Quick question if anyone cane help loan specilist wont tell me anything for some reason says I will have to call Clayton back in a few days:(
Anyway I currently have a full time job and a resell products online for commition I was told that that its considered Self Employed So I guess I am employeed as well as self employeed....
Anyway does FHA look down on you or count being self emplyed against you? I would like to include this income as its steady but I honestly cant say it would be around 30 years for now Its online so.. Either way I could still pay the morgage but we would be able to get a signifiantly better loan with more income.
Vanderbuilt Is the company.... I know they have a bad rep but Im also checking with some other places but wanted to at least try them and see what they say.
Thanks for anyone who can shed some light on this.
--Jeff
Question About Income
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Prev MH Guy
Re: Question About Income
Jeff- If you are commission, you need to prove a track record preferably 2 yrs. Depending on how high your FICO is you might qualify for stated income, that score needs to typically be at least 700+ with 20% down.
You're not considered self-employed unless you are 1099'd. If this is this case you will need complete tax returns. If not, most recent pay stub and W-2's will suffice.
Good Luck.
You're not considered self-employed unless you are 1099'd. If this is this case you will need complete tax returns. If not, most recent pay stub and W-2's will suffice.
Good Luck.
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rmurray
Re: Question About Income
No one looks down on small business..All the loan company will ask for are complete federal tax returns for 2 years..They will give you full credit for all the income you have willingly declared as such to uncle sam...They might also ask for current year P&L to show the business is still active...Another question..If you KNOW they have a "bad" reputation...WHY WOULD YOU WANT TO DO BUSINESS WITH THEM? I hope you do not often do lots of business with others that you feel are not the best in the business.....Good Luck
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Jeff T
Re: Question About Income
Thanks everybody I apoloize If heard that have a bad rep but if they give me a decent loan with a decent intrest rate then I will go with them if not I wont. 
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Jeff T
Re: Question About Income
Thanks again everyone I just found out today that I would only qualify for 35k... Which is weird because I just qualified for 90k for a standard home....
This is becasue the FHA loan intrest is so high 9.90%
The 90k might not be as .. nice as the Double wide we orginally wanted but its a house and will hold value. Were as around here I found that the mobile home market has fell signifcantly For example someone I talked to bought one for 50k last year and not irt appraises at 38k just from ONE YEAR! next year it will be worth less then 30.
My suggestions to everyone and Im no expert... Dont buy this as a first time home unless its the most your can afford you WILL get stuck with it in the end.. At least around Northern Kentucky
This is becasue the FHA loan intrest is so high 9.90%
The 90k might not be as .. nice as the Double wide we orginally wanted but its a house and will hold value. Were as around here I found that the mobile home market has fell signifcantly For example someone I talked to bought one for 50k last year and not irt appraises at 38k just from ONE YEAR! next year it will be worth less then 30.
My suggestions to everyone and Im no expert... Dont buy this as a first time home unless its the most your can afford you WILL get stuck with it in the end.. At least around Northern Kentucky
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Jeff T
Re: Question About Income
This was let out.
After researching for the past 5 months now...
Manufactured homes a re great but if you plan on staying for a long time or dont mind losing money in the end.
You will lose money on a home as well because if you buy at 100k and then sell it 20 years later at 225k (Estimate) if you have a loan for 7% intrest you probably payed well over 300k after intrest for that house.
Now on a Manufactured home say you pay 70k and keep it 20 years you will probably and onyl ecause it was so nice orginally get about 15-20k out of it. and after intrest that 70k with a 9.90 intrest rate cost you acout 160k
Thats the differnce.
After researching for the past 5 months now...
Manufactured homes a re great but if you plan on staying for a long time or dont mind losing money in the end.
You will lose money on a home as well because if you buy at 100k and then sell it 20 years later at 225k (Estimate) if you have a loan for 7% intrest you probably payed well over 300k after intrest for that house.
Now on a Manufactured home say you pay 70k and keep it 20 years you will probably and onyl ecause it was so nice orginally get about 15-20k out of it. and after intrest that 70k with a 9.90 intrest rate cost you acout 160k
Thats the differnce.
