florida manufactured housing developments, call 1st Continental Mortgage today at 1-800-570-0448. Our friendly staff can help you get a low fixed rate mortgage or refinance on your Florida modular home, manufactured home or Mobile Home.

Call us with any questions in regards to Singlewide Mobile home loans

at 800-570-0448

Call Thomas Martin at 954-391-8387 or Fill out a Full mortgage application.

Modular homes are houses that are divided into multiple modules or sections which are manufactured in a remote facility and then delivered to their intended site of use. The modules are assembled into a single residential building using either a crane or trucks.

Typically, modular dwellings are built to local state or council code, so dwellings built in a given manufacturing facility will have differing construction standards depending on the final destination of the modules ^[1]. Steel and/or wood framing are common options for building a modular homes. Modular home designs can be customized for local zoning codes. For example, homes built for final assembly in a hurricane prone area can have additional bracing built-in to meet local building codes.

Modular components are typically constructed within a large indoor facility on assembly lines much like Henry Ford originally instituted with his automobile company. Such facilities use an assembly line track to move the modules from one workstation to the next. Independent building inspectors are on site to supervise the construction and ensure that all building codes are adhered to during assembly.

Such dwellings are often priced lower than their site-built counterparts and are typically more cost-effective to builders and consumers. These new homes can be constructed in less time then it takes to build a home "on-site".^[2] Manufacturers cite the following reasons for the typically lower cost/price of these dwellings:

Indoor construction. Assembly is independent of weather which increases work efficiency and avoids damaged building material.
Favorable pricing from suppliers. Large-scale manufacturers can effectively bargain with suppliers for discounts on materials.
Ability to service remote locations. Particularly in countries such as Australia there can be much higher costs to build a site-built house in a remote area or an area experiencing a construction boom such as mining towns. Modular homes can be built in major towns and sold to regional areas.^[3]
Low waste. With the same plans being constantly built, the manufacturer has records of exactly what quantity of materials are needed for a given job. While waste from a site-built dwelling may typically fill several large dumpsters, waste from a modular dwelling generates much less waste.^[4]

Raines Court, a multi-story modular housing block in Stoke Newington, London. One of the first two such residential buildings in Britain. (December 2005)

Off-frame modular dwellings differ from mobile homes largely in their absence of axles or a frame, meaning that they are typically transported to their site by means of flat-bed trucks; however, some modular dwellings are built on a steel frame (on-frame modular), which can be used for transportation to the home site. Many modular homes are of multi-level design, and are often set in place using a crane.'

Mobile homes or static caravans are prefabricated homes built in factories, rather than on site, and then taken to the place where they will be occupied. They are usually transported by tractor-trailers over public roads to sites which are often in rural areas or high-density developments. In some countries they are used for temporary accommodation on campsites. While these houses are usually placed in one location and left there permanently, they do retain the ability to be moved as this is a requirement in many areas. Behind the cosmetic work fitted at installation to hide the base, there are strong trailer frames, axles, wheels and tow-hitches. The two major sizes are single-wides and double-wides. Single-wides are eighteen feet or less in width and 90 feet or less in length and can be towed to their site as a single unit. Double-wides are twenty feet or more wide and are 90 feet in length or less and are towed to their site in two separate units, which are then joined together. Triple-wides and even homes with four, five, or more units are also built, although not as commonly. Mobile homes are less expensive per square foot than site-built

The list below are guidelines and do not refer to modular homes. Modular homes are treated as Site built. The difference between modular and manufactured/mobile homes is that modular does not have an under carriage supporting the unit such as a manufactured/mobile home. Modular is brought to the site on a flat bed. Manufactured/mobile is brought in on axle and wheels.

Manufactured Home Checklist

•1. The customer pays real estate taxes.

•2. Wheels, axles and trailer hitches have been removed from unit.

•3. The unit does not have a Motor Vehicle Registration Number [VIN Number].

•4. The unit (single-wide or double-wide) was built after June 15, 1976.

