What is the process for having a floor plan approved to be classified as a modular?
I was looking at homes several months ago and recently I was quoted prices for the same models for several thousands of dollars more. How come?
I don't have perfect credit can I still get financed for a new or used home? (Bankruptcy, slow pay, no credit, etc.)
Is it true that manufactured homes depreciate more than site built homes?
Can floor plans be modified or am I stuck with the factories stock plans?
Are manufactured homes as safe as site built homes?
Yes, as long as they are built and installed to comply with federal HUD, state and local codes. Consider this, most peoples unfounded concerns revolve around storms and tornados. All manufactured homes are involuntarily tested at up to at least 70 MPH for an average of 3 to 4 hours in this area. How so ? They are delivered on the highways with speeds up to at least 70 MPH to the dealers. They also are able to with stand forces of nature such as earthquakes as is shown by their ability to cross railroad tracks, pot holes and take the stress of sharp turns at high speeds. Have you ever seen a site built home mover traveling at more than 30 MPH. No. Wonder why?
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I'm still not convinced. Why does the weather man say to get out of a manufactured home and get in a ditch when a major storm or tornado is in the area?
Mostly out of outdated misinformation through no fault of their own. Keep in mind that weather men (or women) continue furthering their education with regards to weather spefic topics. They have no reason or monetary benefit to upgrade their knowledge base on the current changes of the structural quality improvements of todays manufactured homes. As a side note: During the year I alternate living in a 3,600 square foot site built home and a 1,200 square foot manufactured home. When tornados are forecasted for my area, I do not feel safer in either of theses abodes. A direct hit from a tornado will devastate a manufactured home or a brick site built home if they receive a direct hit. For those of you that were living in this area a few years ago you will remember all the million dollar homes that were destroyed in German Town. They were brick site built homes not manufactured homes. No home is impervious to the ravages of nature.
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The weather man want's wants you to get in a ditch during a storm. Is this an inteligent move?
Think About it. Where does the bulk of all water go during a storm? Maybe the lowest lying areas such as "ditches". Also ditches are usualy filled with debris such as tree limbs or logs. Why would you want to put yourself in the deepest water in the area where you might drown or be hit in the head with floating debrie.
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Do manufactured homes still use aluminum wiring?
Not since 1974 when the federal goverment created HUD, the Department of Housing and Urban Development. Prior to the creation of HUD there was no governing body that protected consumers from manufacturers and dealers that were more concerned with profit than building quality built safe homes. The federal goverment changed the name of trailers to manufactured homes and required all homes built in a factory to be built to meet the requirements of the new standards set forth by the new HUD Building Codes. HUD Codes supersede all building codes in the nation including adapted local codes such as the Southern Builders Code or the BOCA Code. Manufacturers were restricted on the use of aluminum wiring under this new HUD building code and changed to using copper wiring. As a side note, aluminum wiring got a bad rap back in the 60's and 70's due to the number of fires associated with "trailer fires". Aluminum wiring is a safe and practical source for conducting electricity in any properly installed environment Consider this, all power companies in the US use aluminum wire to deliver power to your home or business. The "trailer fire" problem was the fault of manufacturers unregulated cutting corners to increase profits. The proper use of aluminum wire requires that all connecting devices such as light switches, electrical receptacles, etc. be rated for either aluminum or aluminum/copper usage. Since fixtures with these ratings were more expensive than the standard fixtures rated for copper only, some manufacturers chose to save money by buying the less expensive copper rated fixtures. Without getting too technical, copper and aluminum expand under load at different rates and temptress. When the two are improperly connected, expansion occurs which leads to dangerous arching and the inevitable fire. Dangerous practices like this is what lead the federal goverment to step in and set stringent standards for manufactures to adhere to by setting up the HUD Code Building Code.
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What is the difference between a manufactured home and a modular home?
Structurally, very little. A modular is not a super trailer or manufactured home. Many people are confused with the politically name for a home that is produced in a factory. A "manufactured home", whether "single" or "double wide" presents a home built to HUD code building standards which supersedes all national building codes. Modulars are built to meet local and state building codes. All modulars must pass the requirements with local and state authorities rather than nationally accepted HUD building code. floor plan can be approved to meet the modular code standards. The process is a little slower since the plans must be approved on an individual basis. A modular is not a home that is built to higher quality standards, but rather a home that meets different financial requirements.
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Is there an advantage to buying a modular over a manufactured home?
