How does the financing process work when buying a new manufactured or modular home?

03/20/2013

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The most important, (and often overlooked) step in the home buying process is to secure financing from a reputable lender. By talking with a lender FIRST, you will be able to find out how much home you can buy, as well as an estimate of your monthly house payment. Your local bank or mortgage lender will first take a preliminary application, also known as a "pre-qualification" app, to see if you're pre-qualified to buy based on your credit score and income, and how much they would be willing to loan you toward the purchase of a new home. With this information, you can then begin your home search, knowing in ADVANCE, how much home you can afford!  A "pre-approval" usually comes after you've found your dream home, and are ready to make a purchase. This process will involve giving the lender more detailed financial information to make sure you are a good credit risk for the amount of the home you wish to buy.

     There are several different types of lending programs available to new home buyers, and your lender will be able to go over each of them and determine which one is best for you. These programs include FHA, USDA, Conventional and VA loans.  Qualifications, such as credit score, income and type of home being purchased, differ for each program, so its best to make sure you are dealing with a knowledgeable and experienced lender to make sure you get the best loan program for your new home needs. 

     Once you have been pre-approved for a particular loan program, you will work hand-in-hand with your loan officer to provide her with the most accurate information possible, to ensure a thorough and complete application process. But be warned -this process could take anywhere from a few weeks to a few months, from start to finish, before you are finally APPROVED for your new loan! Patience, perseverance and good communication skills are imperative to help the application process go along smoothly and as quickly as possible!  When purchasing your new home from Frank's Home Place, your sales associate will also work side by side with you and your chosen lender to provide crucial information about your home purchase, as well as keeping in touch and getting updates from your loan officer, on your behalf. And although federal law prohibits us from actually discussing detailed credit and financial information with you, we will be happy to provide you with a list of reputable lenders in the area, as well as general information about the loan programs available to you for the type of home you want to purchase! 

     At Frank's Home Place, we understand that buying a new home can be a daunting and overwhelming experience, and make it our priority to give you as much information as possible about every aspect of the buying process. Feel free to call or email us with any questions about the home buying process, or read more in our FREE 5 Step Home Buyers Guide here! You can also apply for mortgage loan safely and securely by visiting our Financing page here!
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Housing Rebound Pushes Up Building Costs

03/03/2013

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     As the U.S. housing market slowly rebounds this year, lumber prices have soared nearly 50 percent in 2013, the biggest annual gain since 1993. Naturally, this means increased building costs for manufactured and modular home builders, and this cost is often passed along to consumers. Unfortunately, Frank's Home Place is not exempt from this trickle-down effect. As early as March 1, 2013, we are already seeing subtle price increases from our home builders as their costs for lumber, insulation, concrete and other building supplies increase. And while all this may seem negative on the surface, beneath the surface it signals the beginnings of what everyone has been so patiently waiting for so long - an economic housing recovery! 
     
Like many other industries, such as the oil industry, the housing industry is true to customer supply and demand. When consumer demand is low, prices are low; and when demand is high - costs increase as well. According to a report on usnews.com,  the Pending Homes Sales Index, a forward looking indicator based on contract signings, increased 4.5% in January, from December, and 9.5% from January 2012. And with home interest rates at historically all time lows, and an up-tick in job growth, the demand for housing has shifted the supply/demand tables back in favor of sellers in much of the country. With existing housing starting to liquidate from the market, the demand for new homes may once again start to rise, and along with that, rising building costs.
     
     Even with rising building costs, Frank's Home Place is dedicated to being competitive with other dealers, and saving our customers as much money as possible when purchasing a new manufactured or modular home. That's why we are making this special LIMITED TIME offer: 

    For any customer who puts a NEW home under contract with us during the month of March, we will honor and guarantee the contract price, regardless of any price increases during the construction phase of that home. This will protect you from any unexpected and costly price increases while your new home is being built. After March 31, any new home contracted will be priced at the higher 2013 prices.  (This is a limited time offer and only certain homes are eligible for this special sales offer! Ask one of our friendly Registered Housing Specialist for details!)

     The NAR (National Association of Realtors), predicts about 5 million existing homes to be sold in 2013. As that inventory dwindles down, the demand for new homes will hopefully rise and give a much needed boost to the housing industry, but also raise building costs for stick built AND manufactured home builders alike! Now, more than ever is an opportune time to buy a NEW home from Frank's Home Place and save money BEFORE this demand causes even further price increases! Come by and see us today to get YOUR dream home at the best price possible!!
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