Mortgages University Center MI 48710University Center MI 48710

How to Search for the best Mortgage in University Center 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 University Center Michigan 48710? 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 University Center Michigan 48710.

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 University Center Michigan 48710

· 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 University Center Michigan 48710, 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 Reading Michigan
  • How to Search for the best Mortgage in Burnips Michigan
  • How to Search for the best Mortgage in Litchfield Michigan
  • How to Search for the best Mortgage in Inkster Michigan
  • How to Search for the best Mortgage in Flat Rock Michigan
  • How to Search for the best Mortgage in Freeport Michigan
  • How to Search for the best Mortgage in Huntington Woods Michigan
  • How to Search for the best Mortgage in Almont Michigan
  • How to Search for the best Mortgage in Minden City Michigan
  • How to Search for the best Mortgage in Stephenson Michigan
  • University Center Information

    Video: Mortgages in University Center MI

    • Home | Princeton University


      Princeton reimagines Cole Porter's immigration-focused ballet 'for everyone' Princeton University Ballet's performance of "Within the Quota," a 1923 Cole Porter ...
    • Home Mortgages | Home Loans | Mortgage Banking


      Looking for a HOME LOAN? Start by locating your state. PRMG has developed a team of highly qualified professionals licensed Loan Officers in multiple states ...
    • 1217 Love St, Midland, MI 48642 | Zillow


      The Zestimate is a starting point in figuring out the true value of a house. The amount of data we have for the house affects the Zestimate accuracy.
    • National Relocation - Real Estate Mortgages Agents Rentals ...


      Compare Mortgages & Loans. Compare mortgage rates and home loan information from multiple mortgage companies and lenders. National Relocation has information on many ...
    • 309 Deens Ln, Bay City, MI 48706 | Zillow


      The Zestimate is a starting point in figuring out the true value of a house. The amount of data we have for the house affects the Zestimate accuracy.
    • PNC - Education Lending


      Education Lending Learning Center. PNC is your comprehensive source of financial aid and personal finance education. We'll help you learn to minimize college debt by ...
    • University of Michigan Credit Union


      The University of Michigan Credit Union (UMCU) will save you money on a variety of financial services including checking, savings, online banking, loans, mortgages ...
    • News Tribune | Central MO Breaking News


      Daily paper. Local, state, and wire news and commentary. Photo galleries, business and obituaries.
    • Branch County, Michigan - Wikipedia


      Branch County is a county in the U.S. state of Michigan. As of the 2010 census, the population was 45,248. The county seat is Coldwater. As one of the "cabinet ...
    • Emmet County, Michigan - Wikipedia


      Emmet County is a county located in the U.S. state of Michigan. As of the 2010 census, the population was 32,694. The county seat is Petoskey. Emmet County is located ...

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