Welcome to Home Mortgages
Merced Home Mortgage Article
This is a selection made from among articles on Merced Home Mortgage. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Manufactured Home Financing Not Affected By Mortgage Meltdown
By Jon Laird
In August of 2003 and January of 2004, FannieMae and FreddieMac changed the rules for loans on manufactured home loans.
Up to that time, manufactured homes could be financed with Zero down payment and loose income verification guidelines. (Does this sound like some of the problems that led to the current crisis?)
When the guidlines changed, manufactured homes were required to have at least 5% down payment from the borrower. All income had to be verified using standard procedures. Most singlewide units were also disallowed.
These are very similar to the restrictions now being placed on loans for regular, site-built homes because of the highly publicized problems with the qualify of loans written during the last couple of years. The only difference is that these policy changes have been in affect for years if the property is a manufactured home.
Manufactured homes are an important part of the affordable housing stock in Arizona and many other states. Where the median price for site-built homes is around $250,000, manufactured homes enjoy an average price in the range of $85,000 to $160,000. That is a HUGE difference in affordability.
According to HUD, more than 344,000 Arizona families live in manufactured homes. Because of the policy changes made more than 4 years ago, the loans for these homes remain readily available. In other words, "No Meltdown Here!".
Real estate agents that are hurting for business should be learning about how to list and sell these homes. All the $400,000 listings in the world don't do any good if no one can qualify for a loan. Manufactured homes have earned consideration due to their affordability and the ready availability of mortgages for them.
Jon Laird is co-owner of Sterling Mortgage Corporation, one of Arizona's oldest licensed mortgage brokerage firms. Sterling Mortgage Corporation has specialized in manufactured home loans for more than 23 years. Jon has more than 32 years experience in home lending and is a state certified continuing education instructor for manufactured home financing classes for real estate agents renewing their licenses.
Article Source: http://EzineArticles.com/?expert=Jon_Laird
http://EzineArticles.com/?Manufactured-Home-Financing-Not-Affected-By-Mortgage-Meltdown&id=754817
Merced Home Mortgage Specific links
Merced Home Mortgage News
Our View: Beware of 'vultures' as foreclosures grow - Merced Sun-Star
The economy is difficult enough without predators trying to take advantage of Valley residents who are in danger of losing their homes through foreclosure. The best advice for consumers is be careful out there, and seek advice on financial matters ...
Read more...New city manager on job Monday - Merced Sun-Star
City Manager John Bramble will take his seat alongside the City Council on Monday, beginning his command of Merced at a time of unprecedented challenges. The 62-year-old has said he's up for the job and signed a five-year contract at a $171,653 ...
Read more...Long-dead corpse found in North Hollywood home - Modesto Bee
Dressing alike everyday habit for this couple Pastor's stand draws national spotlight Boy shows up bruised, chained at Tracy gym Look-a-likes: People and their pets Modesto's costly counter: $343,000 Cemetery vandalism: 'It's a heartache' Man killed ...
Read more...Rescue Schemes - Modesto Bee
WASHINGTON -- The foreclosure sharks are circling the San Joaquin Valley. Homeowners beware. Just ask Fresno resident Patricia Ireland. A temporarily laid-off Internal Revenue Service employee, Ireland was scrambling to meet her mortgage payments ...
Read more...Housing Prices Continue to Decline Nationwide - MSN MoneyCentral
IHS Global Insight, the world's leading company for economic and financial analysis and forecasting, today released the third-quarter 2008 update of the U.S. housing valuation analysis, House Prices in America , showing that single-family U.S. home ...
Read more...As economic slump continues, lower middle class hit hard - NWITimes.com
Standing in a church food line Tuesday, Narciso and Ofelia Deleon said they never needed help before to put a meal on their Thanksgiving table. But Narciso, 49, is disabled, and Ofelia, 50, lost her job as a school aide when staff cuts were made last ...
Read more...Area housing market slips as prices drop 14% over the past year - Record Searchlight
Redding’s housing market sizzled five years ago when it topped a government index as the fastest-appreciating area in the nation. It was the dawn of an unprecedented real estate run-up that exhausted itself in early 2006. Today, Redding is one of ...
Read more...Nation's foreclosure rate in October increases 25 percent year-over ... - Chicago Tribune
MIAMI (AP) _ The number of homeowners caught in the wave of foreclosures in October grew 25 percent nationally over the same month in 2007, data released Thursday showed. More than 279,500 U.S. homes received at least one foreclosure-related notice ...
Read more...California Home Sales Revive, But Not Without Intense Pain - Wall Street Journal
LOS BANOS, Calif. -- In this California city, one of the hardest hit in the national housing crash, there's good news: Homes are starting to sell again. Investors and first-time home buyers are snapping up foreclosed houses here, with the number of ...
Read more...California median home price drops 34 percent - San Francisco Gate
Despite an increasingly uncertain economy, homebuyers in California kept snatching up foreclosed homes last month, dragging down the median home price by 34 percent from a year ago, a real estate tracking firm said Thursday. The statewide median home ...
Read more...