MANUFACTURED HOMES – Investors are very particular when it comes to Manufactured Home Lending. They will only lend on multiwide units, meaning doublewide or triplewide, they won’t lend on singlewide’s. The wheels and axles have to be totally removed and the unit has to be placed on a permanent foundation, and tied down to the foundation on land that is owned or being purchased by the borrower. This typically requires a letter from an engineer on the foundation. It has to be titled as real estate, so the original title has to be purged. It has to be HUD approved and typically built after 1976. All manufactured loans are typically priced higher. Conventional lenders typically require a 20% down payment or equity. FHA and VA are the same down payment as stick built, but have some additional requirements, such as the unit never being moved again.
MODULAR HOMES – Modular Homes are brought in on a truck and placed on a permanent foundation. They never have wheels and axles. Therefore, they are considered just like stick built homes when it comes to lending. Sometimes these are referred to as factory built homes.
For more information, I can be contacted at:
DEPENDABLE MORTGAGE CO.
Rhonda Sherman, Owner
License # 100008357 NMLS # 381084
145 Grand Ave., Suite B
Grand Junction, CO 81501
(970) 257-1502 or 250-8613
Website: Dependable Mortgage Co. (apply online ‘Get Started’ 24/7)
Equal Housing Lender
Regulated by Real Estate Division