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David Oxhandler
Re: Question About Income
Jeff Im afraid that you have been misinformed about home appreciation/depreciation - But dont feel like your alone. "Many Americans have been victimized by an outdated conception of manufactured homes—one which has been perpetuated in the news media... IN FACT, manufactured homes held up well, even when compared to site-built homes. That this was be the case should not really surprise anyone: since 1999, manufactured homes have been built and installed to standards tougher than any but the most recent codes for site-built structures." (http://www.builtstronger.com/myths.html)
For a point of view from the Lakeland Florida area, where there are more manufactured homes per sq mile than any place else on earth, take a look at this article from LEN BONIFIELD. He tells us "As with all real estate, location and maintenance of the home play a huge role in determining the rate and extent of appreciation. In a community setting, location equates to amenities, location in the state, proximity to rivers, lakes coastlines, etc. In most average communities, homes that are 25 to 30 years old can be found selling for $15,000 to $30,000, when they sold new for under $10,000. It's not much, but it is some, appreciation. A recent newspaper article related a manufactured home for sale for more than $250,000 in Broward County. It is common to see 30-plus-year old homes sell for more than $100,000 in the Fort Myers area." He tells us "If you go to Natalie Estates in Stuart and hundreds of other good communities in Florida, you will find 1970's parks where housing has appreciated greatly. California is another classic example of selling prices several times more than they sold for originally." Read the entire article - Factory-Built Homes Appreciate Consumers Union also has point of view different than yours http://www.consumersunion.org/pdf/mh/Appreciation.pdf Read it and learn that "average appreciation rates of manufactured homes packaged with owned land are statistically in line with the site built market, and there are few inherent reasons that a home built in a factory should perform differently than one built on site" "For many years, people have assumed that the value of manufactured homes depreciates. This is not so. Studies conducted at two Universities revealed that the determining factor of appreciation in both types of homes was their location. Maintenance also plays a major role.If a home of any kind is built or setup in a bad neighborhood or area it will probably depreciate no matter what. In a good area or neighborhood they will generally appreciate in value depending on the local housing market and economy. In the case of a manufactured home, if it is setup on a permanent foundation with a concrete pad, blocked properly and anchored properly, with good drainage so water does not sit under the home and if one buys from a reputable dealer who uses good setup people, the home will be no different than a site built home. It would appreciate in value at the same rate as a site built home in the same area.
The cost of manufactured homes is significantly lower than the cost of site-built homes. This gives them an instant appreciation between what the home actually cost the homebuyer and what its market value is. In some cases, a multi-section manufactured home has sold for more the second time than the first. Properly setup and well taken care of, you are talking about a fantastic investment potential." (http://www.rebelhome.net/myth.html)Here are a few more opinions - lifted from the MHI web site:
Manufactured Housing Research ProjectUniversity of Michigan, 1993Dr. Kate Warner and Dr. Robert JohnsonThis study is divided into six sections dealing with various questions surrounding manufactured housing: Quality, Costs and Finance, Values, Impacts on Adjacent Property Values, Manufactured Housing and the Senior Population, and Alternative Ownership and Innovative uses. Findings included: - Manufactured housing quality has become essentially equivalent to that of conventional housing - Manufactured housing compares favorably with site-built housing as an affordable housing option - Manufactured housing, like site-built housing, can be viewed as an investment with probabilities of appreciation and equity accumulation - Manufactured housing has no impact on the appreciation rates of surrounding properties, putting to lie the myths of negative property value impacts.The Future of Manufactured HousingHarvard University Joint Center for Housing Studies, 1997Kimberley Vermeer and Josephine Louis The Harvard Joint Center report is essentially a survey of previous academic studies of manufactured housing. It draws from earlier Joint Center studies, particularly Residential Property Value and Mobile/Manufactured Homes: A Case Study of Belmont, New Hampshire," which is Thomas Nutt-Powell’s 1986 examination of property value impacts of manufactured housing, as well as the Manufactured Housing Research Project abstracted above. The Future of Manufactured Housing points out some areas that the industry needs to address (many of them dealt with in the Manufactured Housing Improvement Act, such as installation) and the conclusions that it draws are generally very favorable for the industry. The Impact of Manufactured Housing on Adjacent Site-BuiltResidential Properties in North CarolinaEast Carolina University, 1997Dr. Richard Stephenson and Dr. Guoqiang Shen.The first examination of property value impacts of manufactured housing that draws on real-world spatial relationships via GIS data, The Impact of Manufactured Housing on Adjacent Site-Built Residential Properties in North Carolina dispels the twin myths that manufactured housing automatically depreciates and drags down surrounding property values. The most telling findings were: - Manufactured homes with a fixed foundation or listed as real property appreciated at comparable rates to site-built residential properties - There is no clear negative correlation between the overall appreciation rate of site-built