Tips for Purchasing a Manufactured Home
When buying a manufactured home (aka mobile home) for the first time, buyers take heed; it is not the same as purchasing a traditional home. As with a traditional brick and mortar home there are many options, styles and add-ons offered in manufactured homes. One in particular is space, manufactured homes typically have more space or amenities for the money.
However, buying and financing a mobile home is very different from traditional home buying. For instance, new singlewide mobile home financing is practically impossible through a larger private lender. However, you may be able to finance it through the manufactured home sales company or through a credit union.
ing rules depend on what type of loan you choose. For conventional loans many lenders have a self-imposed 15-year-old rule, meaning, you may not qualify for a conventional loan if you’re considering buying a used manufactured home that is more than 15 years old.
nal set.” Mobile homes cannot “have been set up somewhere else and then later broken down, moved, and set up again somewhere else.” The lender will also ‘require a foundational inspection from an engineer to make sure that manufactured home was set up to [Housing and Urban Development] specifications.’
For government-backed loans, the manufactured home you Continued on page 6 For double-wide homes, financ- are considering must be “origi-
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