OT must vent

I have a FHA loan on my home, there is a program out called streamlining, it would cut my interest at least 2 points, I go through all the paper work and bull corn associated with refinancing a week or so ago. I get a call today that because I have a manufactured home this refinance wont fly. This is with BB&T, I have never been late or missed a payment and try to add a few hundred at the end of the year. This crib is not setting on car wheels and cinder blocks, but is on a full basement. This sort of crap is enough to make you sh!t in your hand and smear it in your hair!

Ran accross that a few years ago when we were selling our house. It was a manufactured house on a poured wall crawl space with an attached garage and wood deck. Looked like a regular house from the road. Didn't have any trouble selling the house, just financing it. Finally found a lender willing to finance it and was able to sell for our asking price. When we built our new house we went with a modular and have not had any problems with financing. Many used manufactured homes are now setting because no one will finance them.

I have never heard of a pre-fab home NOT being qualified for a loan of any kind. Some of those pre-fabs are as nice if not better then a stick built home.

The pre-fabs are nice cause the home is made in a factory where all the stuff is fit together on jigs and tables.

The guy behind me put up a prefab home, cape cod too and is real nice on a full basement.

those homes are probalble built better than a conventional home as most have 2x6 walls and built all inside.

There is a modular home up the road from us a couple miles. It's been sitting empty for 3 years. Seems that financing options are pretty limited.

animal,
perhaps you didn't understand. This refinancing thing wasn't set up for guys like you. If you are on time all the time and have good credit and a good income why not keep you where you are and they get the 2% not you.
Maybe you should have contacted ACORN first.....
I'm sorry for ordinary people, we don't stand a chance!!!!!

Modular home = personal property. Stick built = real estate. It has always been that way, and modular/trailer/mobil or whatever you call them present financing problems.

the hinged roof really bothers me.

Vito

Correct terminalogy=
Manufactured home= trailer house
Modular home=built inside a factory. Ours came in 2 halves( Design Home ), was lifted onto our foundation with a crane. Bank has no problems with a Modular home. Insurance rates are the same as with a stick built house. My insurance agent told about a meeting he was to some time back. Pictures of tornado damaged homes in Kansas. Manufactured homes and stick built houses were all blown apart. Modular homes were setting crooked on the foundations, very little damage done. Ours is solid and well made, very good investment. Chris

Neighbor ran into that on a double wide capping a full finished basement.

I was just talking from the prespective of the finance company. Some stick houses are junk and some modular stuff is excellent. The line between the two is blured and getting more so all the time. The last stick house I build had modular rafters, joists, kitchen cabinets ect. It takes a lot of house to withstand a Kansas tornado.

I have hired numerous guys that worked in the factory where those double wides were built. I sure don't want to start something, but I can only think of one that considered buying one.

As with any job, workers are the biggest part of a good job. In a factory you get alot of revenge / payback to the higher up folks. The stories they would tell--my-- my.

One guy explained to me how he would ride the unit through the whole assembly line sleeping. He was inside the bathroom with his feet infront of the door (having leaking issues). When anyone came in the would move the door inward and wake him up. My question was????? You are asking me for a job ??????

Maybe you need to take some shoe polish to your face next time you visit with them. Yo b chillin' then!

Gene

There is a reason they don't allow modulars in some areas. Same reason the insurance companies don't like them or finance companies don't want to finance them. Who knows what kind of, if any inspections where done to it. Try selling one after you move it onto your property. There is no way that a factory built house made in 2 sections and moved to a foundation, set on it with a crane will ever be a better built home than a site built one. Site built homes are matched to the foundation, bolted down to the foundation, each board has time to settle to it's final resting spot before the sheetrock goes on. All the wires are run continuous to the fuse panel, no quick connect connectors. How is a hinged roof that is folded up and screwed together when it is set on the foundation better than one that is cut, nailed together one piece at a time? I saw one set on a foundation one time. Not an anchor bolt on the foundation. When they set it together, the top was open 4 inches at the peak and tight at the bottom. They just run the vinyl siding over it and called it good. Don't know how it looked on the inside. It didn't fit the foundation either. The house was actually out of square and hung over in one corner and in on another. Nice! They rolled the carpet back where the floor came together and then rolled it back after it was together. You still have to site frame a garage to it if you want an attached unit. Now you can tear your new shingles off and make the valleys fit to your new home and replace your new shingles. Did you get to pick the color or weight or warranty of those shingles that came with your modular? Tear your new siding off so you can attach the walls to your new home and then replace it. I haven't seen a site built home built for many years that isn't 2x6 walls. In my 32 years construction experience, my customers would never accept the standards of fit and trim that comes with a modular home.

I hear you, I've got an off frame modular myself. I've done alot of work to it in the 15 years I've lived in it and I can tell you it's better built than any house made nowdays.

I've had problems with financing only once because it was a modular and believe me I told the dumba$$ he didn't know what the he!! he was talking about and let my thoughts be known on the whole situation. Heck nowdays nearly every house built is modular since the majority of the walls, roof trusses, etc are factory built and then assembled onsite. Heck a tru modular is at least built inside where nothing gets wet, etc and it doesn't even see the outside til it's dried in.

Fortunately I was just able to refinance with the NC SECU and they had no problem with it. They did me a great deal at 3.25% and wound up saving me nearly $1500 a month.

If you have an FHA loan, then you qualify.

I would contact another bank and see if they would be willing to take over the loan.

Its their $$$ they lend it to who they want and they set the rules.Modular homes loose value much faster when the housing market turns down.

Son bought a new manufactured and then found out the interest payments are not deductable. Owned it for 8 years, added a two stall detached garage, and sold it for 40% of what he paid new. The doors are not standard the walls are not standard, the studs are not standard, the ceiling trusses are not standard the water heater is not standard and the kitchen cabinets are not standard. Those are not a good deal anyway you look at it.

there is a modular sitting across the road from me built in 72 a nice 3 bath 2500 sq ft cape cod would have never known except my neighbor, on my left, saw it built. they brought it in on four trucks. and put it together. and animal if you do it would you post a picture so we know you really did it. I really think your __________ . you fill the blank

Most of what you say is true. I would definately caution anyone about buying one if your biggest concern is resale value, but the same can be said for many other items, especally automobiles. However, if you are going to live in it for a good long while, they will definately serve the purpose.

Modular homes are HUD approved. VERY rigorous oversight. Over 80% of the "stick built" homes will not pass HUD requirements. 'Nuff said.

There are a lot of homes sitting vacant right now that SHOULD have had the oversight given to buyers of manufactured homes. If this had been done, the housing industry would not be in the mess it is it.