Mobile Home

Mobile Home - Mobile Home

Mobile Home

 

Mobile Home?
Hope he does not move…
What is important to know about Buy, Sell, and Holsale of Manufactured / Mobile Home?

The assumption is that you will want to reach as wide a target audience as possible, including buyers who need a mortgage. Many lenders do not take care of such houses, and for those who do, there are minimum threshold requirements:

1. "Mobile Home" - "Mobile Home" is a confusing name. In the real estate field, it should be treated as a manufactured home. The house is not really mobile. In fact, if it was moved from its original location, the home is no longer eligible for any residential mortgage! In addition, it was necessary to remove the wheels and the towing hook when the house was installed.

2. Only Double-Wide and above homes are eligible for a mortgage.

3. Only detached houses are considered real estate. If the land is rented or leased, the house is considered "personal property" which is not eligible for any mortgage (possible financing would be as for an RV, car, or loan to purchase a boat)

4. Manufactured homes built before 15 in June 1976 are ineligible! On that date, new standards were introduced, and the use of a variety of hazardous materials that were previously used for siding, insulation and more was banned.

5. Only limited renovations are allowed on manufactured homes. Things like a deck that is physically attached to the home, a hole in the roof for a new fireplace, extensions, etc., are likely to make the home unfit. If a refurbishment is planned, it must be accompanied by a new engineer certificate, issued by an HUD-certified engineering consultant.

6. Every manufactured home needs to find the HUD tag. A piece of copper with an identification number, which is usually at the front door, inside the power box, or inside one of the kitchen cabinets. If it is not there, it may be possible to get an alternate tag by contacting HUD / FHA, but it is a process that requires extra time, unsuccessfully, as there is no assurance that such a tag will ever begin.


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