Category Archives: Economy

Save by Monitoring Your Money

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For many of us, just the word “finances” can be daunting. But you can help de-stress the process by employing a more active approach to your money. Tracking your withdrawals and deposits is one of the simplest steps to move toward healthier finances. Even for those in good financial standing, tracking expenses can help you better manage your money, weed out frivolous spending, and even catch banking errors and discrepancies.

Before the convenience of digital banking, many manually documented their income and expenditures as a way of tracking the money available to them. With the increasing prevalence of debit and credit cards, a large number of people have found this method unnecessary, as financial institutions automatically log transactions. However, there is always the chance for delays or processing errors. It can be easy to forget about a scheduled payment that processes later in the month, causing new problems when money you thought you had suddenly disappears, especially if you’re one of many Americans living paycheck to paycheck. By manually tracking all your spending and income as you go, you can create more peace of mind knowing you have the most up-to-date information at hand. You’ll also have the added benefit of having your own documentation to check against things like monthly bank statements for errors.

Money management doesn’t have to be overwhelming.

If you typically use a card payment method, it is easy to forget about transactions or fail to notice how quickly small purchases can add up, depleting your balance. Manually tracking expenditures allows you to take a closer look at your spending and really pay attention to where your money goes. It can help you spot poor spending habits, like impulse buys or unnecessary expenditures you may not even remember.

To help you get started, there are a large number of tools available. If you prefer a good, old fashioned pen and paper method, WalletHub has a simple, printable worksheet to track deposits and spending, available here. If you like digital methods, there are many mobile apps and online options that may work for you. Seniors can find a helpful list of some options here, with pros and cons taking into consideration concerns specific to your age group. Many more options can be found using your preferred online search engine.

Finally, if the concept of balancing your checkbook and reconciling bank statements is still new, foreign, or just plain overwhelming, WalletHub also has a How To Guide with step by step instructions, pictures, and more tips, found here. Just take it step by step and perhaps you’ll find yourself breathing a little easier when thoughts turn to your wallet.

Governor Executive Orders Address COVID-19 Crisis

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Who would have ever thought that our State and our Country would issue stay at home mandates for non-essential workers? These are unusual times. As we reach out to mobile home park residents we are hopeful that you and your families are safe and well.

Many people have been laid off of their jobs or have had a reduction in income due to the COVID-19 virus. If your household has been impacted, there are a variety of programs being offered to help. Following are helpful information and resources.

Rent Payments

The Governor and some local jurisdictions have addressed the payment of rent. If your family has experienced a reduction in income due to the pandemic and are having difficulty paying rent it is important for you to contact the owner/management of your Park immediately. You need to advise them that you are unable to pay rent or can only pay a portion of your rent. You will also need to provide proof that the reason is due to COVID-19. The Park will then work with you to arrange a rent deferment so that you can pay the amount due once the pandemic crisis has passed and you are back to work.

Unemployment Checks

The California Employment Department (EDD) is processing claims for job loss or reduction of income due to COVID-19. The benefits may be accessed on line and are being processed quickly. For detailed information on benefits visit www.edd.ca.gov

Federal Government Stimulus Checks Are Being Delivered

The good news is that $1,200 checks are being deposited into the bank accounts of adults who earned up to $75,000 in adjusted gross income and who have a valid social security number. In addition, parents will also receive $500 for each child 16 years and younger. Most qualified people will have to do nothing in order to receive the check. The check will be deposited via direct deposit into accounts provided on tax returns filed this year or last.

Social security recipients who do not file a tax return will receive the check. However, others who do not file a tax return will need to file an abbreviated tax return to receive the payment. Detailed information can be found on the Internal Revenue Service (IRS) website: https://www.irs.gov/ coronavirus/economic-impact-payments.

All payments will be made based on income, with lower-income individuals receiving payment first.

Can You Get a Loan for a Mobile Home?

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Mobile homes can provide the stability and comfort of a traditional home, but at a much lower price. The catch? If you want to buy a mobile home and finance the cost, it can be more difficult than taking out a regular mortgage loan. Here’s what you need to know if you want a mobile home loan.

Is It Hard to Get a Loan for a Mobile Home?

When shopping for a mobile home loan, you might also come across the term “manufactured home.” Mobile and manufactured home loans are essentially the same thing; “mobile homes” are factory-built before June 15, 1976, and “manufactured homes” are mobile homes built after this date.

Manufactured homes are subject to construction and safety standards put in place by the U.S. Department of Housing and Urban Development. HUD’s Manufactured Home Construction and Safety Standards regulate thermal protection, plumbing, electrical, fire safety and more.

