Mobile Home Financing

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

For folks in the Industry who have worked for years to get rid of the term "mobile home" -mobile I apologize... but here in North Carolina... that's what we call 'em.

At one point in the last 10 years - 40% of all housing in NC was considered to be manufactured housing.  This is a big market!

Many folks refer to "manufactured housing" as anything sitting on one of those lots on US 70 or US 64 near Sanford (or the ones in Wake Forest, or Wilmington, or Henderson, or Dunn - all over the place really).  The truth is, not everything sitting on one of those lots IS a mobile home, and I figured I'd let you know some of the "Good and Bad" that I've recently learned.

mobilehomeManufactured Housing really does refer to the properties that are driven out to the site and placed on a permanent foundation.  These properties should have a "HUD" sticker near the fuse box or under the sink.  That HUD sticker means we can probably make a FHA loan on the property.  There will need to be a special foundation inspection each time you seek new financing on the property (may not be required for a refinance - but I wouldn't even rule that out these days!).

If the home was brought in on a trailer - but it has a "plate" and NOT a HUD sticker - then it's probably a MODULAR home.  Big difference - and not something I want to get into right now.  The thing I want folks to understand is that a MODULAR home qualifies for all kinds of loans - MANY more options than just FHA!

If you are considering a purchase of a Mobile Home, Manufactured Home or Modular Home - and you think you meet the income and credit requirements, contact Steve and Eleanor Thorne,

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Tags:
fha modernization
mobile home loans
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Rainmaker
148,763
Tom Plant
WINEormous.com - Murrieta, CA

Eleanor - Good educational post. 40%... that's huge! Thanks for the tips.

Jun 30, 2008 01:59 AM #1
Rainer
78,084
Rebecca Schrader
Competitive Insurance of Dundee - Dundee, FL

Nice post.  In Florida, the foundation will need to be inspected and updated on re-fi's too.  Down here it ranges from $650 on 1999ish homes to $2500 or so on 1985ish homes.  The older homes are missing more improvements that were incorporated in the 90s.

We are experts at financing these properties in Florida.  Becky - 863-229-1235

Jun 30, 2008 02:03 AM #2
Rainmaker
76,324
Randall Schrader
Competitive Insurance of Dundee - Dundee, FL

Becky is correct!   Those HUD plates started on 6/15/1976.  So, anything after that should be acceptable for a low interest FHA loan.

Jun 30, 2008 02:17 AM #3
Ambassador
273,593
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Guys!  Thanks for the updated info!  The inspections are less than $500 on the ones we've done that are newer models.  Frankly I don't get many people with holder homes seeking financing. 

Jun 30, 2008 02:38 AM #4
Rainer
61,519
n d
Naoma Doriguzzi - Virginia Beach, VA

great info to post out there!  i will keep that in mind if i get any mobile homes for NC.  we do not do those with wachovia even for our fha loans.

Jun 30, 2008 09:49 AM #5
Rainmaker
287,521
Kent Simpson
Realty One Group Mountain Desert - Tucson, AZ
Real Estate Is About People

Thanks for the info, Eleanor - I never knew about how to find the difference between "modular" and "manufactured" homes!  With so many of these on the market today, it sure seems a shame that financing is so difficult and expensive to find for them.

Jul 09, 2008 04:22 PM #6
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Eleanor Thorne

Equity Resources 919-649-5058
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