 
|
Home >
Mobile Home Finance Dictionary > H
|
As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Hard money: The cash including the cash proceeds from a loan as distinguished from credit extended by a seller. See Soft money.
Hazard Insurance: Insurance that protects the homeowner against physical damage to the manufactured home from fire, wind, vandalism and other hazards.
Holding company: An entity that owns or controls another company(ies) which often allows more latitude for business practices than the operating company can achieve alone
Home Equity Line of Credit: A type of loan that allows the homeowner to access the loan money with checks or a credit card as needed. Based on the equity in your home. CAMHF does not have a program in place for this type of loan.
Home equity loan: A loan sometimes called a "line of credit" where an owner uses his or her residence as collateral for a loan which permits the draw of funds up to a preset amount.
Home Improvement: Changes to a house that increases its value, such as modernizing a kitchen or replacing carpet or flooring. CAMHF can provide Home Improvement loans if the home is located in a manufactured home park or community.
Home Owners Association, HOA: A collectivity of home owners into which monthly fees are paid in exchange for the ability to use common areas.
Homeowner's Insurance: An insurance policy that combines liability coverage and hazard insurance on your home.
Home Warranty: A guarantee for certain features of a new home, such as the materials, workmanship and/or its main components offered by a dealership or builder.
Home Warranty Policy: An optional policy that is available that protects a homeowner against the cost of high repair bills for one year if the heating, plumbing, air conditioning or appliances break down.
Housing Allowance: A calculation which considers the monthly home payment, land payment and/or lot lease payment. Lenders in the manufactured home industry try to keep this to no more than 34% of an applicants monthly gross income.
Housing and Urban Development, HUD: A department of the federal government created in 1965 which is responsible for the implementation and administration of the U.S. government Housing and Urban Development programs which include FNMA, FHA, Public Housing Urban Renewal and Community Facilities
Housing Inspection: A professional opinion of the structural soundness and condition of a manufactured home..
Housing Ratio: The maximum percentage of a borrower's gross monthly income that can be used to make the monthly mortgage payments and land or lot rent. Also called "housing allowance".
HUD-1 Settlement Statement: A final statement listing all of the costs of the sale of a property and who pays for them. HUD-1 Settlement Statements are prepared by escrow/title companies and may or may not applicable to manufactured home sales, depending on the State.
(800) 882-1999CAMHF - Mobile Home Loans
|
Company Info.
|
MH County Center
|
Mobile Home Services
|
|||||||