So how difficult is it to get mobile loans? “Financing a mobile home is more difficult than financing a conventional home, but getting a loan for a mobile home is still feasible,” says Daniela Andreevska, content marketing director at Mashvisor, a real estate data analytics company.

The type of loan you ultimately borrow will depend on a few key factors.

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“When approaching the purchase of a mobile home, you first need to determine whether it’s on a permanent foundation,” says Matthew Yu, vice president of loans and investments at real estate lending and investment firm Socotra Capital. You’ll have more options, including conventional and federally backed mortgage loans, if the home is on a permanent foundation.

Mobile homes that meet certain requirements can qualify for a traditional home loan. In addition to sitting on a foundation, the home needs to have its wheels removed so that it’s stationary, and you should also own the land under it. In most cases, it must be at least 400 square feet in size — sometimes more. If these requirements are met, it qualifies as “real property” and can be financed with a mortgage.

“For manufactured homes financed as real property, the terms are pretty much the same as those for traditional ‘stick-built’ houses,” says Gina Pogol, staff writer for consumer mortgage information website HSH. For example, you can choose a 15-year or 30-year fixed-rate loan. Mortgage rates are about the same, too, although they may be slightly higher because there is less competition for that business, Pogol says.

On the other hand, if the home does not meet the requirements for a mortgage and is movable, you will need to apply for a chattel loan, a type of personal property loan, not a real estate loan, according to Andreevska.

Types of Mobile Home Loans If your manufactured home qualifies as real property, there are a number of mobile and manufactured home loan programs you can consider.

Conventional Mortgage Programs

• Fannie Mae. You can borrow a manufactured home loan under the Fannie Mae MH Advantage program, as long as the title includes both the home and the land it’s on. It must also qualify as real property. Thirty-year fixed-rate mortgages are available, as well as 7/1 and 10/1 adjustable-rate loans. The down payment can be as low as 3%. Some homes are ineligible, including investment properties and single-wide homes.

• Freddie Mac. To qualify for a manufactured home loan through Freddie Mac’s program, the home must be considered real property. Fixed-rate mortgages are available, as well as 7/1 and 10/1 ARMs. Both primary residences and second homes qualify, but investment properties don’t. You can put down as little as 5%.

Agency-Backed Mortgage Programs

• Federal Housing Administration. FHA Title I and Title II loans are available for manufactured homes. These loans come with terms of up to 30 years and allow for down payments as low as 3.5%.

• U.S. Department of Veterans Affairs. Some VA lenders allow mobile home financing. VA loans can be used to purchase or refinance a mobile home, plus the lot if you wish; to purchase and improve a lot for your existing mobile home; to refinance a mobile home in order to buy a lot; or to refinance an existing VA mobile home loan. The home must be considered real property with a permanent foundation. It’s possible to finance with no money down and no mortgage insurance, as long as you meet the lender’s credit and income requirements. Loan terms range from 15 to 25 years, depending on the type.

Chattel Mortgage Loan

Another financing option is a chattel loan, which actually is not a type of mortgage but a personal property loan. Chattel loans are designed specifically for movable property, which is what the term “chattel” means. “Chattel loans are usually used when the mobile home will be located in a park or a manufactured home community, and they are home-only loans, excluding the land,” Andreevska says. Because these loans do not include real estate, the closing process is typically faster and less demanding, and the loan processing costs are lower than with a conventional mortgage loan.

However, the amount you can borrow is usually much smaller than with a traditional mortgage. Repayment periods are also usually limited to 15 to 20 years. “Moreover, the interest rate is higher because of the shorter loan period,” Andreevska says. “This means that overall, the monthly payment amounts often actually exceed the payments on a conventional home.”

Installment Agreement

If you’re buying a mobile home from a private owner, it’s also possible to work out a financing deal with them. In this case, you’ll want to be sure that the home’s title is clear, meaning there are no liens or judgments against it, and that the seller owns it outright. You’ll also need to put a promissory note and bill of sale in writing and have both parties sign.

Source: Casey Bond, U.S.News & World Report

Financial Assistance Programs

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What state/local financial assistance is available to low-income mobilehome owners? Some programs that provide financial assistance to low-income or senior park residents include:

• Mobilehome Rehabilitation: Loans or grants are available to low-income mobilehome owners through the Department of Housing and Community Development’s CalHome program to make specified repairs on their mobilehomes. Although not all jurisdictions participate, the funds are channeled through qualified local government housing or non-profit agencies. For more information, check with your city or county housing department, authority or commission.