residential properties and the presence of manufactured housing in close proximity Manufactured Home Life, Existing Housing Stock Through 1997Iowa State University, May 1998Dr. Carol B. Meeks An update to an earlier study conducted when Dr. Meeks was with the University of Georgia, this study takes a more comprehensive look at the manufactured housing stock to determine the life expectancy of manufactured homes. Manufactured Home Life, Existing Housing Stock Through 1997 finds that the life expectancy of manufactured homes is comparable to the life expectancy of new site-built homes.Code Comparison Study - MHCSS vs. CABO One- and Two-Family Dwelling and Model Energy CodesUniversity of Illinois at Urbana-Champaign School of Architecture, January 1998Jeffrey Gordon and William B. Rose Compares the applicable requirements of standards for construction of a home built to the federal Manufactured Home Construction and Safety Standards (HUD Code) with the CABO One- and Two-Family Dwelling Code and Model Energy Code. The comparison concludes that while in some areas the HUD Code requirements are more restrictive, and in other areas the CABO code are, on balance the two codes are comparable, resulting in houses that perform similarly.Identification and Measurement of Zoning Barriers Related to Manufactured Housing: A Location and Accessibility Analysis East Carolina University, 1999Dr. Richard Stephenson and Dr. Guoqiang Shen The 1999 ECU Study examines what impact zoning has on manufactured housing placement and it’s proximity to "positive" versus "negative" public facilities. For the purposes of the study, "positive" facilities included environmental, health and emergency rescue services; cultural, recreational and education services; and auto, food, shopping and other business services. "Negative" facilities include landfill and solid waste sites and other similar uses. Findings include: - Manufactured housing is located farther from "positive" community facilities, which is especially significant in the area of life safety services - Manufactured housing is located closer to "negative" public facilities such as landfills and solid waste facilities - Zoning districts where manufactured housing is a permitted use have a higher percentage likelihood of being located in flood zones The general conclusion is that many of the negative perceptions of manufactured housing are in fact self-fulfilling prophecies perpetuated in part by the limited placement opportunities created through local government zoning actions.The Impact of Manufactured Housing on Adjacent Site BuiltResidential Properties in Two Alabama CountiesAuburn University - Montgomery, 2000Charles E Hegji and Linda MitchellThis study used property valuations from Montgomery and Lee Counties in Alabama to assess the impact of proximity to manufactured housing on site-built property value. Using a methodology similar to that use by East Carolina University in their earlier study, including a spatial analysis using GIS, the Auburn University - Montgomery study concluded that: - The appreciation rates of individual manufactured homes in both counties were comparable to those of site-built properties - Proximity to manufactured housing did not appear to be a significant determinant of property values of site-built residential housing (www.manufacturedhousing.org/)
"The appreciation in value of manufactured homes comes back to the old real estate axiom -- location, location, location. When properly sited and maintained, manufactured homes will appreciate at the same rate as other homes in surrounding neighborhoods" (http://www.mhao.org/myths.asp)
webmaster
For a point of view from the Lakeland Florida area, where there are more manufactured homes per sq mile than any place else on earth, take a look at this article from LEN BONIFIELD. He tells us "As with all real estate, location and maintenance of the home play a huge role in determining the rate and extent of appreciation. In a community setting, location equates to amenities, location in the state, proximity to rivers, lakes coastlines, etc. In most average communities, homes that are 25 to 30 years old can be found selling for $15,000 to $30,000, when they sold new for under $10,000. It's not much, but it is some, appreciation. A recent newspaper article related a manufactured home for sale for more than $250,000 in Broward County. It is common to see 30-plus-year old homes sell for more than $100,000 in the Fort Myers area." He tells us "If you go to Natalie Estates in Stuart and hundreds of other good communities in Florida, you will find 1970's parks where housing has appreciated greatly. California is another classic example of selling prices several times more than they sold for originally." Read the entire article - Factory-Built Homes Appreciate Consumers Union also has point of view different than yours http://www.consumersunion.org/pdf/mh/Appreciation.pdf Read it and learn that "average appreciation rates of manufactured homes packaged with owned land are statistically in line with the site built market, and there are few inherent reasons that a home built in a factory should perform differently than one built on site" "For many years, people have assumed that the value of manufactured homes depreciates. This is not so. Studies conducted at two Universities revealed that the determining factor of appreciation in both types of homes was their location. Maintenance also plays a major role.If a home of any kind is built or setup in a bad neighborhood or area it will probably depreciate no matter what. In a good area or neighborhood they will generally appreciate in value depending on the local housing market and economy. In the case of a manufactured home, if it is setup on a permanent foundation with a concrete pad, blocked properly and anchored properly, with good drainage so water does not sit under the home and if one buys from a reputable dealer who uses good setup people, the home will be no different than a site built home. It would appreciate in value at the same rate as a site built home in the same area.
