Posted: Sat Jul 25, 2009 1:28 pm Post subject: What is the difference between mobile homes & manufactur
I am currently looking at purchasing what I would classify as a modular home. The home is in an 0ver 55 park. The home owner owns only the home; the land is owned by the park. Rent, including utilities, is paid to the park.
The home itself has a wooden exterior; inside, the walls are like those of a stick built home. When people move from the park the houses are sold not moved.
Also, I'd like to know what types of loans would be available as a 62 year old single woman as a first time home buyer.
Thank you.
Mobile homes, also known as static caravans are homes built in factories. They are taken to the place where they will be occupied. A tractor-trailer is used to carry them over to the sites where they will be placed. Manufactured houses, similar to mobile homes are built in a factory and conform to a Federal building code which is also known as the HUD code. These houses are built on a non-removable steel chassis.
As you've mentioned that you are 62 years old, you can go for a reverse mortgage. In my opinion, this would a better loan option for you compared to other conventional or FHA loans. This is a type of home loan which will provide you with a tax-free income either in installments or in lump sum. _________________ Procrastination is the enemy of your financial success
kclws2
