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:
- 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.
- 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.
- 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.
- 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.