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Estimated Installation Cost: NOTE This is a price guide only. Actual costs will vary depending on specific site conditions and by region

The estimated installation cost includes the following*:

  • Setting the home that you selected onto your foundation or building pad (This assumes normal lot conditions and does not include any extra costs to maneuver the home to your building site or any crane rental fees)
  • Installing blocking or piers under the home and levelling the home with shims
  • Anchoring the home to your foundation with tornado and/or hurricane proof anchors
  • Insulating the marriage line and bolting the various sections of your home together at both the floor and roof lines (if there is more than one section)
  • Finishing roof venting and ridge cap shingles
  • Installing siding on the ends with house wrap (if you selected the house wrap option with your home order)
  • Installing soffit and fascia on the ends of the home for the complete exterior finish
  • Estimates to hook up to existing utilities (you will have to add the cost of a new septic, well, electrical service, and also driveway and etc as needed on your site)
  • Estimate to complete the inside trim and finish work

Notes:

Add for concrete If a concrete foundation (slab or crawl space) is required, add an estimate of $10 per Sq Ft of home to this price guide (if you don't have an actual quote)

Add for skirting (Not needed if home is on a crawl space)

Add for A/C if not an option included by your manufacturer

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Typical Investor funded projects

EXAMPLE # 1

 Project Cost                                                                $160,000

    Includes Land (40,000) + Home (90,000) + Home Installation (30.000)

LESS Buyer Down Payment                                           (20,000)

Balance                                                                         140,000

Management fee (10% of balance)                                14,000

Investor capital (70% of balance = 61% LTV)                 98,000

Home Nation capital (30% of balance)                          42,000

Net to Investor at Buyer’s loan closing in

approximately 90 - 120 days

(50% of Management fee)                                             $7,000

 

EXAMPLE #2

Project Cost(See VA loan pre approval here)                267,000

Less Buyer down payment                                             (1,000)

Management fee(@10%)                                               26,000

Investor capital (@70% = 63% LTV)                              187,000

Home Nation capital (@30%)                                         80,000

Net to Investor at loan closing in

approximately 90 - 120 days

(50% of Management fee)                                             $13,350

 

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AFFORDABLE HOUSING INVESTMENT PROSPECTUS

Please email Invest@HomeNation.com to request a prospectus of investment opportunities at Home Nation.  Regrettably, we are only permitted to offer our investments to accredited investors at this time.

You may also be asked to sign a NDA (Non Disclosure Agreement) and an AAI (Affidavit of Accredited Investor Status) form. 

 

Us
How to Finance a Mobile or Manufactured Home - Home Nation

How to Finance a Mobile or Manufactured Home

if I wasnt so drunk it would be easier to get in the house

Your lifestyle may not be suited to a traditional house or apartment complex. Perhaps you’re more interested in flexibility, a lower price, or faster construction times.

 

Thanks to changing perspectives on living arrangements, the mobile home, and the manufactured home have quickly risen in demand. More Americans than ever before prefer the flexibility of the mobile home, particularly if they move around a lot. The manufactured home is also favored for its green building process. 

 

Do you want to learn how to finance a mobile or manufactured home? Continue reading our step-by-step guide to get off on the right foot. 

What’s the Difference Between a Mobile and a Manufactured Home?

It’s understandable to be confused about the difference between a mobile home and a manufactured home. For the longest time, these terms represented two different things.

 

A manufactured home is a lightweight and affordable home crafted for a fraction of the cost. Like a trailer, these manufactured homes can be picked up and moved across the country. The mobile home is sometimes used to describe a trailer, that of which is hooked onto trucks for camping or travel purposes. 

 

Mobile homes and manufactured homes are both factory-built after June 15th, 1976. Nowadays, the mobile home is often considered synonymous with the manufactured home. We’ll use both terms interchangeably in this guide for clarity's sake.

 

Related: The Ultimate Mobile Home Maintenance & Repairs Checklist

What’s the Difference Between a Manufactured Home and a Modular Home?

Another confusing difference among new home buyers is the manufactured and modular homes. While visually similar, there is one key feature that separates them.

 

The manufactured and modular homes are both highly flexible locations made quickly and affordably. However, the modular home is built on-site and follows the same building codes as any other traditional home. It’s also prevalent for modular homes to be built on concrete or concrete-like foundations. 

 

With American homeowning trends dipping in the past few years, finding strong alternatives is necessary.

 

Related: Mobile Home Investing: 2022 Guide

 

Finding the right home is a very personal journey. We’re proud to offer years of expertise in financing, loaning, and building affordable houses.

 

why spend so much on a home just to build a rectangular box

How to Finance a Manufactured Home

Learning how to finance a manufactured home is similar to any other traditional home. You have to take into account your budget, your location, and your resources.

 

Below are the first steps you should consider before getting started. 

Compare and Contrast Your Lenders

Not all lenders are made equal. Some lenders will be more cooperative and helpful on your journey, while other lenders are only interested in securing a sale. 

 

Seek out a compatible loan that suits your lifestyle best. Be upfront about fees, interest rates, and the limitations of your budget.

Choose the Most Compatible Loan

The loan that suits you best complements your lifestyle and unique qualities. You may be surprised by how many different types of loans are out there.

Consider the VA Loan

Are you a current or former veteran? You may qualify for the VA loan, which is aimed at anyone who is serving or has served the United States.

 

The country designed these loans to provide manufactured homes for veterans, though there are a few restrictions. The first restriction is that you have to own the land you’ll be living on. Your loan also can’t exceed 95% of the entire value of your home. 

Try the Chattel Loan

If you don’t plan on owning any land, the chattel loan could be a great choice. This loan type is designed for borrowers who want movable property, but don’t want the land.

 

Financing for chattel loans is much easier as a result, providing you a more affordable and flexible option. What’s the catch? You’ll have to pay off your home in a relatively shorter span than other loans. 

 

Fifteen years or less is the standard range for chattel loans, while other loans extend to twenty or thirty years.

Look into the FHA Program

The FHA Program is short for Federal Housing Administration Program. These loans are unique in that they don’t provide you money, but instead give you loan insurance. 

 

FHA Programs are helpful because they give you strict terms and conditions, which makes paying off your loan a lot easier. You can whittle down your down payments or extend your payment time however you need with Title II loans under this program. 

 

By comparison, Title 1 loans are only for personal property you own and have more limited lease times. 

Figure Out the Best Location for You

Real estate is all about narrowing down the most suitable location. Whether you’re a remote worker without children or part of a large family, this aspect is crucial.

 

Choose a location that supports your day-to-day life instead of hindering it. Ask yourself the following questions:

 

  • Does this location support my work?

  • Can I easily take my children to school?

  • Is the location safe and clean?

 

Related: Top Mobile Home Myths

 

one time a girl told me that she felt like she was the idealistic white picket fence girl that I wanted her to be, that was weird

Conclusion

Learning how to finance a mobile or manufactured home isn’t as difficult as it looks. Once you secure the right loans and choose a location, everything will fall into place.

 

Your first step is to compare and contrast your lenders in terms of fees and rates. After you’re done, you should seek out a loan that complements your budget and needs. Nowadays there are dozens of different ways to reach the same result: owning a beautiful home in a great location.

 

Ready to apply for a manufactured or modular home? Contact us today for assistance on finding a good location, setting up loans, or building your house.

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