• Section 8 Housing Assistance: Rent subsidies may be available to eligible low-income residents who live in mobilehome parks. This program is funded by the federal government but administered by local housing agencies. Section 8 allocations are often full and many jurisdictions have waiting lists of a year or more. Not all mobilehome park owners accept Section 8 vouchers. For more information, check with your city or county housing department, authority or commission.

• Mobilehome Park Rehabilitation and Resident Ownership Program (MPRROP): On a limited basis, this program makes shortand long-term low interest rate loans for the preservation of affordable mobilehome parks for ownership or control by resident organizations, nonprofit housing sponsors, or local public agencies. MPRROP also makes long-term loans to individuals to ensure continued affordability. For more information about the MPRROP process and requirements, go to www.hcd.ca.gov/ grants-funding/active-funding/mprrop. shtml n

Source: What Every Mobile Home Owner Should Know, published by the Senate Select Committee on Manufactured Home Communities

Affordable Housing vs Low-Income Housing

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There is lots of talk these days about the need for more low-income affordable housing in the Southern California region. It is important to recognize the difference between “low-income” housing and “affordable” housing.

Low-income housing is subsidized by the government. There are several projects throughout the region that are monitored by local government housing authorities. An on-line search or call to the regional housing authorities will provide a list of available low-income housing rental units. Some are for veterans, seniors and others for all-ages. There are also low-income for-sale housing projects sponsored by housing authorities and by organizations like Habitat for Humanity.

In these low-income housing developments, renters or home buyers must meet strict income guidelines. Only low-income can qualify to live in these developments.

The income is determined by the income of individuals or families, and includes funds in the bank and investments.

Affordable housing, on the other hand, is not limited to low-income renters or purchasers. There is no limit to the amount of income a person or family has. It is their choice to live in the available affordable housing. Apartments, condominiums, and mobile home parks/manufactured housing communities are generally considered affordable housing stock

in the various individual jurisdictions’ housing plans. However, the location of the housing also dictates the cost. The same apartment or mobile home will sell/rent for far different rates on the beach vs. inland, as an example.

Mobile home Parks/Manufactured Housing Communities, offer a lifestyle choice that attracts a wide range of renters and home buyers. Mobile Home Park residents are both home owners and renters. They own the mobile home or manufactured home and rent the site or lot within a Mobile Home Park for their home. The Park is a little city that provides all of the services and facilities to the renters of individual home sites. The owner of the Park is responsible, just like a city, to maintain the streets, utility systems, public areas facilities, and amenities.

Living in Mobile Home Park is a lifestyle choice, not necessarily an income driven decision. Residents living in Parks may be high income retirees or may have moderate incomes. Many Mobile Home Parks are senior housing communities and attract seniors who are down-sizing after selling a home.

Other Parks are attractive to families because, unlike an apartment and many condominiums, most lots/sites rented in a Mobile Home Park have yards, patios, and parking spaces adjacent to the home. In addition, these communities often offer many amenities such as a clubhouse and pool, which are attractive to both seniors and families.

There is no doubt that the cost of housing in many areas of Southern California is higher than many other regions. Inland counties such as Riverside and San Bernardino, a region referred to as the Inland Empire, offer considerably more reasonable housing than most areas of coastal Orange County, as an example. While rents in a typical Orange County Mobile Home Park may be over $1,200 a month, a similar Park in areas of the Inland Empire monthly rents are as low as $600.

Living in a mobile home park provides a unique lifestyle for all ages and all income groups

Affordable Housing vs Low-Income Housing: What is the difference?

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There is lots of talk these days about the need for more affordable housing in the Southern California region. It is important to recognize the difference between “low-income” housing and “affordable” housing.

Low-income housing is subsidized by the government. There are several projects throughout the region that are monitored by local government housing authorities. An on-line search or call to the regional housing authorities will provide a list of available low-income housing rental projects. Some projects are for veterans, seniors and others for all-ages. There are also low-income for-sale housing projects sponsored by housing authorities and by organizations like Habitat for Humanity.

In these low-income housing developments, renters or home buyers must meet strict income guidelines. Only low-income can qualify to live in these developments. The income is determined by the income of the entire family and includes funds in the bank and investments.

