Home Selling in Guyton>Question Details

Gail Connats…, Home Seller in Guyton, GA

can a mobile home ever be considered a "house" for financing ? It is a doublewide permanently attatched on a concrete foundation, and it

Asked by Gail Connatser, Guyton, GA Thu Sep 23, 2010

is a 1974

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James is correct in reminding agents to stick to their areas of "expertise".....

No clue on the financing other than to say I know that in the best of times mobile homes were a challenge...in this market....best to rely on the experts.

As for the appraisal side - similar challenges exist as the definition and criteria constantly change - I'm an appraiser as well as broker.
0 votes Thank Flag Link Thu Sep 30, 2010
Even though bankers in some areas of the country say they can do these loans and there are FHA guidelines that say it is alright, in Florida it is extremely difficult if not impossible to finance an older mobile. I just wanted to point out that as a new mobile home ages it may find itself unsalable except through a cash deal. Insurance for mobiles is more expensive and even at the height of the bubble folks had to pay exorbitant interest rates for loans on used mobiles. I will concede that my origional answer left out loans for new but I would never advise anyone to buy mobile as opposed to stick built or concrete block especially when the price point in many cases is very similar.
0 votes Thank Flag Link Fri Sep 24, 2010
Wow folks, if you do not know the answer, you shouldn't answer. PERIOD. It makes everyone look bad.
A quick Google Search before you answer may save egg on your face.

There ARE programs for "mobile" homes through FHA if your "mobile" home is no longer "mobile". Call a good lender that is FHA certified lender and get the specifics, and according to FHA's website,

http://www.hud.gov/buying/loans.cfm (look halfway down the page for mobile home info)

FHA even allows loans for folks that own the home, yet place their home in a mobile home park. To be honest, I know of no lenders that offer that, but FHA's site says THEY offer it.

I am not a real estate agent, and rarely answer questions that are directed to real estate agents. Perhaps when it comes to financing, especially in this ever changing market, if your not sure, it is better not to answer questions about financing. Jim Ryan, Home Savings of America.
0 votes Thank Flag Link Fri Sep 24, 2010
Everything Scott said is correct. You will always be considered a mobile home. Again, as long as you own the land and it is not on "leased" land, we can do a loan for you. It must be a double wide however. Good luck to you.
0 votes Thank Flag Link Thu Sep 23, 2010
In reality, the banks have cut way back on lending for mobile homes whether you call them that, pre-fabricated or manufactured homes. Since mobiles tend to lose value like a finite product, say a car for instance, you are always better of to buy stick built or concrete block. Keep in mind that although you may get a loan for a new or slightly used one now, when you go to sell you may have a home that can only be bought with cash. Hope that helps.
0 votes Thank Flag Link Thu Sep 23, 2010
Gail it is always going to be a mobile home if that is how it was built, hwoever there is conventional loans available if it meets certain criteria set forth by FNMA and FDMC. In brief it has to have the toungue and axel removed, it has to be affixed permenantlyon a foundation with at least a 4 foot crawl space and concrete floor. It has to be on its own land, it can not be in a park. It also has to be newer and built within a certain age.

There are different leveles of mobile homes, manufactured homes and then modular, if it has a hud stamp, it is considered in the mobile category. Value is based on whether teh walls are paneling or sheetrock.

Good luck with your purchase
0 votes Thank Flag Link Thu Sep 23, 2010
Steve may be right. I was always understanding that it would be considered personal property.
Consider your options especially with insurability.
0 votes Thank Flag Link Thu Sep 23, 2010
As long as the property profile says it is a mobile home, it will still be considered personal property not a real estate.
0 votes Thank Flag Link Thu Sep 23, 2010
If the home is on it's own lot and not within a mobile home park, you have a good case to ask for "conventional" financing. However, many lenders will be likely to consider it a manufactured home.
0 votes Thank Flag Link Thu Sep 23, 2010
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