Financing in 92223>Question Details

Ralph Johnson, Home Buyer in Beaumont, CA

Do Manufactured homes in established parks get the same interest rate as normal homes?

Asked by Ralph Johnson, Beaumont, CA Wed Sep 1, 2010

I am considering a couple of retirement communities.

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If the manufactured home is affixed to a permanant foundation it is considered real property, if not it is considered personal property like a motor vehicle. Banks look at the difference when it comes to financing the two different catagories. There are several very nice retirement parks in the Beaumont area. Some with permanant foundations, some without. Of course there is a difference in pricing when there is land involved in the purchase as well as a difference in taxation. One major variable to consider is if it is in a park and you pay a lot space fee, the fee can be raised just like rent. Those manufactured homes on a permanant lot may be a little higher in price, but overall the Homeowners association fees will run less on a monthly basis, and you would have a easier time finding fianancing at a better rate. If you have questions about a specific park or area, please feel free to contact me as I am familiar with the Beaumont area, and would be happy to assist and guide you through the ins and outs of manufactured homes.
0 votes Thank Flag Link Wed Sep 1, 2010
Hi Ralph,
Everyone gave you some really good advise. My advise is to be careful with single wide purchases, I found out recently that it is nearly impossible to find financing on single wides. Double check how may tags where issued, anything over two you should be able to find many types of financing.
Also, find one that is on a permanent foundation, otherwise, the financing will be difficult.
Please let me know if I can be of any assistance to you.
Thank you,
Web Reference:
0 votes Thank Flag Link Wed Sep 1, 2010
There are different things you need to be aware of too, such as two section (double wide) homes may have better rates and manufactured homes built after 1976 are easier to borrow on. Talk to some lenders who specialize in manufactured home loans. Typically from what I've seen credit unions and mortgage brokers have better rates then what the banks will offer.

0 votes Thank Flag Link Wed Sep 1, 2010
Hi Ralph,

Due to current market conditions rates are typically higher and manufactured homes. It really depends on the lender. I can recommend a lender for your area or you can shop around with a few banks who specialize in that type of property. Currently Wells Fargo has a loan program for Manufactured homes.

Good Luck!
0 votes Thank Flag Link Wed Sep 1, 2010
It will be very hard to find any lender willing to lend on a manufactured home on a rented spot.
0 votes Thank Flag Link Wed Sep 1, 2010
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