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Tough HUD Dispute Resolution & FHA programs open spectacular Opportunities for both FHA and Modular sales!
Wed 05/13/09 09:29:43 pm
Automated BuilderAs
published in Automated Buikder Magazine, March 2009. Republished with
permission
Citrus
Heights, CA - The new dispute resolution of HUD and FHA programs some of which
went into effect January 1st, could turn out to be the best highway to increase
sales both of HUD-code and modular homes across the US.
The DPR is
simple. It states that the manufacture of HUD homes is responsible for whatever
complaint may arise from the buyer, should it be related to the home itself, the
transport, and the foundation or selling of the home. In short the days are gone
when the manufacturer could shove the home out of the factory and forget
it.
Now,
within a year after the buyer moves into the home and finds something to
complain about, the manufacturer has to be on top of the problem and make sure
it's resolved.
So how does all this affect the sales of HUD- code and modular homes?
The FHA straightens out the fact that under FHA mortgage Insurance Guidelines
the home be it HUD or Mod, must be placed on a permanent foundation. And if it
is placed on a permanent foundation it becomes eligible for FHA Mortgage
Insurance. In other words it is financed just like any mortgaged conventional
home.
What's more with new creative
financing the home can be sold with only one closing rather than two. And that
one closing can take care of everything - the full payment to the manufacturer
of the home, the cost of the land and shipping and setting onto the permanent
foundation. Also other costs can be folded into the closing costs such as
porches, decks and garages.
But perhaps the biggest advantage of
all this is that under FHA rules the home can be sold with only a 3.5% down
payment and qualified gift funds can be used for the down payment. Barely a
month into the life of the Dispute Resolution Program two companies in Central
California are well on the trail to concluding home sales under the new program.
In usually warm California the husband and wife team which run separate
companies have the unlikely names of Jack Frost and Sue Frost.
Jack Frost is a developer and Sue is
founder and President of Alliance Mortgage and Marketing, a wholly owned
subsidiary of I.F Independent Financial Corp located here in Citrus
Heights.
 Jack
Frost is President of Windsor Homes LLC and Steve Kay is CEO. Windsor handles
developments and home sales in various areas of California and Washington
State.
Susan Frost told Automated Builder "My
continuing passion is to promote attainable housing; I believe that home
ownership is the first and most important Investment a person can make into
their future. It is a person's opportunity to build wealth and enhance their
retirement. Even if they do not remain in their first home for very long, since
the average family stays in their home for 7 - 10 years they build equity and
that is a springboard toward personal wealth building".
Jack Frost's main business thrust is
developing sub-divisions in areas ranging from Central AND Southern California
all the way to Eastern Washington State. Among his most recent passions are
goals of developing continuously comfortable homes and facilities for the rising
armies of baby boomers coming into their retirement years. Jack believes modular
homes would be an outstanding way to go to give retirees comfortable
maintenance-free dwellings for healthy people as well as phased-in assisted
living and expanded care as may be required. Of course, one of the keys to the
entire FHA program was to come up with an affordable permanent foundation which
works and will be accepted by the Federal Housing Administration. Jack believes
he has found this in the Sure Safe EFS foundation system developed by Sure Safe
Industries Escondid, CA, operated by President Art Angelo.
 Jack
explains that the Sure Safe EFS
(Engineered Foundation System) meets the requirements of the FHA program
because it is a permanent foundation. He explains that when modular or HUD- code
unit is set, the first step is to place the home on temporary piers and make the
home secure and level. Then the Sure
Safe buttress piers are attached to the bottom of the homes permanent
foundation beams. At the bottom of the Sure Safe structural steel buttresses
high strength piers; geo textile bags are installed and tightened around the
bottom of each buttress. Finally ready mix concrete, 2,500 psi, is poured into
the bags which then conform to the earth under each of the multiple steel
buttresses, when the concrete sets the job is complete, the temporary piers are
removed and the house has a permanent foundation approved and accepted by the
Federal Housing Administration.
On average, depending on the earth
layout below the home, the geo textile bags filled with solid concrete range in
size from 6 - ¼ to 9 sq ft. The foundation system, of course can be set in a pit
to allow ground level for the home or raised with a crawl space beneath with
access portals as required.
Susan comments in conclusion, " It is
simply amazing how times develops within the housing industry line up in such
perfect sequences that the door swings wide open to enable people to buy quality
homes of their dreams at amazingly affordable prices".
Jack Frost adds, "A big part of our
current strategy is to combine today's lower cost values with lower cost HUD and
modular housing but without the financing this great idea can go nowhere".
---------------------------------------------------------
FOUNDATION RETROFIT FOR RESALE OR REFINANCE
As manufactured housing turns the
corner and becomes the new affordable housing of the future, it is the
structural performance of these homes that will separate the winners from the
losers.
New federal legislation mandates permanent foundations and
shifts liability to manufacturers for foundation-related defects. This
legislation, coupled with downward pressure on housing prices (which will
increase the demand for lower cost manufactured housing) and new financing
alternatives for manufactured homes (which require engineer-certified permanent
foundations) combine to make a future for manufactured housing that is indeed
promising.
Sure Safe’s unique, superior permanent foundation system has
operated flawlessly under thousands of manufactured homes. Sure Safe's
foundation system can be fully installed on existing homes and new sets IN LESS
THAN FOUR HOURS
There is NO NEED TO MOVE THE HOME AND THE COST IS WELL
BELOW ALL COMPETING FOUNDATIONS SYSTEMS.
Learn more... See the video at
mobilehomefoundations.com
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Tough HUD Dispute Resolution & FHA programs open spectacular Opportunities for both FHA and Modular sales!
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