Mortgages Sterling MI 48659Sterling MI 48659

How to Search for the best Mortgage in Sterling Michigan

Manufactured homes have surged in popularity since 2008, and are a common housing choice for seniors. Yet, there appears to be a lot of confusion over whether these types of properties qualify for reverse mortgage help. So do they in Sterling Michigan 48659? Or does it demand on the features of your specific home?

The Rebound

These types of homes have experienced a massive resurgence in popularity over the last eight years.

Warren Buffett and Berkshire Hathaway’s ability to survive and thrive through the 2008 crisis is largely credited to manufactured home company Clayton Homes. Billionaire real estate investor Sam Zell has continued to expand his manufactured home community portfolio through Equity Lifestyle Properties, even while shedding billions of dollars in apartments from late 2015 to early 2016. Some Wall St. traders have even ditched their jobs to invest in mobile and manufactured home parks.

Additionally we’ve seen an explosion of vendors offering everything from tiny homes, 100% green and sustainable homes, and upgraded manf. homes for golf and resort communities in popular retirement and vacation areas in Sterling Michigan 48659.

So more people appear to be choosing manufactured homes again, and many have paid cash for them due to tight lending. The big question is; can they leverage reverse mortgages on these properties when they really need it later in life?

How to Get a Reverse Mortgage on a Manufactured Home

Yes, manufactured home owners can enjoy the benefits of reverse mortgages and lines of credit. But there are restrictions.

The U.S. department of Housing and Urban Development (HUD) states that manufactured homes are eligible for reverse mortgages and Home Equity Conversion Mortgages. However, HUD also states that these loans are subject to FHA loan guidelines.

These guidelines do change over time, but at a minimum homes must:

· Be built after June 15th, 1976

· Be at least 400 square feet

· Be attached to a permanent foundation or chassis

· Be built to Federal Constructions and Safety Standards

· Be placed in its original location brand new from the manufacturer in Sterling Michigan 48659

· Be located on property you own

5 Quirks to Watch Out for

1. FHA guidelines can change

2. If the property is in a community, the community may also have to be approved

3. Current flood zone requirements could be impacted as the government extends standards to account for 500 year floods (vs. the previous 100 years)

4. Individual lenders can add their own demands on top of HUD and FHA rules

5. HUD requires a foundation inspection to assure the foundation meets FHA guidelines

Owners must also keep in mind that many lenders and brokers will simply instantly dismiss inquiries about loans for manufactured homes. Why? Because many just aren’t used to making these loans and don’t want to bother to learn. Others don’t want to deal with the smaller loan amounts normally associated with this type of property, vs. say luxury condos on the beach or jumbo loans for large homes. They are just not as profitable.

Summary

Better technology and building practices in Sterling Michigan 48659, as well as current economics make manufactured homes very attractive and profitable as a home or investment today. It is possible to obtain a reverse mortgage on these types of properties. Just make sure you are aware of which ones may or may not qualify, and try to stay ahead of changing rules if you are purchasing a manufactured home now. If you don’t find lenders helpful at first, keep shopping around, there are reverse mortgage specialists who do love making these loans, and are very efficient at it.

Surrounding Areas In Michigan

  • How to Search for the best Mortgage in Crystal Falls Michigan
  • How to Search for the best Mortgage in Kingsford Michigan
  • How to Search for the best Mortgage in Crystal Michigan
  • How to Search for the best Mortgage in Manton Michigan
  • How to Search for the best Mortgage in Rose City Michigan
  • How to Search for the best Mortgage in Columbiaville Michigan
  • How to Search for the best Mortgage in Holland Michigan
  • How to Search for the best Mortgage in Suttons Bay Michigan
  • How to Search for the best Mortgage in North Branch Michigan
  • How to Search for the best Mortgage in Alpena Michigan
  • Sterling Information

    Video: Mortgages in Sterling MI

    • Sterling Heights MI Real Estate - Zillow


      Zillow has 691 homes for sale in Sterling Heights MI. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
    • Sterling Bank & Trust


      Sterling Bank and Trust is a community bank offering online banking and bill pay, competitive CD and mortgage rates.
    • Mortgage Rates | Homes.com


      Find and compare home loan interest rates and current mortgage rates from mortgage companies. Includes mortgage tools: refinance, mortgage calculators.
    • Mortgages - Compare Our Best Mortgage Rates - Tesco Bank


      Tesco Bank offers a range of fixed and tracker mortgages with great rates. Early Repayment Charges apply during initial rate period. Get a quote today.
    • MI Real Estate - Michigan Homes For Sale | Zillow


      Zillow has 116,037 homes for sale in Michigan. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
    • Home | Member First Mortgage


      Please Send Mortgage Payments To: Member First Mortgage, LLC Dept. #771502 Detroit, MI 48277. Today’s Featured Rates. All interest rates displayed are subject to ...
    • Sterling, Kansas - City-Data.com


      According to our research of Kansas and other state lists there were 5 registered sex offenders living in Sterling, Kansas as of June 25, 2017. The ratio of number of ...
    • Finance | RealtyTrac


      Home Finance Center Search local lenders to find the best mortgage rates in your area.
    • Homes for Rent in Redford, MI | Homes.com


      Compiled from Michigan MLS listings and regional databases of Redford, MI homes for rent: 26 total rental listings, 0 apartments for rent, and 0 condos for rent in ...
    • Saffron Building Society - Best Buy To Let Mortgages


      Welcome to Saffron Building Society. We treat you like an individual to help you make the most of your finances. Each mortgage is personally assessed on a individual ...

    Tags:, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,