There are many options when deciding how to finance your home, a growing number of lending institutions are providing conventional and government-insured financing plans for prospective mobile home owners. The most common method of financing is through a retail installment contract; these are available through the retailer who is selling you your home. Some lending institutions that offer conventional, long-term real estate mortgages require the home be placed on an approved foundation.
The government also offers government-insured loans through the Federal Housing Administration (FHA), the Veterans Administration (VA) and the Rural Housing Services (RHS) under the U.S. Department of Agriculture. Below are links to two of these sites.
Always remember to research who you are getting your loan from. If the terms seem too good to be true, they probably are.
A trailer is NOT a mobile home if it is less than 8 feet wide x 40 feet long and is therefore classified as a recreational vehicle (trailer). The owners of these trailers/RV’s do not have a right to sell them in place.
A mobile home cannot be required to be removed upon a resale if it: 1) is more than 17 to 20 years old or older but meets health, safety and construction standards of state law; and 2) is not in substantially rundown condition or disrepair as determined in the reasonable discretion of management.
Prior to purchasing a manufactured home located in a rental park, the prospective buyer must be approved for tenancy in the park by the owner of the park. The sale of a mobile home located in a mobile home park is a three-party, not two-party transaction. The buyer and seller must not only agree to terms on the sale of the home, the buyer must be approved for residency in the park by the park owner/management.
Park management can withhold approval on the basis of: 1) the buyer’s inability to pay the rent and charges of the park and 2) the buyer’s inability to comply with park rules and regulations as indicated by prior tenancies. Although guidelines used by other landlords or public agencies for rental housing may be more lenient, many park owners impose higher income requirements to assure buyers will be able to afford future rent increases without causing the park problems, such as evictions.
The seller of a manufactured home must provide the buyer with certain disclosures.
There are more than 1,000 centers statewide that are opening their doors as Volunteer Income Tax assistance for the elderly. These locations offer free help with tax form preparation. For more information on where these are located you can call 800-522-5665 or you can e-mail firstname.lastname@example.org
It comes down to more than just earned income when determining if you need to file taxes. Other circumstances include: age, if your income was earned from social security, if anyone can claim you as a dependent and your filing status.
In some cases even if your income is under the required amount it is in your best interest to still file. If, for example, you had a part time job for a portion of the year and you had federal taxes withheld, you could be eligible for a refund. If you don’t file then you will never see this money.
For more information about filing your taxes visit http://www.irs.gov/publications/p17/ch01.html#d0e5173