| Manufactured Home Bill Makes Mortgages Easier |
| One in every five homes in South Carolina
is manufactured; that's the highest rate in the country. Thanks to a
new detitling bill, signed by Governor Mark Sanford, manufactured
homeowners can choose between a title and a mortgage. In the past, manufactured homeowners could combine their home and land, but with no legislation for detitling, it wasn't always an easy process for lenders and homeowners. Under the new bill, industry experts say homeowners can enjoy mortgage savings from lower interest rates and monthly payments. Manufactured home experts say the bill will encourage more people to become manufactured homeowners. “Now with this bill, whenever the county comes to access your house, it's real property so you're going to see appreciation there. That helps on your re-sale value,” Burch Antley, spokesman for the Manufactured Housing Institute of South Carolina, said. Experts say detitling does slightly raise property taxes because it combines the values of the home and land, but the interest and monthly payment savings outweigh that difference. |