South Dakota

When it comes to financing a mobile home, loans are available but rules can be stringent. Of Course that is for your protection and benefit. You will be required to come up with a down payment. It can be as little as 5% but it can also be 20% depending on your lender. A good rule of thumb is the more the better, why finance money you already have?

There are several financing available- but this is a summary of a couple programs- of course you want to sit down with your lender and go through with a fine tooth comb.

TITLE I - FHA program based on credit history and ability to make monthly payments current max loan amounts are mobile home(48,600), home home lot (16,200) and mobile home and lot(64,800)

VA - Va Guarantees the loan- eligible veterans can receive up to 40% of financing they need or up the maximum amount of vet entitlement (20k) home must be on permanent frame, at least 10 feet wide with 440 sq ft or 20 feet wide with 700 sq feet for doublewide.

Local Lenders- Local banks offer financing on homes

We also have a list of lenders available.

Right now the 2008 Stock homes are on Blowout pricing so call me today!

We have singlewides - 1165 Square Feet

DoubleWides- 1109-2200 Sq Feet

Triplewides- 1500-2500 Sq Feet

Modulars- 1300-2800 Sq Feet

Land/Home Packages for Area

Used Mobile Homes- Singlewide/Doublewides/Triplewides

Here are some pictures of the homes we have for sale.

As a mortgage broker previously I know I didn't know the difference between the homes- I just had the notion that manufactured were made of plastic. Well I was wrong and maybe something you have thought isn't correct either. Here are the facts.

A site built Home is:

• They are constructed entirely at the building site.
  
• They conform to all state, local or regional codes where the house is located.
  
• Often called 'stick-built' houses.
  
• A well-built, cared for site-built home generally increases in value over time, although its location plays a key role in value.

A Modular Is:

Modular homes are built in sections at a factory.

• Modular homes are built to conform to all state, local or regional building codes at their destinations.
  
• Sections are transported to the building site on truck beds, then joined together by local contractors.
  
• Local building inspectors check to make sure a modular home's structure meets requirements and that all finish work is done properly.
  
• Modular homes are sometimes less expensive per square foot than site built houses.
  
• A well-built modular home should have the same longevity as its site-built counterpart, increasing in value over time.

A Manufactured is:

You can buy mobile homes for much less than stick-built houses in most areas of the country. Despite the common predjudice against them, mobile homes are the cheap housing choice of millions. While the advantages are not always obvious, they are real.

One of the advantages is fast equity buiding. You see, the myth about mobile homes depreciating is only half true. In parks they generally go down in value over time. Buy mobile homes on land, though, and they'll usually go up in value.

The home deteriorated a little (don't all houses?), but the value of the land rises. With a lower price than a "stick-built house, your mortgage payments will be lower. Because of the shortened amortization (seven years), and lower loan amount, you can build equity fast.

A house with a $100,000, 6%, 30-year mortgage loan gives you a payment of $599.60. $500 of the first payment will go to interest, $99.60 to principal. You built equity of $99.60 (I'm ignoring appreciation for the moment).

A mobile home on land, with a $30,000, 8%, 10-year mortgage gives you a payment of $363.99. The higher interest rate is normal with mobiles. The shorter term is normal too, so you'll own the home free-and-clear in 10 years instead of 30. The first month, $200 will go to interest, meaning $163.99 goes to principal. You built more equity in this scenario.

A mobile home on land might appreciate more slowly than a "regular" house, but faster loan pay-down probably may cover this factor. Now, if you also chose to bank the difference in payments ($235.61 per month), you'd definitely be better off financially with the mobile home versus the more expensive home (Except during times of fast appreciation).



Save Money?
Mobiles are cheap to maintain. A furnace die in a mobile home which is about the most expensive repair you'll have in a mobile can be replaced for about $1,200, which is much less than a furnace for a larger home. For $200 you can tar the roof, or $30 if you do it yourself, instead of $5,000 to re-shingle a traditional roof. Windows, plumbing, and doors are all cheaper.

Property taxes, because they're based on value, cost less. Insurance is less because you're insuring less value. Just be sure you can get insurance before you buy. Some old mobiles may be uninsurable in some areas.


Why not buy mobile homes?

During the month of September, 2008 there were 30 new residential listings in and around the Black Hawk and Piedmont area compared to 15 last month. The total # of homes for sale is 115 compared to 103 last month. 10 homes have sold or are under contract compared to 30 last month. Avg. price of a single family home in the Black Hills is $173,855, down from $187,325 last month, with an average of 82 days on the market which is up from 80 days last month. Sellers have been receiving 96.74% of their asking price which is down from 97.37% last month.

Black Hawk is located in the beautiful Black Hills of South Dakota just 5 miles west of Rapid City on I-90. We are famous for the Mount Rushmore National Monument and for the millions of pine trees that make the Hills look Black. Crazy Horse Memorial is also being carved into a mountain in this area. Black Hawk is nestled into the pine trees and is a very nice peaceful small community which you will feel right at home in. Please visit, enjoy, and live here in the tranquil beauty of the Black Hills.