Rates
Another nice improvement to rates this week in Idaho and more fears about more countries leaving the EU crop up. Now it is Italy’s turn, and with their banks in too much debt, it has caused more concern and thus more Europeans are investing in US bonds, thus making rates drop.
Here in the US, we had a STELLER unemployment report today, with 287,000 new job created on an estimate of 175,000. But it was last months revised numbers that really prevented the good news from lasting. Last month’s numbers were revised down from 38,000 new jobs to 11,000 new jobs, a HUGE OUCH!
Further bad news is wages, wages only increased by 0.1% and expectation of 0.2%, as more and more companies take profits over increase wages.
Next week we have Inflation numbers, but there is no real expectation that there is ANY inflation in the market. We do have Retail Sales on Friday, this will be a big report to look at to see if the UK flop is having any impact on consumers in the US.
Basically we are seeing rates at or VERY near ALL TIME LOWS, yes you heard me, ALL TIME lows. I expect lenders to continue to drop rate into next week, as there is no real reason to hold onto higher rates, risk has been taken off the table.
Green = GOOD Red = Bad for rates
We are in a total floating mindset now, and if we see another unforeseen economic event, such as a bank in Italy collapsing, we will probably see rate tick into the high 2’s.
Manufacture homes in Idaho
Recently we have seen a number of manufacture homes with some common problems. So as you look at manufactured homes or list a manufacture home keep this in mind:
There are ONLY loans on mannie for double wide’s, built after 1976.
Each section of the home, at the back end, left side, about 3’ off the ground, HAS TO have a HUD plate. If it is a double wide, there will be 2, one on each unit, and thus 3 on a triple wide. This is a 3”x2” aluminum plate with a serial number on it. See example below. This CAN NOT be removed. Sometimes people will paint over them, so that paint need to be carefully removed. If a home is missing the HUD plates, there are ways to get replacements, but it is a PIA.
Under the kitchen sink, left door, on all mannies, is a serial number sticker, it HAS TO be there. And should not be painted over. If it is not there, a replacement can be ordered. But in Section 5 is the HUD plate numbers AND serial numbers for each of the section.
Both the HUD plate and Serial Number Sticker are required to be visible to the Appraiser because they have to take picture on them.
Next is C of O, we have had 2 mannies recently that did NOT have Certificate of Occupancy on them. There were never issues, and people had been living in them since they were moved. I guess this is pretty common, because once the house is moved on there, people just move right in and don’t get the C of O. But we can’t lend on any home if it doesn’t have C of O.
And don’t forget about Septic pumping and inspection, along with Well Inspections.
Manufactured homes are not a hard loan to do in Idaho, as long as there is proper paperwork on the home. And why do we have to have these items…well to prove someone didn’t steal the home.
Yep, you heard me right, people will purchase a mannie, and then one night, put the wheels back on it and drive it off the lot and take it across state lines and plop it done somewhere else. And if you don’t think this happens, click this article here!