The cost of manufactured homes is significantly lower than the cost of site-built homes. This gives them an instant appreciation between what the home actually cost the homebuyer and what its market value is. In some cases, a multi-section manufactured home has sold for more the second time than the first. Properly setup and well taken care of, you are talking about a fantastic investment potential." (http://www.rebelhome.net/myth.html)Here are a few more opinions - lifted from the MHI web site:
Manufactured Housing Research ProjectUniversity of Michigan, 1993Dr. Kate Warner and Dr. Robert JohnsonThis study is divided into six sections dealing with various questions surrounding manufactured housing: Quality, Costs and Finance, Values, Impacts on Adjacent Property Values, Manufactured Housing and the Senior Population, and Alternative Ownership and Innovative uses. Findings included: - Manufactured housing quality has become essentially equivalent to that of conventional housing - Manufactured housing compares favorably with site-built housing as an affordable housing option - Manufactured housing, like site-built housing, can be viewed as an investment with probabilities of appreciation and equity accumulation - Manufactured housing has no impact on the appreciation rates of surrounding properties, putting to lie the myths of negative property value impacts.The Future of Manufactured HousingHarvard University Joint Center for Housing Studies, 1997Kimberley Vermeer and Josephine Louis The Harvard Joint Center report is essentially a survey of previous academic studies of manufactured housing. It draws from earlier Joint Center studies, particularly Residential Property Value and Mobile/Manufactured Homes: A Case Study of Belmont, New Hampshire," which is Thomas Nutt-Powell’s 1986 examination of property value impacts of manufactured housing, as well as the Manufactured Housing Research Project abstracted above. The Future of Manufactured Housing points out some areas that the industry needs to address (many of them dealt with in the Manufactured Housing Improvement Act, such as installation) and the conclusions that it draws are generally very favorable for the industry. The Impact of Manufactured Housing on Adjacent Site-BuiltResidential Properties in North CarolinaEast Carolina University, 1997Dr. Richard Stephenson and Dr. Guoqiang Shen.The first examination of property value impacts of manufactured housing that draws on real-world spatial relationships via GIS data, The Impact of Manufactured Housing on Adjacent Site-Built Residential Properties in North Carolina dispels the twin myths that manufactured housing automatically depreciates and drags down surrounding property values. The most telling findings were: - Manufactured homes with a fixed foundation or listed as real property appreciated at comparable rates to site-built residential properties - There is no clear negative correlation between the overall appreciation rate of site-built residential properties and the presence of manufactured housing in close proximity Manufactured Home Life, Existing Housing Stock Through 1997Iowa State University, May 1998Dr. Carol B. Meeks An update to an earlier study conducted when Dr. Meeks was with the University of Georgia, this study takes a more comprehensive look at the manufactured housing stock to determine the life expectancy of manufactured homes. Manufactured Home Life, Existing Housing Stock Through 1997 finds that the life expectancy of manufactured homes is comparable to the life expectancy of new site-built homes.Code Comparison Study - MHCSS vs. CABO One- and Two-Family Dwelling and Model Energy CodesUniversity of Illinois at Urbana-Champaign School of Architecture, January 1998Jeffrey Gordon and William B. Rose Compares the applicable requirements of standards for construction of a home built to the federal Manufactured Home Construction and Safety Standards (HUD Code) with the CABO One- and Two-Family Dwelling Code and Model Energy Code. The comparison concludes that while in some areas the HUD Code requirements are more restrictive, and in other areas the CABO code are, on balance the two codes are comparable, resulting in houses that perform similarly.Identification and Measurement of Zoning Barriers Related to Manufactured Housing: A Location and Accessibility Analysis East Carolina University, 1999Dr. Richard Stephenson and Dr. Guoqiang Shen The 1999 ECU Study examines what impact zoning has on manufactured housing placement and it’s proximity to "positive" versus "negative" public facilities. For the purposes of the study, "positive" facilities included environmental, health and emergency rescue services; cultural, recreational and education services; and auto, food, shopping and other business services. "Negative" facilities include landfill and solid waste sites and other similar uses. Findings include: - Manufactured housing is located farther from "positive" community facilities, which is especially significant in the area of life safety services - Manufactured housing is located closer to "negative" public