Affordable housing, on the other hand, is not limited to low-income renters or purchasers. There is no limit to the amount of income a person or family has. It is their choice to live in the available affordable housing. Apartments, condominiums, and mobile home parks/manufactured housing communities are considered affordable housing stock in the various individual jurisdictions housing elements. Continue reading →

Californians vs. Gas Prices

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California is the third largest state in the United States by square miles. Although some cities have reliable public transportation, it’s easier to get around in the suburban cities if you have a car. Whether you drive a few miles every day for your errands or commute for an hour for your work, we have all seen the gas prices going up recently.

An article written by Kevin Smith, published in the San Gabriel Valley Tribune, explores a few reasons why you might be paying more for gas than you should. If you are looking for ways to lower your expenses, consider the following points made in the article titled, “Here are the top money-wasting habits when buying gas, are you guilty of any of them?”
Smith uses a study done by GasBuddy and boiled down the list of these money-wasting habits to a few categories.

The study showed that almost 80% of the respondents have a gas station they regularly go to. It’s not a surprise that many people have a gas station they regularly go to, since it’s probably the most convenient location. Continue reading →

New Year New Tax Rate

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Are you up-to-date with the new California tax rate? Sales tax rates have been decreased by 0.25%. Use the link below to find the new sales tax rate by city.

http://www.boe.ca.gov/app/rates.aspx

Keep in mind that if you are returning an item that you purchased before January 1st, the store must provide you the refund of the old tax rate. However, if you purchased something before January 1st but you receive it after the New Year, you are still charged the rate used at the time of purchase.

An article published by the Golden State News states the following:

“A retailer who continues to charge and collect the higher statewide sales and use tax after January 1, 2017, must either refund the excess tax collected to their customer or pay the excess tax to the Board of Equalization (BOE). If the excess tax collected has been paid to the BOE, the retailer may request a refund on behalf of their customer by completing form BOE-101, Claim for Refund or Credit.”

Remember that sales tax rates differ by cities and counties, so make sure you look up your area using the California State Board of Equalization website!

Resources:

http://www.boe.ca.gov/app/rates.aspx

https://goldenstatenews.com/2017/01/03/a-tax-in-california-has-actually-been-lowered/

Getting A Loan On A Manufactured Home

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Financing Your Manufactured Home

Loans for manufactured homes are available from Fannie Mae and Freddie Mac. The United States Department of Agriculture (USDA) and the Veterans Administration (VA), are other avenues to finance a manufactured home. Personal loans can work, too.

What’s available to you depends on your eligibility as a borrower, the type and age of the structure, and whether it’s considered real or personal property. Manufactured housing allows many to buy homes who could not otherwise afford home-ownership. Fortunately, there are many available options for financing these purchases.

Is The Home “Real” Or “Personal” Property?

Not all manufactured housing is considered real estate, which is a requirement to qualify for a traditional home loan.

If your mobile home is at least 400 square feet, on an approved foundation and taxed as real property, you can apply for conventional or government-backed mortgages.

If you pay annual fees to the DMV, or the building is still on wheels, however, you’re technically living in a vehicle, not a house.

That’s okay, though. Moveable mobile homes can still be financed, just not with home mortgages.

Financing For Moveable Homes

Manufactured housing loans for personal property — homes that are not classified as real estate — are readily available if you have at least five percent down and the home is reasonably new.

Interest rates are higher than mortgage rates because loans for movable property are riskier for lenders.

The Federal Housing Administration (FHA) backs loans for mobile home vehicles with its Title I program. Interest rates are negotiated between borrowers and private lenders offering this loan type. Keep in mind that the typical home lender might not offer this type of loan.

The interest rate is fixed for the entire loan term, which varies and there are also maximum loan amounts.

Many manufactured home loan programs have strict guidelines about the property condition and age. That’s because manufactured housing tends to depreciate, while traditional home values tend to increase over time.

If you’re set on purchasing a home that doesn’t meet lender requirements, another option is a personal loan. Good credit will be required to get an unsecured personal loan, because it’s not attached to property. Expect to pay a higher interest rate — at least three-to-four percent more than current mortgage rates.

About Author: Gina Pogol writes about personal finance, credit, mortgages and real estate. She loves helping consumers understand complex and intimidating topics. She can be reached on Twitter at @GinaPogol.

Source: The Mortage Reports

Need Help Paying for your Prescriptions

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There is a Medicare program in place that can help you pay for your much needed prescriptions. As is the case with most programs there are a few eligibility guidelines.

Single: You must make less than $17,235 a year and have resources less than $13,300

Married: You must make less than $23,265 a year and have resources less than $26,580

If you qualify you could have a lowered or no deductible, low or no premium and no coverage gap. The end result will be you paying significantly less for prescriptions you need! Visit www.benefitscheckup.org to apply now.