In some cases yes. When the financing of the home also includes real estate with or without improvements the overall appraisal value will most often come back higher, allowing for a higher amount that is available to finance. This can be very beneficial when the amount to finance is needed to cover other expenditures such as paying off other debts or when "upside down" on a manufactured home trade in situation. (Upside Down is a term that reflects a situation where you owe more money for your current home than it is currently valued at under current market conditions.)
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What is the process for having a floor plan approved to be classified as a modular?
This is not a very complicated process for the consumer that has found a floor plan that fits their needs, however it is not as quick of a process as purchasing a manufactured home. All floor plans for manufactured homes are approved for HUD eligibility when plant engineers receive approval from an independent group such as DAPIA. A floor plan once approved by DAPIA can be reproduced and built in any state in the country. To be qualified as a modular all specs must be submitted to the actual local and state officials for approval just like a local contractor would do for a site built home in your area. Generaly speaking this process for a modular approval requires 4 to 12 weeks.
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I was looking at homes several months ago and recently I was quoted prices for the same models for several thousands of dollars more. How come?
The price of building materials have increased at a phenomenal rate in the last year and a half. These cost are attributed to many factors, starting with the materials sent overseas for the rebuilding of Iraq and all the hurricane related material needs. Added to the escalating price of building materials are the rising fuel cost. Rising fuel cost have also effected any material suppliers that are petroleum based such as the companies that produce vinyl siding and skirting to name just a few.
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I don't have perfect credit can I still get financed for a new or used home? (Bankruptcy, slow pay, no credit, etc.)
Yes. Credit availability is based on a case by case situation. Altho there are no stead fast rules to determine credit worthiness, here are some of the basic options. When land is going to be involved whether purchasing or pledging a deed of trust on land that is already paid for) FHA financing is always an option. When FHA financing is considered there is one requirement that prevails: You can not have anything derogatory on your credit bureau in the last 12 months if you filed chapter 13 or with in the last 24 months if you filed chapter 7. Financing is possible while you are still in chapter 13 as long as (1) you have made all your payments to the court in a timely fashion in the last 12 months, (2) nothing derogatory is new on your credit bureau in the last 12 months (no 30 day late payments, judgements, garnishments, etc. appearing on your credit report) and (3) approval from the bankruptcy trustee to make the purchase.
Other options include more down payment equity than is normally required for those with established credit. Dick Moore, INC. has at least 2 programs available that not only offer new and used financing, but also the opportunity of credit rebuilding. Land equity or larger initial down payments may allow you to qualify for either of these programs. See your local housing consultant for more details.
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Is it true that manufactured homes depreciate more than site built homes?
Absolutely not. All man made structures depreciate, whether built in a factory or on site. The real estate the structure is on determines the future value of the home and property. When Land values go up or down in any given area that value will effect manufactured or site built homes equally. This is assuming that the property is maintained in a like manner. An appraisal of a manufactured home located in an area experiencing appreciation in property values that is skirted with pieces of tin, with a washing machine and refrigerator rusting on the front porch and a 1969 Camaro up on blocks in the front yard will not benefit with the increase in surrounding property values. This would also be true of a site built home under the same conditions. The fact of the mater is that under favorable market conditions a manufactured home will appreciate at a faster and higher rate than a site built home if both are maintained equally. Consider it this way, $70,000 will buy a 2,400 square foot manufactured home while the same $70,00 will purchase 1,200 square foot or less in a site built home. Locate these homes side by side and improve and maintain both of these homes equally, the 2,400 square foot "home" could be valued at 20% to 40% higher than the 1,200 square foot "home" if for no other reason than the cost per square foot for housing in that area.
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Can floor plans be modified or am I stuck with the factories stock plans?
Yes and No. Most home manufacturers are similar to car manufactures in that they have specific models that changes are limited to available color or option changes. Today you can not go to a Chevrolet dealer and special order a Camaro built with a 1969 body style. Dick Moore Housing is fortunate to provide housing options from several manufacturers that allow total flexibility of the floor plan design to be left in the hands of the consumer with minor limitations. Very few dealers in the South East can offer these design options. Our housing consultants are well trained in helping you design the floor plan that is right for your families spefic needs. Another side note: We once had a couple that had exasperated their selves on the floor plan that would meet their needs. Their house had sold and they were pressed for time to decide what home they were going to order that would meet their needs. Frustrated, the husband suggested they take a break and go to lunch and discuss their final decision. During lunch he roughly sketched out his idea of a floor plan that he really thought would meet meet his families needs on a napkin. His wife agreed. We built their dream home based on his crude sketch on a napkin. You don't have to be an architect to design your dream home at Dick Moore Housing.
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