facilities such as landfills and solid waste facilities - Zoning districts where manufactured housing is a permitted use have a higher percentage likelihood of being located in flood zones The general conclusion is that many of the negative perceptions of manufactured housing are in fact self-fulfilling prophecies perpetuated in part by the limited placement opportunities created through local government zoning actions.The Impact of Manufactured Housing on Adjacent Site BuiltResidential Properties in Two Alabama CountiesAuburn University - Montgomery, 2000Charles E Hegji and Linda MitchellThis study used property valuations from Montgomery and Lee Counties in Alabama to assess the impact of proximity to manufactured housing on site-built property value. Using a methodology similar to that use by East Carolina University in their earlier study, including a spatial analysis using GIS, the Auburn University - Montgomery study concluded that: - The appreciation rates of individual manufactured homes in both counties were comparable to those of site-built properties - Proximity to manufactured housing did not appear to be a significant determinant of property values of site-built residential housing (www.manufacturedhousing.org/)
"The appreciation in value of manufactured homes comes back to the old real estate axiom -- location, location, location. When properly sited and maintained, manufactured homes will appreciate at the same rate as other homes in surrounding neighborhoods" (http://www.mhao.org/myths.asp)
webmaster
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rmurray
Re: Question About Income
Jeff find a different loan company...FHGA rates are about 5 7/8% this week...
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rmurray
Re: Question About Income
There is no housing unit that appreciates faster than the interest is earned..With interst rates at 7%..Site homes are appreciating no more than 3.5%/yr..So interst is never totsally recouped..Yoou can beat this curve by paying cash for the home..
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Jeff T
Re: Question About Income
Thanks again everyone I dont mean to assume every market would not be a unwise descition
Florida has a lot of retired couples for one who plan to buy and stay for the rest of there lives.
Markets will fluxuate but feel free to call any bank or mortgage broker in the northern kentucky area they will tell you the same thing.
That they have tons of doublewides and singles wides that they cant sell. Singles wides Ive been told any way depreciate about the same as a car would.
I dont mean at all to put the market down but I highly encourage anyone reading this talk to mortgage brokers and realestate offices in your area. The Mobile home compnay will tell you anythigng to get a sale.
I qualify for an $80,000 loan with a %5 or less and Qualify I for downpayment assistance where they pay your down payment for you! do loan tricks they actyually give you $4500 at closing as a grant. The mobile home place wanted to give me and FHA onel for $32,000 with no assitance and a 9.99% intrest rate.
Now again Florida is a differnt market due to building restrictions and several other factors. I feel that these forums are some what tainted as People who work in the mobile home mortgage feild post here and they are very good at convenicing you that a MH is the way to go.
PLEASE for your own monitary and future happiness research, research, reserach and meet face to face with your lenders and salesmen feel them out and you get a bad feeling go somewhere else if they are willing to loan to you someone else will too.
Florida has a lot of retired couples for one who plan to buy and stay for the rest of there lives.
Markets will fluxuate but feel free to call any bank or mortgage broker in the northern kentucky area they will tell you the same thing.
That they have tons of doublewides and singles wides that they cant sell. Singles wides Ive been told any way depreciate about the same as a car would.
I dont mean at all to put the market down but I highly encourage anyone reading this talk to mortgage brokers and realestate offices in your area. The Mobile home compnay will tell you anythigng to get a sale.
I qualify for an $80,000 loan with a %5 or less and Qualify I for downpayment assistance where they pay your down payment for you! do loan tricks they actyually give you $4500 at closing as a grant. The mobile home place wanted to give me and FHA onel for $32,000 with no assitance and a 9.99% intrest rate.
Now again Florida is a differnt market due to building restrictions and several other factors. I feel that these forums are some what tainted as People who work in the mobile home mortgage feild post here and they are very good at convenicing you that a MH is the way to go.
PLEASE for your own monitary and future happiness research, research, reserach and meet face to face with your lenders and salesmen feel them out and you get a bad feeling go somewhere else if they are willing to loan to you someone else will too.
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