Financing a Manufactured Home: What you need to know
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- เผยแพร่เมื่อ 13 ธ.ค. 2022
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Here's a step by step process on what you need to know to finance a manufactured home.
My name is Miles Pitcher, and I am a Mortgage Broker and owner of Superior Lending Associates, L.C. located in Orem, Utah. This channel is about financial education related to mortgage loans to help teach families how to buy a house in any housing market and build wealth with real estate.
I talk about mortgage rates and discuss general finance and real estate market news that moves interest rates that can affect you as a home buyer or seller. I help to show the home loan process so that any first time home buyer or experienced home buyer can learn more about purchase and refinance mortgages.
Need a mortgage or want to talk more about your family's goals?
Use these steps to contact me:
1 - 📅 Email - miles@superiorlending.net
2 - 🌐 Apply Online - bit.ly/easyloanapp
3 - 📞 Call/Text - 385-250-1411
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Before buying a new manufactured home. Inspect the exterior. Make sure all joints and mating parts are sealed with sealant. That means all trim, doors, windows, corner trim shall be sealed with sealant as required per 24 CFR 3280.307 RESISTANCE TO ELEMENTS AND USE.
If you find that these items are not sealed with sealant. Ask the salesman why are you offering a manufactured home that doesn’t comply with the FEDERAL MANUFACTURED HOME AND CONSTRUCTION AND SAFETY STANDARDS ACT?
42 U.S. Code 5409 a noncompliance manufactured home shall not be offered for sale or lease.😮
Thanks for the insights
Your video was very helpful! We purchased a southern energy triple wide in 2005. Full sheetrock throughout and flat ceiling. Now after 14 years we are looking in to during some big improvements. We will soon be adding a permanent brick foundation and then start the process of hopefully being able to refinance and cash out to complete some other additions at the home. (Garage or covered carport and large front porch) My question is, are we going about this in the right steps, such as putting on permanent foundation before pursuing a refinance? We are located in rural Alabama.
Can you do video on the estimate down payment and closing cost I you should have with no so great credit and with great credit can’t find any information anyone is doing on it for manufactured homes
I'm here and see great questions that have not been answered...maybe I'll come back once he responds
t i was able to find one at 110--- 4 bedrroms 2 baths ...and owned land...but he put on additions that make the homes have weight distribution issues and my lender want s to back out of it... it really a double wide with a single attached any suggestions for a person with good credit ...which lender????
Do u giys do loans for homes in NJ?? And is there a way to reach out with some questions if you dont mind?
So I have excellent credit, I found a 2 bedroom home saying month payment would be $1200-$1400 month plus water garbage Ect if I got a loan for $40k I can move in. How much should I expect to pay monthly I was thinking $2k month
Can you recommend a lender in Arizona?
Hello! Thank you for the content. Are you financing in WA?
Yes, we can do loans in Washington!!!. Feel free to reach out if you'd like a quote from my team. TeamMiles@superiorlending.net 385-250-1411
Thanks for the tips. Question is the a closing cost ? or just a down payment ?
These are standard loans which do have closing costs. You'll have to cover the downpayment and closing costs. However, you can ask the seller to pay your closing costs. This is where a solid realtor can help you. I hope that helps. My team is available if you'd like to get a quote or have any further questions. TeamMiles@superiorlending.net / 385-250-1411
Hello Miles, Great video and thanks for posting! I am looking to purchase some land in Florida and place a manufactured home on it. Could I get a combined VA Loan for the land and a manufacture home?
Michael - I work with a bunch of lenders (around 50). My lenders don't have a great option for acquiring land and putting a manufactured home on it. The manufacturer of the home or local bank/credit union may be able to help with this. It is essentially a construction loan. THEN, once the home is set on the permanent foundation, we can do the VA loan on the property. Hopefully that helps. My team is always available to discuss and help where we can. Please feel free to call/email/text us. TeamMiles@superiorlending.net 385-250-1411
Does the underground work and slab have to be on a seperate loan from the house. If so then would you need two loans?
I hope I am understanding the question. The slab and any construction/installation costs would need to be included in the price of the home. Please feel free to reach out if we need to chat about specifics - TeamMiles@superiorlending.net or 385-250-1411
Hello! Thanks for this introduction. Are you licensed in Arizona?
