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Coming up, CountryPlace announces a new Manufactured Housing Loan program.
But first…these stories.
UMH Properties, Inc Purchases two manuctured housing communities
UMH Properties, Inc. announced today the acquisition of the Sunny Acres and Suburban Estates manufactured housing communities located in Pennsylvania for a total purchase price of $13,200,000. With this closing, UMH owns 30 communities containing approximately 7,200 home-sites.
These all-age family communities total 407 sites. Sunny Acres, located in Somerset, is a 53 acre, 207-site property that is 97% occupied. Suburban Estates, located in Greensburg, is a 35 acre, 200-site property that is 95% occupied.
Samuel A. Landy, President, stated, “We are very pleased to announce these acquisitions. These two high-quality, well-occupied communities are in close proximity to our other Western Pennsylvania assets. Over the years, these communities have performed very well and they are an excellent fit to our existing portfolio. Pennsylvania is a very attractive state and we are optimistic about the continued long-term prospects for these properties.”
UMH, a publicly-owned REIT, owns and operates thirty manufactured home communities located in New Jersey, New York, Pennsylvania, Ohio and Tennessee. In addition, the Company owns a portfolio of REIT securities.
Olympic modular housing units to be assembled in Victoria
According to the Vancouver Sun, modular housing units used during the Vancouver Olympics are lined up in Victoria, waiting to be assembled to create the first housing project at Mount View Heights. Construction is in full swing, with workers preparing the foundations for the 36-unit Olympic Vista Apartments, which will be managed by the Victoria Cool Aid Society. The affordable rental units are aimed at delivering housing to those who are homeless or at risk of being homeless.
A total of 18 modular housing units are on the site now. They arrived by truck after being used for athlete accommodation during the Winter Games.
The construction project is the first among several at the former Mount View school site, where the total value is expected to reach $100 million for a range of affordable and supportive housing and a group of care facilities for older citizens.
Hilltop Homes goes out of business
Closing ends 40 years of manufactured home sales in NY Mills
After 40 years, New York Mills will no longer have a manufactured or modular home business. Hilltop Homes is closing its doors after opening so many for customers across the region for a long time.
The familiar staple overlooking Hwy 10 is another victim of poor economic conditions and sluggish home sales.
“We just ran out of money, that’s all,” said General Manager Mike Conlon.
Conlon has been in the manufactured and modular home business for over 38 years.
The industry started in the area in the mid 1960s when Jim Larson sold homes out of the Ford garage. Eventually Future Homes opened and was key player throughout the 1970s.
After the demise of Future Homes in the late 1970s and early 80s, Hilltop Homes was opened in 1983 by Jack Bishop who moved to NY Mills after working for Jensen Mobile Home Sales in Fergus Falls starting in 1970.
In 1997, Bishop sold Hilltop Homes to Conlon and some business partners.
After selling, Bishop, who was inducted into the Minnesota Manufactured Housing Hall of Fame the same year, stayed on as a sales consultant until the end.
On the company’s website, Bishop is quoted as saying, “Since selling the business, I’ve stayed on as a salesperson, helping my customers buy homes – some of them for a second & third time. I enjoy seeing a lot of old faces – and meeting new people, too!”
Bishop declined to comment on Hilltop’s closing or the history of the business.
Two years ago, Conlon bought out his partners.
“Then the rug came out from under us,” Conlon said. “Financing (for new home buyers) is tougher now. It doesn’t have anything to do with the banks. It has to do with the regulations that have been imposed on the banks.”
Conlon said it is really tough for people to get financing because they don’t have the 20 percent necessary for a down payment on a home.
“In our area, when you have a lot of the people that would buy our low to medium priced product having just jobs, not being business owners or making a good wage, they can’t afford it.”
Credit for perspective buyers had been easier to attain in the past.
With the closing of Hilltop Homes, nine people have lost their jobs.
“The biggest hurt belongs to the people that have been laid off. That’s not good for the area. It’s not just the people, it’s their families and the benefits that we offered that they no longer have. Those people will be hurt the most,” Conlon said with a crack in his voice and tears in his eyes.
Through out the years, Hilltop’s provided quality homes, while making home ownership easy, with features that fit family lifestyles. The company strove for complete customer satisfaction by providing quality homes, a personal sales touch, and full service after every sale. They were dedicated to solving their customers’ housing needs by listening to their dreams and assisting with expert planning to make them come true.
The staff at Hilltop Homes was well-trained and offered professional assistance throughout the whole home ownership process. From selecting a home to the final move, their customers experienced professionalism at the highest level.
Their reputation was solid and they did business with many people in the area.
As of now, there are no plans for the property on top of the hill. It will be sold after the remaining inventory is liquidated.
“Hopefully there will be a new business there that will be very fruitful for the community,” said Conlon.
CountryPlace Mortgage Launches Lending Program for Manufactured-Home Buyers
Nationwide Program Helps Provide Conventional and FHA Loans for Affordable Housing
CountryPlace Mortgage Ltd., a stable, reliable, and reputable source for residential loans since 1995, launched a new lending program this month to help community banks and credit unions provide home loans to buyers of manufactured homes.
The Manufactured Home Community Lending Program focuses on providing conventional and FHA loans for buyers purchasing manufactured homes in rural and suburban areas.
“We created this program to help community banks and credit unions serve their customers who may be interested in manufactured homes,” said CountryPlace national marketing representative, Bryan Chamberlain. “With more than 15 years in the mortgage business, CountryPlace understands home loans. By working with community banks and credit unions to provide real property loans for manufactured housing, we can help banks meet the needs of people in their communities who need housing in the low to moderate price ranges.”
CountryPlace designed the program to work with community banks and credit unions that know their customers and want to help them purchase affordable homes. By participating in the program, they will be able to:
l Assist their customers with home loans for new and resale manufactured housing that is classified as real property.
l Assist their customers who want to convert construction loans for the purchase and installation of manufactured housing into permanent mortgages.
l Enhance/create relationships with their customers by providing additional services.
Based in Addison, Texas, CountryPlace is initially targeting 18 states for the launch of the Community Lending Program. These state lists have been grouped into five regions:
l Northwest — Washington, Oregon, Idaho
l Southwest — California, Arizona, New Mexico
l South Central — Texas, Oklahoma, Arkansas, Louisiana
l South — Mississippi, Alabama, Georgia, Florida
l Southeast — North Carolina, South Carolina, Virginia, Tennessee
Experience in the lending industry sets CountryPlace Mortgage apart from its competition. Greg Aplin, who has been president of CountryPlace Mortgage since 2002, has 34 years of experience financing manufactured homes. Lyle Zeller, executive vice president since 2002, has 22 years of financial services experience.
Founded in 1995, CountryPlace began originating and servicing loans for its portfolio in July 2002. Each loan application receives a full review from CountryPlace underwriters and all loans are fully verified as to employment, income, down payment amount, and source. Accounts are managed centrally from CountryPlace’s office in Addison, Texas. All contracts are simple interest with monthly billing cycles.
This podcast of News at Noon is sponsored in part by MHMSM.com/solutions.
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