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| What is a manufactured home? |
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It's a factory built
residential home built in accordance with rigid construction,
durability and safety requirements of the US. Dept. of Housing and
Urban Development. In fact 20% of all residential housing is manufactured
housing - and that figure is growing! |
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| What is a
Modular
Home? |
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A residential
dwelling, constructed in a factory to a residential
construction code other than the Federal Manufactured Home
Construction and Safety Standards. One item that separates a
Manufactured home from a Modular home is Modular homes do not have
the steel frame that Manufactured homes have. |
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| What is a Factory-Built Home? |
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It can mean either a
Manufactured or Modular home. It is any
residential dwelling that is wholly, or in substantial part,
made, fabricated, formed, or assembled in manufacturing
facilities for installation on a building site. Factory-built
homes shall include, but are not limited to, manufactured homes,
modular homes and mobile homes. |
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| Why are so many people choosing manufactured
homes? |
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Affordability
- Manufactured homes are estimated to be 25% to 50% (depending on the
state) less in cost per square foot than conventional
site-constructed homes.
Quality - Manufactured homes are built in a factory where
quality control, continuous inspections and ideal building conditions
mean a home that will be built for a lifetime.
Today's manufactured homes provide the
lifestyle, comfort and affordability that many Illinoisans enjoy in
their homes. |
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| What is a Fixed Rate
and why is it better? |
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This is a interest rate
that never fluctuates. This also makes the principle and
interest part of your payments the same without any
change during the term of your loan. No surprises!
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| Which types of
Manufactured Homes are acceptable for your loan programs? |
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The Manufactured Home
MUST be permanently affixed to a foundation, on land that you own or
are buying (leased or rented land will not work). The home must have
been manufactured after June 15, 1976. Your home should have
the following tags and certificates on or in your home.
(click here)
If the "Data Plate" is missing Nustar can help you get
documentation to qualify your home. |
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| I think the home is
on a permanent foundation, but I don’t know what types are
“acceptable.” How can I determine if my foundation is acceptable?
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This is one of the most
common and most difficult questions we receive. The only way to
truly determine if you have an acceptable foundation is to have an
inspection performed by a state certified engineer. Due to the
complexity of this issue, we encourage you to call our Home Loan
Center at 877-877-2787 to discuss your foundation questions with a
Nustar Manufactured Home Loan Specialist. |
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| What about closing costs, how much
will it cost me? |
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Closing costs vary from loan to loan
depending on whether it is a purchase or refinance, loan type ect..
On purchase loans you can have the
seller pay your closing costs reducing how much money you need to
close on your new house.
On Refinance loans and Construction
loans you can include your closing costs in the loan. |
| Is there a limit on acreage? |
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There is no limit on
acreage, as long as acreage is common in your area and there are
comparable properties with acreage that have recently sold. |
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| Are Manufactured Homes in rural
areas acceptable? |
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Yes, rural properties
are acceptable. |
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| What is an FHA loan and how is it
different from a conventional loan? |
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The Federal Housing
Administration (FHA) provides mortgage insurance on loans made by
FHA-approved lenders. FHA insures lenders against loss in the event
that borrowers default on their loans. In this way, FHA encourages
lenders to make loans that they might otherwise view as too risky.
This is one of the best options for manufactured home loans. |
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I was turned down twice already
because my home is manufactured, I made it a point to let both
lenders know it was a double wide, and they assured me it would be
no problem. I do not want to go through this frustration again, are
you sure you can help?"
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Absolutely !! We hear
this from 50% of our customers, and it is unfortunate that so many
poorly trained loan officers are out there that do not have the
knowledge and programs available to assist manufactured home owners.
This is what we are best at so you can be assured that we will NOT
waste your time. |
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How much is this going to cost me? |
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All costs are
included in the loan, and are standard to any other type of home
financing ! (In many cases it may be
required that you pay the appraisal at time of service, this all
depends on the appraisers policy) |
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