•5. Verification tht the HUD RED TAG is attached to property (1 for single-wide and 2 for double-wide units). If property does not have the identifying HUD TAG(s), the home is not eligible for FHA financing. ***SEE BELOW FOR FURTHER DETAILS***

•6. Meets all building codes and regional FHA foundation requirements. (Registered engineer's certification is required.) ***SEE BELOW FOR FURTHER DETAILS***

•7. First-time put down; not moved from another site (unit must not have been installed or occupied previously at any other site or location).

•8. The land is owned "fee simple" (or has acceptable leasehold approved by Appraisal Underwriting Department).

•9. The footings / piers must be located below the frost line (per state code -- registered engineer must certify).

•10. The unit must have a permanent perimeter foundation of poured concrete, masonry blocks, or pressure treated wood (impervious to rot and infestation).

•11. If there are any additions or structural modifications to the original structure, provide an inspection by the State Administrative Agency which inspects manufactured homes for compliance. (If no agency is willing or able to inspect the existing home for compliance to manufactured home construction and safety standards, the home is unacceptable, not eligible for FHA financing, and will be rejected.) ***May also be done by a registered engineer.*** [i.e., a registered Professional Engineer or P.E.]

•12. Must be a minimum of 400 square feet. If less than 400 square feet, property will not be eligible for FHA financing -- no exceptions.

•13. Is the home in, or to be in a flood zone A or V? The finished grade elevation beneath the manufactured home, or if a basement is used, the lowest finished exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. One must provide a flood elevation certificate / survey to verify before the property can be approved.

Mobile Home Financing In Alabama, California, Florida, Indiana, Kentucky, Louisiana, Maryland, Missouri, New Mexico, Pennsylvania, Tennessee and Texas

No matter if you call it a factory built home, a manufactured home, a modular home, or a prefabricated home; smart Texas financing Mobile Home Buyers know that manufactured homes offer them comparable quality, lower costs per square foot and dramatically quicker build times than a traditional site built home.

These new mobile homes in Louisiana are a world better in quality and Construction than the single and double wide trailer homes of a generation ago. Not only has the quality of manufactured and modular housing improved dramatically for Florida home buyers, but now there are also more California mobile home mortgage programs for manufactured homes and better home loan options for modular home buyers in Citrus County and the other Alabama cities we serve.

Most industries in New Mexico switched to factories and assembly lines over one hundred years ago. Only Florida home builders were left behind. Many still cling to the outdated belief that the only way to build a home is by delivering materials and workers to the vacant lot and managing subcontractors for 6 months to a year.

Not true.

It should be no surprise that the fastest growing segments of the housing market today are Florida manufactured homes and modular homes.

As Mortgage Lenders, we at 1st Continental Mortgage have helped scores of Pennsylvania's from first time home buyers to vacation home buyers secure excellent FHA home loans to achieve mobile and modular home financing. If you need a loan for a mobile home on land, a modular home in a Tennessee subdivision or a manufactured home on acreage - please call 1-800-570-0448 or apply online today using our quick application.

Texas Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.

Some Maryland Mortgage lenders don't know the lenders who want to lend money for a manufactured home and land package. We do. If you are looking at a modular home in a subdivision, or one of many Florida manufactured housing developments, call 1st Continental Mortgage today at 1-800-570-0448. Our friendly staff can help you get a low fixed rate mortgage or refinance on your Missouri modular home, manufactured home or Mobile Home.

Modular Home Financing & Home Loans

History

This form of housing goes back to the early years of cars and motorized highway travel. It was derived from the travel trailer, a small unit with permanently attached wheels often used for camping. Larger units intended to be used as dwellings for several months or more in one location came to be known as house trailers.

