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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. 

 

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What To Know Before Buying Foreclosed Manufactured Homes - Home Nation

What To Know Before Buying Foreclosed Manufactured Homes

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Many adults aspire to buy a home as soon as they can. Unfortunately, that can seem unattainable to a high percentage of Americans. But many people either overlook or don’t know that it’s sometimes possible to get the home of your dreams at a significant discount. Is buying a foreclosed manufactured home the best option for you?

 

What Does it Mean When a Home is Foreclosed?

 

A house is deemed a foreclosure when the owner has defaulted on their mortgage. Typically, this means that they were behind on the mortgage bill by at least-60-90 days. Each lender has different policies on what constitutes a payment default. 

 

Once the home is labeled a foreclosure, the lender repossesses the house from the original owners. After that happens, the lender is legally able to sell the home to someone else. The bank officially owns the home at this point.  

 

People who buy foreclosed homes do so mainly because the mortgage is significantly discounted. It’s a risky buy since prospective homeowners may have to put a lot of work into it and may have trouble getting a loan for it. 

What is the Difference Between Foreclosed and Repossessed?

 

When it comes to manufactured homes, the fundamental difference between foreclosure and repossession is the presence of land. Usually, when you purchase a home, you’re buying the property, which contains the house. 

 

When you buy a manufactured home, it may or may not be installed onto a property. If the mobile home you’re purchasing is a foreclosure, it means that the house is already on the land you will be buying as well. If the home has just been repossessed, you’re only buying the home. 

 

Related: Buyers Guide To a Used Mobile Home

 

What is the Process For Foreclosure?

 

Foreclosure can be a long, complicated process, and it all depends on the lending company and its procedures for foreclosure. In some cases, it can happen in a few months, while others take over two years to complete. Here’s how it works:

 

  1. The home is in pre-foreclosure.

Before any legal process begins, a homeowner must be in default of their mortgage agreement with the bank. Most lending companies will issue a notice of default to the homeowner once they are between 60 and 90 days late on their bill. The bank is legally required to notify the homeowner of the default. Once that happens, the status of the home is pre-foreclosed, and the owner will have about 120 days to pay their balance. 

  1. The bank schedules an auction.

If in the 120 days after they default, the homeowner is unable to catch up on their mortgage or refinance, the bank can list the house for auction. In an auction, the highest bidder gets the house as-is. The buyer must pay the full balance immediately. If no one buys the home, the final stage of foreclosure begins. 

  1. The home is in post-foreclosure.

At this point, the lender will have either deemed the home a loss or cashed in on the mortgage insurance. The bank is now free to list the house on the real estate market, and they can also choose to sell it at a liquidation auction. 

 

Related: 8 Reasons To Buy a Mobile Home

 

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What Are the Benefits of Buying a Foreclosed Manufactured Home?

Many prospective homeowners would never consider buying a foreclosed home - let alone a manufactured house foreclosure. This is mostly due to the stigma and misconceptions surrounding foreclosed homes. But contrary to popular belief, there are a lot of advantages to buying a foreclosed mobile home. 

 

  • It’s More Affordable

The most obvious perk of purchasing a foreclosure is the highly discounted price tag. Whether you’re a first-time homeowner with a tight budget, or someone who wants to flip a house for profit, cheaper is almost always better. 

 

  • Fewer Repairs Likely

Many people associate foreclosures with dilapidated fixer-upper homes in need of a ton of repairs. In reality, foreclosed homes are less likely to need much work done. This is because people who have bought a home recently are more likely to default on the payments, unfortunately. 

 

Some homeowners underestimate their mortgage payments during the buying process, don’t get the interest rate they had hoped for, or their financial circumstances change and they can no longer afford the bill. As a result, chances are that their manufactured home is still fairly new and in good shape. 

 

Want to find out more about the home-buying process? Visit Home Nation to see how it works! 

 

What Are the Drawbacks?

While purchasing a mobile home for a great price has some serious advantages, there is also some risk involved. For example:

  • Chance of Repairs

Although it’s not as likely as people may think, there is still a chance that the foreclosed home might be in need of work. Typically, no inspections take place when you purchase a foreclosed manufactured home. So the original owners won’t be required to make any updates to bring the house up to code. 

 

  • Difficult Loan Process

When banks are deciding whether to grant someone a mortgage loan, the underwriting process can take weeks. During this time, they are determining how much of a risk it would be to give out the loan. Many banks see foreclosed mobile homes as a risky purchase and impose difficult terms on the loan. In some cases, banks might be reluctant to grant a loan at all for a foreclosed manufactured home. 

 

Home Nation’s lenders don’t currently offer financing for foreclosed or repossessed manufactured homes, which means that the buyer will need to pay cash. 

 

Related: How To Replace Flooring in a Mobile Home

 

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Although it can be a stressful process, Home Nation makes home-buying simpler. Our experienced staff members always make customer service a top priority to ensure that our clients are satisfied and informed every step of the way. 

 

Are you ready to find the home of your dreams? Contact Home Nation today to get started!

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