Yes - I am dual licensed (which means I can do all 50 states)!!! Please feel free to reach out to my team 385-250-1411 or TeamMiles@superiorlending.net
Hi, when you say permanent foundation, does it means we have to own the land too? I'm looking to buy a home in CA but agent said that there is no way use programs like FHA since the house is in a leased land. Is it true? Thank you!
The ground does need to be sold with the home. Thank you for asking. Good luck.
Very helpful info. How would I proceed if I don’t own the land I’d like to place it on? I’m purchasing the land from my parents but it’s in their name until I pay it off. (We have a legal contract written up by lawyers and a will in place to protect it and transfer the deed to me in the event of their passing.) but it’s still in their name. Would they have to finance the modular?
A phone call may be a good to discuss this. In my opinion, the very best option would be to have your parents finance the installation of the modular and then you can do a long term loan / purchase to pay them off for the modular and the land. Please feel free to reach out if we need to chat about specifics - TeamMiles@superiorlending.net or 385-250-1411
I have a similar question. Did he help you ?
Can you finance a manufactured home on leased land??
If you have land can it be used as collateral to purchase a double or triple wide?
Check out this video on this loan program that will allow you to use the land as part of your purchase. th-cam.com/video/XRp-LE9eGjM/w-d-xo.html
I have a friend who is trying to figure out how they can a new HUD manufacturing decal for their mobile home since apparently the person that lived there before either got rid of it somehow or anyways it's nowhere in the house is there any way to get that information again
I apologize that I don't know how you can get new/replacement tags. Good luck - that is a tough situation.
I’m a Marine of 10 years still active duty and am looking at buying a Mobile home. Many lenders I speak to say they can not do VA why is that?
Cody - thanks for the message. Mobile is sometimes used interchangeably with manufactured homes. However, Mobile means the property was built prior to 1976 and is therefore not eligible. If you are buying a manufactured home, double wide, and the ground is included in the sale, you can do a VA loan on that property type. Please note that the home needs to be set on a permanent foundation. Please feel free to reach out to my team if we can help with a quote or any additional questions you may have. Thank you for your service. Best, Miles. 385-250-1411 or TeamMiles@superiorlending.net
Can you finance transport, dirt work and set up costs?
Duke - here is the way to incorporate the setup/costs - watch this video on this program. th-cam.com/video/blUBhRX2hQ4/w-d-xo.html
Hi Miles, do you work in the state of Georgia? If so, I would love to speak with you about financing a 1986 horton doublewide on 3+ actes.
Susan - yes, we can lend in Georgia!!!! Let's chat. Please call/text/or email 385-250-1411 or TeamMiles@superiorlending.net
Hi, do you do Manufacture Home loans in Southern California?
Yes we do. Please feel free to reach out to my team - TeamMiles@superiorlending.net or 385-250-1411
Any thoughts on how a retired couple who own a suburban home fully paid off could live in that home while having a manufactured home built for themselves on a few acres out in the country, with the intent to sell the suburban home upon moving into the manufactured home when complete? Goal is to then owe nothing on the manufactured home.
Thanks for the question. A couple of ideas - First, I would check with a local bank or credit union that will do a cross-collateral loan. Use your current home as collateral to acquire/build the next home. Then, when you sell your suburban home, it will pay off the debt and you'll have a free and clear home. I would also check with the builder/manufacturer to see if they offer any type of financing. Many will finance the construction with a minimal downpayment. And then once the home is done, you can sell your old home and complete the purchase of the new one. Please feel free to reach out if you have more questions. TeamMiles@superiorlending.net or 385-250-1411
@@MortgagesbyMiles Thank you!
Hi ! I am living in Orlando. I am about to buy a Manufactured house. The price is $95000 , and i am able to pay half of the price (%50) by myself, but could a bank finance the other %50 ?
Thanks!!
They don't . Banks don't finance mobile homes😢😢😢.
Can mobile homes ever become HUD certified for VA loans, or is there no amount of improvements that can make them eligible.
Brand New Manufactured Homes are qualified for a VA Loan.
Be careful when buying a new manufactured home. Check exterior and make sure all exterior walls mating joints are sealed with sealant and the metal frame is not corroding.