The original focus of this form of housing was its mobility. Units were initially marketed primarily to people whose lifestyle required mobility. However, beginning in the 1950s, the homes began to be marketed primarily as an inexpensive form of housing designed to be set up and left in a location for long periods of time, or even permanently installed with a masonry foundation. Previously, units had been eight feet or less in width, but in 1956, the 10-foot (3.048 metre) wide home ("ten-wide") was introduced, along with the new term "mobile home." The homes acquired a rectangular look, made from pre-painted aluminum panels, rather than the streamlined look of travel trailers, which were usually painted after assembly. All of this helped solidify the line between these homes and house/travel trailers. The smaller units could be moved simply with a car, but the larger, wider units usually required the services of a professional trucking company, and, often, a special moving permit from a state highway department. In the 1960s and '70s, the homes became even longer and wider, making the mobility of the units more difficult. Today, when a factory built home is moved to a location, it is usually kept there permanently and the mobility of the units has considerably decreased.

Many people who could not afford a traditional site-built home or did not desire to commit to spending a large sum of money on housing began to see this factory built homes as a viable alternative for long-term housing needs. The units were often marketed as an alternative to the apartment rental. However, the tendency of the units of this era to rapidly depreciate in resale value made using them as collateral for loans far riskier than traditional home loans. Terms were usually limited to less than the thirty year term typical of the general home-loan market, and interest rates were considerably higher. In other words, home loans resembled motor vehicle loans far more than traditional home mortgages. In the United States, these homes are regulated by the U.S. Department of Housing and Urban Development (HUD), via the Federal National Mfd. Housing Construction and Safety Standards Act of 1974. It is this national regulation that has allowed many manufacturers to distribute nationwide, since they are immune to the jurisdiction of local building authorities. By contrast, producers of modular homes must abide by state and local building codes. There are, however, windzones adopted by HUD that home builders must follow. For example, state-wide, Florida is at least windzone 2. South Florida is windzone 3, the strongest windzone. After Hurricane Andrew in 1992, new standards were adopted for home construction. The codes for building within these windzones were significantly amended, which has greatly increased their durability. During the 2004 hurricanes in Florida, these standards were put to the test, with great success. Yet, older models continue to face the exposed risk to high winds due to the attachments applied such as carports, porch and screen room additions. These areas are exposed to "wind capture" which apply extreme force to the underside of the integrated roof panel systems, ripping the fasteners through the roof pan causing a series of events which destroys the main roof system and the home.

The rise of the factory built homes brought with it complications the legal system was not prepared to handle. Originally, factory built homes tended to be taxed as vehicles rather than real estate, which resulted in very low property tax rates for their inhabitants. This led local governments to reclassify them for taxation purposes.

However, even with this change, rapid depreciation often resulted in the home occupants paying far less in property taxes than had been anticipated and budgeted. The ability to move many factory built homes rapidly into a relatively small area resulted in strains to the infrastructure and governmental services of the affected areas, such as inadequate water pressure and sewage disposal, and highway congestion. This led jurisdictions to begin placing limitations on the size and density of developments.

As noted above, early homes, even those that were well-maintained, tended to depreciate in value over time, much like motor vehicles, rather than appreciate in value, as with site-built homes. The arrival of these homes in an area tended to be regarded with alarm, in part because of devaluation of the housing potentially spreading to preexisting structures.

This combination of factors has led most jurisdictions to place zoning regulations on the areas in which factory built homes are placed, and limitations on the number and density of homes permitted on any given site. Other restrictions, such as minimum size requirements, limitations on exterior colors and finishes, and foundation mandates have also been enacted. There are many jurisdictions that will not allow the placement of any additional factory built homes. Others have strongly limited or forbidden all single-wide models, which tend to depreciate in value more rapidly than modern double-wide models.

Apart from all the practical issues described above, there is also the constant discussion about legal fixture and chattels - meaning that the legal status of a trailer is, or could be, affected by its incorporation to the land or not. This sometimes involves such factors as whether or not the wheels have been removed.

Financing for manufactured homes can be very hard to find. Most banks won't finance manufactured homes because there is no land included in the loan. There are some companies such as Mountainside Financial that specialize in mobile home loans and mobile home financing. They can finance and refinance mobile homes in parks.

