That's why we always recommend a MODULAR HOME. They can be comped by using any other site built or Modular Home within reasonable proximity to the subject Modular Home. We work with experience Manufactured Home lenders Nationwide and would be happy to recommend in your area.
Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.
Bart Gabe - Lending Nationwide Since 1987
800 315 8803
Go hire a Realtor who has experience as a dealer with manufactured homes to help you explore and determine your options and discover what information you should know about in order to make an informed decision and whether it's sensible or not.
Finally, consider going into business to earn more income and hook up with people that will support you and not drag you down. Earning money is a choice, isn't it and how much you earn is also a choice, isn't it? So, go explore some business opportunities and find a business that you can operate, working smarter, not harder and good luck to you.
But most importantly i wouldn't purchase a HUD MANUFACTURED HOME as it may not comp in the neighborhood you plan to place it in because comps are very difficult to find. I would purchase a MODULAR HOME. Then an appraiser could use other site built homes close by in their comps which would get you a much higher appraisal.
However, pitfalls that people forget is that under that mobile home you generally need to "lease" the land (space rent). Each mobile home park operates differently, so I would absolutely factor in an escalating annual space lease into the affordability equation or search for mobiles on "fee-simple" land (meaning you own it).
A single family home traditionally is your best investment, followed by town homes and condos on "fee-simple" land, leased land town homes and condos will have the same issues as a mobile home park with a space lease potentially sabotaging their affordability.
Keller Williams-Huntington Beach
In most parks, you will still pay a monthly rental, but I have compiled a list of homes that are currently for sale that include land:
Click the following link to view the Listings:
I currently have a mobile home for sale in Corona, but it is on leased land.
Please let me know if I can be of any further assistance to you!
Nicole Fedorchek, Realtor