Mortgage Calculators
Today's Real Estate News and Advice
Updated: May 26, 2008
Washington Report: Uniform Downpayment Minimums
Washington's two mortgage behemoths -- Fannie Mae and Freddie Mac -- both have just scrapped their controversial practices of requiring five percent higher downpayments in hundreds of so-called "declining" local real estate markets. FULL STORY->
Modular Housing No Longer a Trend, Niche Offers Affordability, Appeal and Quicker Build Times
While most home buyers are confused by the terms 'modular' and 'manufactured,' builders have long understood that industrialized modular homes are built to the same building codes as traditional site-built housing. FULL STORY->
Business Plan
A well-written, concise business plan can provide an exceptional road map to guide your quarter, year, or next five years. Most well-run companies have well-developed business plans. FULL STORY->
Realty Viewpoint: Banks Choke Housing Sales
Lenders have tightened their standards so much it's as if they don't really want to provide mortgage loans. FULL STORY->
Investor Report: New Private Fund
A new private fund coming to market in California aims to provide short-term "bridge"-type financing to income property owners who find themselves locked out of their traditional mortgage sources because of recent underwriting changes. FULL STORY->
Interest Rate Update
Today's Interest Rates from Realty Times are based on a 30 year amortization rate, with good credit and no origination fees. With no major economic news to report, mortgage rates remain the same. FULL STORY->
Realty Viewpoint: Enjoy Those Mortgage Interest Rates While You Can
It defies reason that oil can go up 30 percent in a year and not impact inflation more than it has. Not counting the majority of goods that arrive by boat, seventy percent of our merchandise is trucked across the U.S.A. in vehicles that cost over $1,300 to fill up. Get ready for exploding interest rates again. FULL STORY->
ABOUT YOUR PROPERTY
APN stands for Assessors Parcel number. Parcel numbers are assigned to areas of land by the county assessor for the purpose of identification and tracking. Maps, showing the parcel numbers, are maintained in map books by the county assessor. A San Bernardino County Assessors Parcel Number is a string of 13 digits encoded as follows:
- First four digits: Map Book Number.
- Next three digits: Block Number (the first two digits are the page number).
- Next two digits: Parcel Number
- Last four digits: Normally zero, used to identify separate interests when a parcel is subdivided as in a condominium
The following diagram shows a portion of a parcel map. The block number is 201 and the parcel numbers are written inside circles.
Mobile home or manufactured home, the two terms may be used interchangeably. In the past they were typically called mobile homes but today it is usual to call them manufactured homes.
A mobile/manufactured home was constructed in a factory, on a steel frame, and transported to its destination where it is, more or less permanantly, attached. These homes are attractive because they are lower cost than regular site built homes.
In 1976 the Department of Housing and Urban Development (HUD) passed quality assurance standards for mobile homes (it was at this time that the name change to manufactured homes started). For this reason lenders will not usually make loans on mobile homes older than 1977.
Mobile homes are limited to no more than 16 feet in width (single wide) so that they may be transported on public roads. Often two or three units are joined together at the destination site to make a single, large home known as a double wide or triple wide.
Modular homes are also built in a factory like manufactured homes, the real difference being that modular homes are built to conform to the local building regulations in force at the destination site whereas manufactured homes are built to conform to the nationwide HUD building code. Modular homes are often lower cost than conventional site built homes and the construction time is also shorter (30 - 90 days). Modular homes are constructed in many styles including multi-family as well as single family, it is even possible to custom design your own.
Panelized homes are built using Structural Insulated Panels (SIPs) which are manufactured in a factory. They can form the basis of kit houses which a do-it-yourselfer can build in as little as 8 - 10 weeks. They are sometimes finished to look like log homes although the construction is a lot simpler than a log home.
When a mobile home is on a permanant foundation on its own land it is considered to be real property, otherwise it is classified as personal property. A real property mobile home may be financed much like a regular site built home although not all lenders will finance such homes. An FHA loan may be used for a real property mobile home.
Financing for a personal property mobile home is harder to come by. A personal loan from a bank is a possibility or there are some lenders that specialize in loans of this type. Expect the interest rate to be higher and the terms generally less favorable.
If you are interested in a Mobile Home in a Park please Tell me what you want.
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