Manufactured homes (also known as prefabricated housing) are residences that are built entirely at a factory and then transported to the site where they will be inhabited. Though these homes are almost completely stationary, they are still sometimes referred to as “mobile homes.” Because of this and other negative stereotypes, it is often impossible to obtain a mainstream mortgage to finance a purchase of a manufactured or prefab house. Lenders have a variety of reasons why they choose to not finance these residences, but there is also some good news for owners of manufactured homes as new legislations has been passed and more opportunities are opening up.
Lenders sometimes accept the same untrue stereotypes as the general public, which can lead to problems for those looking to purchase manufacturing housing. For one, these types of residences are often portrayed as unsafe when facing natural disasters. In the media, when portraying the aftermath of a flood, hurricane, or tornado, it is often manufactured or mobile homes that are shown, since these homes are usually the most devastated, due to a lack of being properly affixed to the foundation. This lack of safety is exacerbated when lenders consider manufactured housing to have more defects and faults that housing built on-site. These defects can occur in the factory, where attention is paid to low-cost production, or in the move from the factory to the site. Additionally, one of the biggest problems for these types of houses is that they are installed on rented land. If the owner of the land decides that he has a better use for it, then the house owner must either move the house or leave it. All of these factors add up to make manufactured houses look like very weak collateral. As such, many mainstream mortgage companies won’t finance them, and you’ll have to look for other options, such as a personal loan (these usually have much higher interest rates).
Despite all this, manufactured houses are extremely cheap when compared to houses built on-site, and this is a necessity for underprivileged communities. Laws have been recently passed which give owners of these houses more rights, and the government has also upped the building code to make sure that the quality of the houses themselves are improved. To fix the rented land problem, some manufactured housing owners have started local co-ops to buy large portions of land exclusively for that purpose.
66 Responses to “Manufactured Homes”
Lenders for mobile homes that do not
include the land they are sitting on.
We own the home, but rent the space it sits on.
Mobile home is located in Poway, California and is our primary residence. Would use money to upgrade and repair home.
There have also been problems with the land owners selling the property of the mobile parks, and give little to no warning or compensation to the homeowner that is renting the lot….
Strand Homes – Mesa manufactured homes at great prices!
I am trying to sell my manufactured home and buyers are having troubles getting financed. Any ideas on lenders that will offer 30yr fixed at conventional interest rates? The house in on a permanent foundation and on 2.5 acres of land in Los Angeles County.
Any help would be great!
Blake
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I have a beautiful 2550 sq ft modular home in Fountain FL. My balaance is about $50,000. Is this a candidate for refinance To pay it off sooner
Thanks
Tommy
I own 1999 Dw 3b/r 2/b 1200sq ft all new appliances on 75×90 lot. paved street—city limit of Bridgeport. very nice 2 decks, front and back. no mortgage cost: house,lots and improvements 75,778.17 2008
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I would like to refinance my modular home with the 3.782 acres of land I put the land of for collateral and now owe 49k, but have went through nasty divorce and would like small payments plus clean up my credit.Can someone contact me at rachelsmagic@hotmail.com
do you have a list of Banks that specialize in manufacturing home mortgages
Would like a list of good mortgage companies to refinance manufacture home..Have a 4/2 home over 2000 sq.ft.and 6+ acres..Horses are welcome..
Out buildings..Pastures…
Would like a list of good mortgage companies to refinance manufacture home..Have a 4/2 home over 2000 sq.ft.and 6+ acres..Horses are welcome..
Out buildings..Pastures…Between Orlando and Daytona Beach…
Would like a list of good mortgage companies to refinance manufacture home..Built in 2004 and made it thur all the hurricanes on sales lot with no damage…How’s that for standing up to hurricanes???Have a 4/2 home over 2000 sq.ft.and 6+ acres..Horses are welcome..
Out buildings..Pastures…Between Orlando and Daytona Beach…
Would like a list of good mortgage companies to refinance manufacture home..Built in 2004 and made it thur all the hurricanes on sales lot with no damage…How’s that for standing up to hurricanes???Have a 4/2 home over 2000 sq.ft.and 6+ acres..Horses are welcome..
Out buildings..Pastures…Between Orlando and Daytona Beach,Florida
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Trying to refinace my beautiful manufactured home. 931-302-5138
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I am trying to purchase a doublewide trailer on a concrete foundation with one acre land, would like a list of finance or mortgage companies taht might help me.oklahoma
We wouild like to find a way to refinance for lower payments. We moved our doublewide out of park to almost 6 acres on to a concrete basement. Because we moved it we haven’t been able to refinance with more then am every 2yr ballon with fixed interest rate. We are in Chisago county Minnesota and would like to find a finance or mortgage company that might be able to help. Don’t know how much longer we can keep up payments as they are.
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We own a manufactured home in New York State. We do not own the land. Is there a company out there whereby we can refinance our home? Because we do not own the land, we are having difficulty refinancing our mortgage.
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My husband and I would like to refinance our mobil home 32×80 and get a lower interest rate. It is tied into concrete pillars and bricked around with a concrete carport attached. It sits on 4.7 acres. We have been here for 10 years and plan to go no where. We are remodeling the inside and would also like to use some of the equity in our home to finish up if possible, but we can not find a company to refinance for us. Any help would be greatly appreciated.
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