Recently, there have been rumors circling the industry regarding FHA manufactured housing loans. To quell those rumors the Michigan Manufactured Housing Association (MMHA), along with a liaison from FHA's Single Family housing department, confirmed that FHA still has loans available for manufactured housing. However, the lending community has been more resistant to approving loans for this type of housing.
Recently, one of the biggest financers of manufactured housing has been suspended by HUD.
Below is information from the U.S. Department of Housing and Urban Development (HUD) website regarding information on financing for manufactured housing.
What are my options for financing the purchase of a manufactured home?
There are many alternatives for financing your home, including a growing number of lending institutions that are providing conventional and government-insured financing plans for prospective owners. The most common method of financing a manufactured home is through a retail installment contract, available through your retailer. Some lending institutions that offer conventional, long-term real estate mortgages may require the homes to be placed on approved foundations. Manufactured homes are eligible for government-insured loans offered by the
Federal Housing Administration (FHA), the
Veterans Administration (VA), and the
Rural Housing Services (RHS) under the U.S. Department of Agriculture.
For additional assistance, you may wish to contact HUD's
Housing Counseling Clearinghouse. HUD-approved housing counseling agencies provide housing counseling to renters, first-time buyers, and homeowners. Homeowners with problems that could result in default of their mortgage or foreclosure on their property need to contact a HUD-approved housing counseling agency immediately. HUD's Housing Counseling Clearinghouse operates a toll-free 24-hour-a-day automated voice response system that provides referrals to local housing counseling agencies, at (800) 569-4287. Referrals are also available to Spanish-speaking consumers.
There are only 4 weeks left until the MAR 2009 Convention & Expo taking place October 7-9 at the Grand Traverse Resort & Spa. Be sure your members are aware that the early bird and first time attendee rates will end THIS Thursday, September 10! Also, be sure to
book your hotel and get the MAR group rate of only $154/night (+state&city tax) at the Grand Traverse Resort & Spa.
To further promote the early bird rate deadline, help MAR by updating your association’s or personal Facebook & Twitter sites with the following messages:
Twitter: Don’t miss the chance to join YOUR Real Estate Industry this fall. MAR’s Convention Early Bird Rates end this week! http://tinyurl.com/l49xvq
Facebook: ______wants to remind you, early bird rates for MAR's 2009 Convention & Expo end THIS WEEK. Come together as an industry in Traverse City, for education, networking, and more! Register for as low as $139!
Link to: http://www.mirealtors.com/content/convention09_fees.htm
Also, download the image below and forward to your membership by email, urging them to join you and your local at the 2009 MAR Convention & Expo.
Download Convention Promotion Image
If using Microsoft Outlook, after clicking the link, right click the image and click “save as”, and save in an appropriate folder, where you can find the document later. Open up Microsoft Outlook and begin a new message. Click “Insert” at the top toolbar, and then click “Picture” and “From File…” Once the file browser opens, find the file you saved the image, click the image and click “Insert”. Feel free to add text below the image to better personalize your message.
If using an internet-based e-mail, such as Yahoo, Hotmail or Gmail, after clicking the link, right click the image and click “copy”. Open up your e-mail, begin a new message, and in the body of the message, right click and press “paste”. Fee free to add text below the image to better personalize your message.
The nominations are in, and the countdown to the announcement of Michigan’s REALTOR® of the Year, has begun! Visit the
REALTOR® of the Year Nominee Web site today, and view a list of all nominees.
MAR would like to thank all Local Associations for their help in compiling the nominees this year! The winner will be announced at the
Grand Assembly, during MAR's 2009 Convention & Expo.
Knowledge. Awareness. Empowerment. These are the core components of REALTOR® Safety. And helping our members understand the risks they face can mean the difference between life and death. As part of NAR’s ongoing efforts to keep our members safe, we're kicking off a year long focus on this issue of safety with the 6th annual observance of REALTOR® Safety Week, September 13-19, 2009. But this is just the start of our commitment to empowering our members.
REALTOR® Safety Week is a great time to remind all of us to know the dangers we face everyday, to be aware of our surroundings, and empower ourselves with precautions and preparations so that we can avoid risky situations.
NAR’s REALTOR® Safety Web site has tools that you can provide your members to better protect themselves, and their clients. The web site provides pre-built Safety Presentations, Videos, Handouts and forms. Also, direct your members to the
REALTOR® Safety Week Webinar with 2009 MAR Convention Speaker & Industry Expert Andrew Wooten, being held Monday, September 14 at 11:00 am.
GRI is an exciting program that provides practical real estate sales training for the novice or the veteran. The goal of the GRI program is to prepare REALTORS® to provide more professional service to the public and be rewarded through increased commission income.
Benefits of the GRI designation are numerous. Designees gain through increased productivity, competency and income, while increasing their network of referrals. Join over 3,700 GRI members in the state who have earned their certificate and pin and fulfilled broker licensure requirements.
The GRI courses are available online or in a traditional classroom setting. Click here to register for an online course or view our course calendar , and search GRI.