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Guest

Just curious, what is the difference between a mobile, manufactured or a modular home when it comes to getting a mortgage?

JW

Guest

Hi JW,

As per my knowledge many lenders will grant a conventional mortgage for manufactured homes, but will likely require that the home is placed on a permanent foundation. Manufactured homes are eligible for FHA and VA home loans.

On the other hand a modular home is not the same as a manufactured home for VA purposes. Although the parts or sections of a modular home are built in the factory and then moved to the building site, the home must still be put up and completed at the building site. However, a loan can be obtained to purchase a modular home under VA's regular home loan program.

helping_user

Hi JW,

Bill · Posted: Wed May 24, 2006 9:00 am Post subject:

JW,

This is a great question. Our mortgage offices get at least one phone call a month regarding this issue ... usually from potential mobile home buyers having difficulty in finding a lender that will finance such a property.

Mobile/Manufactured homes have steel reinforced joists and I-beams that allow it to be transported ON WHEELS from the factory to the eventual home site. It is actually towed to its final resting place where the wheels and tow bar are removed.

Mobile/Manufactured homes placed semi-permanently within a ‘trailer park’ or ‘manufactured home community’ are NOT eligible for mortgage financing as they are considered “real property” (as opposed to “real estate”) – just like an automobile.

However, if the mobile/manufactured home is placed permanently on a foundation that is on a property parcel owned solely by the home owner - mortgage financing may be available. This type of mortgage can be conventional or government financing – but either way the home must meet local guidelines for qualifying as actual real estate with a property parcel identification number.

Modular homes by contrast are simply pre-built ‘stick’ homes that do not have steel reinforced joists or I-beams and are NEVER on wheels (they are transported on special flat bed trailers). Mortgage financing for modular homes is exactly the same as conventionally built ‘stick’ construction homes ... assuming the home is placed on it's own land parcel (which is usually the case)

I hope this clarifies the differences when it comes to mortgage financing for these different property types.

lindafisher81 · Joined: 15 Jun 2009 Posts: 1 1.34 Dollars($)

IN 2007 MY FATHER PASSED AWAY. MY SON, DAUGHTER, AND MYSELF MOVE IN WITH MY MOTHER. THE HOUSE IS OLD AND HAS NOT BEEN KEPT UP. LAST 9/3/08 MY SON WAS IN A CAR ACCIDENT AND NOW IS STILL IN BALTIMORE, MD IN THE HOSPITAL LEARNING HOW TO LIVE AGAIN. HE WILL BE COMING H0ME IN A WHEELCHAIR. I WANT TO BUY A MODULAR HOME AND PUT IN THE PLACE OF THE OLD HOME.

Guest

Hello I bought five acres 5 yrs ago with a single wide mobile home and was required by the va as I am a disabled veteran and now I want to refinance for a lower interest rate and most banks tell you they dont loan on single wides even though back when i financed it they told me I had to put it On a permanent preengineered foundation and now why cant I refinance at a lower interest rate real property is real property isent it it states that it is real property in my mortgage and they made me make it real property how can banks discriminate plus my loan is backed by the va home loan gaureentee . The law states real property is real property right. I have good credit and loan has been paid exactly on time very time

Guest

Need a lender in Southern California that will make a construction loan on a high end modular. Client owns the land. Needs 600,000 .

Posted: Wed Nov 24, 2010 10:45 am Post subject: Refi

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