In the past parks have been thought of as substandard. With more modern home parks however, this is not the case. Most have regulations concerning the size and styles of homes permitted, and many are somewhat similar to more traditional subdivision developments. In some of the more satisfactory parks, all of the homes are owned by the individual occupants. Only the spaces, or "lots" or pads are rented, not the units themselves. Developments in which the buyer purchases both the home and the lot are almost indistinguishable from traditional subdivisions. In lower-end parks, some or all of the units are owned by the operators of the park and are rented to occupants. These developments are considered undesirable by property owners because they are known to depreciate the value of surrounding property.^{[citations needed]}

Newer homes, particularly double-wides, tend to be built to much higher standards than their predecessors and meet the building codes applicable to most areas. This has led to a reduction in the rate of value depreciation of most used units. ^[1]

Additionally, modern homes tend to be built from materials similar to those used in site-built homes rather than inferior, lighter-weight materials. They are also more likely to physically resemble site-built homes. Often, the primary differentiation in appearance is that factory built homes tend to have less of a roof slope so that they can be readily transported underneath bridges and overpasses.^{[citations needed]}

A mobile home is prepared for relocation transport.

Modular built homes are transported on flatbed trucks rather than being towed, and lack axles and an automotive-type frame. However, some of these houses are towed behind a semi-truck on a frame similar to that of a trailer. The house is usually in two pieces and is hauled by two separate trucks. Each frame has five or more axles, depending on the size of the house. Once the house has reached its location, the axles and the tongue of the frame are then removed, and the house is set on a concrete foundation by a large crane.

Both styles are commonly referred to as factory built housing, although its technical use is restricted to a class of homes regulated by the Federal National Mfd. Housing Construction and Safety Standards Act of 1974.

Most zoning restrictions on the homes have been found to be inapplicable or only applicable to modular homes. This occurs often after considerable litigation on the topic by affected jurisdictions and by plaintiffs failing to ascertain the difference. Most modern modulars, once fully assembled, are indistinguishable from site-built homes. Their roofs are usually transported as separate units. Newer modulars also come with roofs than can be raised during the setting process with cranes. There are also modulars with 2 or 3 stories. As the legal differentiation between the two becomes more codified, the market for modular homes is likely to grow.

The traditional home industry would seem to have a bright future as well. As the demand for housing continues to grow, the price of housing continues to increase rapidly. The quality and features of these homes has led to greater acceptance by a growing segment of the marketplace. Additionally, insurers and lenders are now more likely to treat the higher-end factory built home as they would a traditional home.

The number of double-wide units sold exceeds the number of single wides, which is due in part to the aforementioned zoning restrictions. Another reason for higher sales is the spaciousness of double-wide units, which are now comparable to site-built homes. Single-wide units are still popular primarily in rural areas, where there are fewer restrictions. They are frequently used as temporary housing in areas affected by natural disasters, when restrictions are temporarily waived.

Can I finance a used mobile home?
When shopping for a mobile home, what should I consider?
Should I buy a mobile home from a dealer or use a real estate agent?
Can I finance a single wide manufactured home?
What is the difference between a double wide and triple wide home?
What is the difference between a mobile home and manufactured home?
Are modular homes the same thing as mobile homes?
Can a modular home be built in a subdivision?
Is it difficult to finance a manufactured home?
How do I get a loan for a mobile home?
Should I finance my mobile home through a dealer?
Can I use my mobile home to consolidate debt?
How difficult is it to refinance a manufactured home?
Does my mobile home have to be permanently affixed to the ground?
Does your company have experts that specialize in MH financing?
How do you view credit when financing a mobile home?
I need a fast turnaround time, can your team get it done?
Can I get a pre-approval letter for a mobile home loan?
What are the closing costs on a mobile home loan?
What Interest rate can I expect to get when financing a manufactured home?

