You probably can’t close your manufactured home loan unless you find those Lost Tags, here is how.
Manufactured homes have many advantages over “stick built” homes, such as cost to acquire and maintain. But you need the lost tags to close the loan.
Seniors often find manufactured home parks that cater to seniors. We have traditional and specialty mortgages to offer.
Have a permanent foundation installed, complete a room addition, and much more.
Note: Cooperative Home Projects will require a signed subordination agreement from the Cooperative Project Owner/Manager.
Manufactured housing has quite a history. When I started in the loan business 30 years ago, if the loan was for a manufactured home, there weren’t that many lenders that would offer the mortgages .
But one criteria was that the home was permanently affixed to the land. And what did that mean exactly?
It meant that the title company would go out, inspect the property, make sure that the wheels and axles had been removed from the home, and write an endorsement that said that the home wasn’t going anywhere.
In 1976, June 15, the country adopted construction standards for manufactured homes, that California had already been using. This meant that the home was built more like a stick built home, then had previously been the case.
Therefore, if your home is built after June 1976, you can get financing that is the same as traditionally built of 2 x 4 homes.
There is a price adjustment for the manufactured home interest-rate, but it’s small.
Manufactured homes are generally built on a raised foundation. In the case of flooding, this could be a good thing. But some manufactured homes resemble stick built homes so much, mostly because it’s a low profile foundation, that you couldn’t tell the difference when you drive by.
Also the construction of new manufactured homes is amazing. The interior of the homes are beautiful. Some have vaulted ceilings and skylights. To install a manufactured home on your land can take an average of three months.
The average stick built home construction time is nine months. It can be more or less depending on the time of year.