Google 24 CFR 3280.307 Resistance to elements and use. If the mating joints are not sealed with sealant. Ask the salesperson why they are offering a noncompliance manufactured home for sale?
Google 42 U.S. Code 5409 a noncompliance manufactured home shall not be offered for sale or lease or sold or leased
Every new manufactured home shall comply with the FEDERAL MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS ACT.
The Red Label states to the best of the manufacturer Knowledge the home was built to the FEDERAL MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS ACT.
Some manufacturers are not building the new homes to code and pocketing the money for the sealant and foam spray .
CORRUPTION
The home center I am dealing with are pushing lenders with high interest rates. they are not entertaining any FHA or USDA loan types. they deal with lenders that fund the manufactured home up front. when I went to the Texas affordable housing and dept. I was given zero down options, FHA, USDA etc. I went back to the home center (Palm Harbor) and they told me I could not go with these different mortgage options. They told me it was bad for their business to deal with mortgage lenders that only closed once the home was delivered. with the lenders they provided i would be paying 10% interest. is there a way to clear this myth up and give some power back to the people?
Matt - sorry for the hassle you are having. These home centers / builders and their preferred lenders can often be tough. Once the home is in place on the foundation, then we can look to some of these traditional loan products. You may have to use their lender and then refi into a better loan. Just make sure the loan you get from them doesn't have any prepayment penalties or conditions that prevent you from refinancing. You won't be able to do USDA since that loan is only available at the time of purchase. In other words, you can't refi into a USDA loan. FHA could be an option.
@@MortgagesbyMiles thank you
CHECK OUT THIS MANUFACTURED HOME ONE-TIME-CLOSE CONSTRUCTION LOAN: th-cam.com/video/blUBhRX2hQ4/w-d-xo.html
MANUFACTURED HOME FINANCING PROGRAM CALLED MH ADVANTAGE: th-cam.com/video/XRp-LE9eGjM/w-d-xo.html
Hi Miles, are you financing in Florida?
Yes - we are licensed in Florida!!!! Here is our email / number. TeamMiles@superiorlending.net 385-250-1411.
So I can’t buy for investment?
Gina - Correct, you can't use traditional loans to purchase these as investment properties. There is a category of loans called Non-QM loans that may do these types of properties as investments. Let me know if we can help on any questions or scenarios. TeamMiles@superiorlending.net 385-250-1411. Thank you
If manufactured home moved more then once ? Is it possible? if so which loans?
Usually this is a deal killer. However, we have a lender that will accept a moved home. What state are you in?
@@MortgagesbyMiles texas
Texas
@@MortgagesbyMiles We had a home with no tags and labels that my client purchased for 30 k.....They bought it and placed it on their land. The Texas Dept. Housing Community Affairs (over sees all Manufacture homes in Texas issued new Tags and Label with no Installer information on record. Home appears to be originally out of State but nded up with a manufacturer Dealer who sold this to my client (I am Realtor) and my understanding if a home has been moved more then once no USDA, FHA and Conventional Lender will do the note for that reason. The Labels and plates were issued perhaps a first for this department of what I have been told. The home is a double wide and is attached to the land and it is being remodeled so we can sell in Caldwell county in Texas........What do you suggest besides selling Cash or Seller Financing as my other options.
Are you financing California?
Yes, we can do California loans. If we can get you a quote, please reach out to my team - TeamMiles@superiorlending.net. Or 385-250-1411
Financing a manufacturer home in Florida is almost impossible, they are selling a pigeon loft on wheels not a a concrete home come on, the down payment is extremely high, financing rates thru the roof, on top of that you need to add an extra $30k or $40 for well, septic and power, is better just to buy a home, a lot easier.
A lot more expensive a month to and a lot of the things you mentioned like power , water and septic can all be added into the loan and still in the end be cheaper then a mortgage on a stuck built home
Permanent foundation… does that mean a basement foundation?
That could be a basement/foundation or a slab on grade - the home just has to have a permanent connection to the foundation.
I need a broker in Rock Hill SC
Also a nonprofit organization that can help me with costing costs
Shoot me an email and I'll get you some names of top notch brokers in SC. TeamMiles@superiorlending.net