That doesn't mean banks won't lend you the money to buy them. It just might not be as a mortgage. I've know plenty of people who've bought manufactured homes using a personal loan.
However, because it's difficult/often impossible to get a mortgage on a manufactured home--and because buyers sometimes have weak credit--seller-financing often is the way sell the properties. I concluded a sale of one just last week. I'd purchased one for cash, then sold it on terms. It was a 5-year arrangement, and after about 3 years he had the cash to pay it off. It worked out great for both of us.
Hope that helps.
1. As long as the manufactured home was constructed after 1976, you may be able to obtain financing. Check with your bank or a local lender.
2. The unit on 1680 Sunny Brook is a condo; and please let me know if you need further information on this or any property.
Phil Rotondo, Realtor
Coldwell Banker Residential Real Estate
Palm Bay, Fl.
Anything that can be hooked up to the back of a 6 cylinder medium sized car and pulled away in the middle of the night or can be lifted like a shoebox under a strong gust of wind and lands in the next county....not what banks want to lend on.
But the 800 pound gorilla in the room is the fact that the value goes down. Sure the actual land may appreciate these days, but basically Banks don't want a Lot with a depreciating structure on wheels.
BTW- I've lived in Manufactured homes and Trailers in Perry, FL and Lakeland, FL in my past younger days, so I've been there and done that
There are "mobile homes" which we are all familiar with: They are rolled out to your site and hopefully set up on a permanent foundation. (although they don't have to be permanent)>
Then there are "amufactured homes that are pre-made, shipped in sections, and quickly assembled on your site. (This could also include Log Homes).
But, what has this all got to do with the CONDO you cited?