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Mobile Homes, Modulars, purged Titles and More about Houses

By
Mortgage and Lending with Abbey Mortgage & Investments, Inc.

Talk about confusing! Mobile Homes, Modular Homes purging titles, vehicle titles,you name it. Factory built housing creates lots of confusion, so here are a few rules of thumb:

  1. Modular homes are factory built homes that are transported in pieces to the building site and erected on the foundation. Unless you know a fair amount of construction, they will look like a traditional frame house and they are built to the same code as a site built home, usually a little better structure to allow them to be transported, picked up by crane and deposited on the foundation. They are always attached to the real estate and considered permanant.
  2. Mobile homes may come in a single piece or multiple pieces. They are designed to accommodate axles and wheels and can be towed down the highway. They have a title like a trailer or car. They are typicaly financed as personal property and may be anchored to the ground on land owned by the same person or on land leased from someone else, typically a lot in a mobile home community. There is also a plate showing information like your VIN number on your car attached to the frame of the home. Every mobile home I have seen has a steel frame, usually two long I beams with smaller support beams crossing the unit like ribs.
  3. A mobile home may have its vehicle title purged when it is permanently attached to a foundation or set up on pilings. The process involves your County building department and the motor vehicle division. Basically, the vehicle title disappears and the County will show a mobile home permanently attached to the land using an approved method. It has now become part of the real estate. Loans on a mobile home now will be treated as a traditional mortgage including the house and the land.
  4. They are both manufactured or factory built home, but how they are handled legally can make a big difference in your financing.

We will entertain hard money loans on each of the above situations according to your needs as an investor. We will also buy notes secured by these types of properties. Give a call and we can discuss any situation across the state of Colroado.

Abbey Mortgage & Investments, Inc.

www.abbeymortgage.com

303-902-9100

 

Anonymous
Angela

I have a home for sale. The title is not purged so therefore titled as personal property. Would the chances of a buyer getting a loan be better if the title is purged?

Aug 01, 2012 07:23 AM
#1
Robert Kearney
Abbey Mortgage & Investments, Inc. - Denver, CO

With us, we don't necessarily require the title to be purged (which simply means the mobile home is permanently affixed to the real estate). However, a consumer/retail buyer will obtain better financing terms through FHA and the Rural home loan program with a purged title. 

Of course, if the Home is on leased ground, the personal propety loan with a local bank is about as good as you can do, unless you accept seller carry terms. 

Good Luck!

Oct 31, 2012 02:43 AM
John DL Arendsen
CREST "BACKYARD' HOMES, ON THE LEVEL General & Manufactured Home Contractor, TAG Real Estate Sales & Investments - Leucadia, CA
Crest Backyard Homes "ADU" dealer & RE Developer

Robert, I'm a little late to this party but I've been surfing the AR blog looking for folks that have blogged or are active in the Manufactured Home Industry. I'd like you to join our Active Rain group and feel free to share any posts you have on it. Or I will be happy to repost anything you would like to forwar to me. Here's our group address:

http://activerain.com/groups/manufacturedhomes

Hope you can join us.

Feb 05, 2014 04:59 AM
Anonymous
Mark

do you do loans on hybrid homes (attached garage)?

May 12, 2016 09:35 AM
#4