Florida Mortgage Corporation offers financing for
Home & Land that represents a "single" real estate transaction that is
evidenced by a recorded mortgage or deed of trust. The foundation and type of
foundation are key aspects that allow manufactured homes to be classified as
real estate. The manufactured home should have all wheels, axles, and hitches
permanently removed and
conform to safety standards established in June 1976. The home must be installed
on a permanent and acceptable foundation.
Florida Mortgage Corporation also offers a
"construction loan" for new double-wide or larger manufactured homes to be
built.
Historically, manufactured homes have been financed
as personal property, resulting in personal loans that often require a 10
percent down payment or much more, with the remainder financed over 10 to 15 years. Interest
rates are higher, resembling car and boat loans, and because the loans are not
mortgages, the interest paid is not tax-deductible.
These loans still are the most common. Many manufactured homes (double wide) on
land now require a minimum 5 percent down payment or more and finance the
remainder over 20 to 30 years.
If the home is immobile and if the owner of the home also owns the underlying
land, then the loan is likely to be viewed as a mortgage, gaining vital tax
benefits.
Florida Mortgage Corporation offers a variety of Manufactured Home products and
mortgage programs that vary
according to down payment, the size of the home, age of home and terms extending out to 30
years.
Florida Mortgage Corporation also offers manufactured home financing for your used
or existing home purchase. If your
goal is to refinance your manufactured home to consolidate those high interest
credit cards, you’re in the right place. Unlike most lenders, Florida Mortgage
Corporation is eager to
lend on manufactured homes located in mobile home parks or manufactured home
communities.
A mobile home is a dwelling which is built on an integral chassis, in a factory,
transportable in one or more sections, and which is eight feet or more in width.
All single family mobile homes manufactured since June of 1976 must be built to
standards established by the U.S. Department of Housing and Urban Development
(HUD), and must display a label certifying compliance. One of every three homes
constructed in Florida is a mobile home.
A home is probably the single most important
purchase you will make in your lifetime. In recent years, nearly one-third of
all new single-family homes bought have been manufactured homes.
The term "manufactured home" was adopted in 1980 by the United States Congress
to describe a type of house that is constructed in a factory to comply with a
building code developed by the Department of Housing and Urban Development
(HUD). In the past, manufactured homes were called "mobile homes," a term that
many people still use. However, "mobile" is no longer an accurate name because
fewer than five percent of such homes are ever moved off the owner's original
site.
The exterior and interior designs of manufactured
homes resemble those of site-built homes and offer many of the same amenities:
Brand name appliances; fireplaces; walk-in closets; and spacious floor plans.
They're manufactured homes now and, with 19 million people living in them,
they're fast becoming the housing style of choice for people who have to achieve
the American dream on a limited budget.
Today's manufactured homes bear little resemblance to yesterday's air-slipping
tin cans on wheels. With improved quality and material, stitched together
seamlessly in double-wide sections, they can be indistinguishable from
site-built, conventional homes.
Over the past decade, the growth rate of the
manufactured housing industry has been dramatic, and affordability has played a
key role. Today's manufactured homes offer the quality, value, and
technologically advanced features that homebuyers desire. Features include
vaulted ceilings, walk-in closets, fireplaces, state-of-the-art appliances,
spacious floor plans, customization packages, two-story models, and exterior
designs compatible with almost any neighborhood. Manufactured homes are built in
a factory-controlled environment and are required to meet the strict HUD Code,
which was established by the Federal Government to regulate the design,
construction, and safety of these homes. The HUD Code sets standards for
heating, plumbing, air conditioning, thermal and electrical systems, structural
design, construction, transportation, energy efficiency, and fire safety.
Manufactured housing (including mobile homes)
accounts for around 25% of annual new, residential construction and home sales
in the United States. Millions of Americans live in manufactured homes, which
represent more than 10% of the total housing stock. In many rural areas, the
percentage is much higher. The sales prices for a new manufactured home can range
from under $30,000 for a single-section home with basic features to over
$100,000 for a deluxe multi section home. Sometimes referred to as singlewide,
double wide and triple wide. Low purchase cost, with cost savings of 20%-40% for
manufactured housing over that of site-built housing, is the major attraction of
manufactured homes.
HUD Code Requirements:
Unlike all other forms of factory-built housing, which must meet state and local
codes, mobile homes must conform to the U.S. Department of Housing and Urban
Development (HUD) 1976 Federal Manufactured Home Construction and Safety
Standards Acts, commonly known as the "HUD Code." Although "manufactured
housing" is a term broadly applied to any type of factory-built housing, the
1980 amendment to the original 1976 HUD Code, defines "manufactured homes" as
mobile homes. This information brief uses the HUD definition and focuses on
mobile homes.
Those "trailer homes" of the past have gone the way of the Edsel. Manufactured housing continues to grow in popularity for a
wide range of home buyers. The exceptional affordability of manufactured homes
places home ownership within the reach of many households who are priced out of
the market for site-built homes.
