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Here is my questionwill a mobile home qualify?

will a mobile home qualify? by master_696_616 from West Bend, Wisconsin. Nov 3rd 2011 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

Mobile home loans are available, but from a much smaller number of lenders, so you'll have to do a bit more searching. For example, we won't do them at all... and when we used to, it was only for newer double wide on private property (not in a park).FHA says they are OK, but here is some of their additional General Eligibility Criteria For Manufactured Housing By HUD: The home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing, the house is not eligible for Section 184 financing. Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing. The home must be classified and taxed as real estate (as applicable). The mortgage must cover both the manufactured unit and its site, or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins. The manufactured home must not have been installed or occupied previously at any other site or location. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place. The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.

Nov 4th 2011
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Steven Brand (stevenbrand)
#3 ranked lender in Minnesota - 121 contributions

Joe's got some good info for a MANUFACTURED HOME which is generally thought of as a "double-wide". A MOBILE HOME being a "single-wide" is typically not considered "real property". We can finance a MANUFACTURED HOME to a limited degree but not a MOBILE HOME.

Nov 4th 2011
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