Manufactured Home Survey for Rapid City Residents (mortgage broker, refinance)

[JesseRM]

Greetings Rapid Citians,

I'm curious to hear from manufactured home owners that placed the home on their own property - specifically if you purchased a double-wide or larger. Have you been able to refinance your home or ran into difficulty?

Jesse

[sholomar]

I know out here getting a traditional mortgage on a mobile home even if it's secured to real property has become more difficult since the mortgage crisis, to the point where it may not be possible. I was able to get a mortgage, the person who bought the property was not, at least not through regular means. It was a doublewide on it's own property.. 2004 model. 2 car detached garage as well.

[kbat]

Financing for a true modular home on a permanent foundation may be easier. When I was looking at manufactured vs. modular homes to place on our property, the mortgage broker told me that modulars are built to stick-built codes and as long as they are on a permanent foundation they are financed the same as a stick-built home.

Granted, this was about 3 years ago so your mileage may vary. Even at that time it was getting very difficult to finance manufactured or mobile homes and we decided the added hassle wasn't worth the few thousand dollars' savings on a doublewide vs. a true modular.