Florida FHA Loan

Florida is known as the sunshine state and a haven for buying and finding really good real estate property. The fact for most home buyers is, when you need a home, you will require a home loan and who best to work with than 1st Continental Mortgage and our many FHA loan programs. When we talk about a Florida FHA loan, there is a FHA loan limit applicable in different counties and these change to keep up with market conditions.

For example: Baker County in Jacksonville, FL has a one family loan limit of $294,500; a two family loan limit of $331,700; a three family loan limit of $403,000 and a four family loan limit of $465,000. Similarly the non metro county of Lafayette has a one family loan limit of $200,160; a two family loan limit of $256,248; a three family loan limit of $309,744 and a four family loan limit of $384,936. So basically the loan limit in Lafayette is less than that of Baker County.

FHA is a part of HUD and the first thing looked at before issuing a Florida FHA mortgage is that you as a borrower have demonstrated a good repayment history for all your debts within the last 12 months. The credit history basically outlines your willingness to pay back your Florida FHA loan, the same loan that you will hopefully be getting from 1st Continental Mortgage, a Florida mortgage company, and not directly from the FHA. FHA insures the loans underwritten and approved by various Florida mortgage companies. FHA also provides security to the mortgage lenders in case you default on a loan and hence the Florida lenders will be more than willing to offer you the best FHA loan at some of the lowest interest rates in the market.

If your credit history, in spite of sufficient income, keeps on reflecting late payments, and delinquent credit accounts, then approving your loan may be impossible without sufficient documentation and explanation. Here's a brief synopsis of various credit underwriting guidelines for a FHA home loan:

Credit history: You as a borrower will need to have a minimum of 4 trade lines. If they are not reflected on your credit report, we can use alternative credit such as phone bills, utilities and rent.
Credit obligations: An installment loan like a student loan or a car loan, which has less than 10 months remaining does not have to be included for a FL FHA home loan qualification. The things that can be considered will include large debts, and this is independent of the number of months. If you have an open revolving account that doesn't show any balance then a $10 fee per open account may be included for qualification.
Bankruptcy, Chapter 7: Florida FHA requires a minimum time of 2 years since the time of discharge of the bankruptcy. You will have to attach an explanation of the bankruptcy along with your bankruptcy discharge documentation. You will also have to show a reestablished credit without any late payments. In some instances, under our FHA credit flex program we can consider a bankruptcy discharged as little as 12 months ago.
Bankruptcy, Chapter 13: FL FHA will consider you for a FHA loan if you are still paying on a Chapter 13 bankruptcy provided all your payments have been made to the court satisfactorily within the previous 1 year.
Foreclosures: You need to make sure than when you are applying for the Florida FHA loan, you do not have any pending foreclosure on your property or a foreclosure in the last three years.
Federal debt: Before you apply for a FL FHA mortgage, make sure that you don't have any defaults on other federal debts. A federal debt can include a past; FHA Loan, VA mortgages, SBA loans and student loans.

Qualifying for Florida FHA loans

In a nut shell, it's typically easier to qualify for FHA home loans in Florida as compared to conventional loans with like kind terms and conditions. The FHA loans are underwritten and funded by a FL mortgage lender like 1st Continental Mortgage Some of the benefits of a Florida Federal Housing Administration home loan are:

FHA loans offer tax deductible interest
You can acquire equity over a certain period of time
The closing costs on the FHA loans are regulated
There are no set income limits
The credit criteria for qualification is lenient as compared to other loans
They are fully assumable
Absolutely never a prepayment penalty
And Much More

Posted by Bob Miller on 11/21/2008 06:15 AM

Comments (0)

florida modular home lender, florida mobile home lender, florida modular home loans

0 Comments on Florida Modular Home Lender, Florida Mobile home lender, Florida Modular Home loans,

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?

Bob Miller

Horseshoe Beach, FL

More about me…

1st Continental Mortgage

Office Phone: (954) 391-8387

Email Me

Links

Archives

November 2008 (5)

Find FL real estate agents and Horseshoe Beach real estate on ActiveRain.

Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.