Manufactured housing is not the trainwreck that it's perceived to be by the lending community.  'Course when a real train hits a single-wide, you're looking at the result on the right.

Manufactured homes in Tucson are generally located on lots three to five times larger than those for new construction.   They're affordable at one-third to one-half the price of a site-built home.

Of course, since Fannie Mae tightened up on the guidelines, they're more difficult to finance, but I'm doing more existing (not new) manufactured home loans now than at any time in the past four years.

Objections to purchasing manufactured homes during the past three years included a common theme:  "They won't appreciate like site-built homes."

I agree.  But while site-builts in investor-ridden communities languish, buyers are looking for value, and the price of many manufactured homes in Tucson and the surrounding communities is on a par with the price of much smaller improved lots. 

Many have phenomonal views, especially in Picture Rocks and Catalina.  What that will mean in the future is this:  in the next rising market, the home will be scrapped and a new site-built home will command those wonderful views.

Another objection:  "They can't be financed without upgrading them to FHA certified foundations.  Contrary to popular opinion, manufactured homes don't have to be mounted on FHA-certified foundations to qualify for conventional loans at reasonable rates.

The median home price in Tucson is now over a quarter of a million dollars.  The selling price for the manufactured home purchases I'm seeing range from $115,000 to $145,000.  So bring 'em on!

That's the real estate opinion of this Tucson Mortgage Lender.

Mike in Tucson