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Old 07-19-2007, 11:35 AM
 
3 posts, read 31,075 times
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I am selling my mobile home, and was wondering what mortgage lenders consider a permanent foundation. Some sites I've read say that it is only a cement block perimeter, while others say that it is concrete footings. Does anyone know how mortgage lenders define a permanent foundation?

Thank you.
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Old 07-19-2007, 12:32 PM
 
Location: Morehead City, NC
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Peachy Keene,
I'm along the coast of NC and have a significant number of second home buyers that purchase mobile homes. The following are the key requirements by lenders for a mobile home to be considered, "permenant".
1) Removal of the wheels, axles, trailer hitch and running gear.
2) Properly attached, connected, and/or grounded to piers and posts.
3) Permanently affixed on a concrete/masonry perimeter

Hope this helps!
Bill
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Old 07-19-2007, 01:18 PM
 
Location: Montana
2,203 posts, read 6,177,571 times
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To obtain FHA or VA financing on a mfg'd home, it needs to be a double-wide (although VA will allow single-wides) on a stem wall or permanently affixed. You can actually have a mfg'd home "retrofitted" with the proper tie-downs, etc, so that it will meet FHA and VA guidelines.

Call some local lenders to see who does FHA and/or VA financing. Conventional financing is usually available as well (just more down payment needed). It's always good when you're selling to know financing is available and be able to direct the buyer to a source for lending. If you're using a realtor, they should be able to handle all this for you.

If you do need a source for financing for your buyer and/or need to know what things you can do to help your home "qualify" for a loan, I do know of a national lender that can help you. Just send me a PM and I'd be glad to pass along the info.
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Old 07-19-2007, 01:35 PM
 
Location: North Phoenix/Moon Valley
816 posts, read 1,602,191 times
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Default Buyer's financing

In selling your mobile home, I would be cautious as to the buyer's form of financing. I just helped my son buy a mobile home on land with FHA financing. The seller did not have "proof" that the foundation was acceptible to FHA so my son's financing could not go through until we had an "Engineer's Certification" for the foundation. A civil engineer who is experienced in FHA inspections has to be hired and they can be pricey. A regular home inspector is usually not qualified. So be prepared to pay for this yourself or you don't have to accept a purchase contract from a buyer who is using FHA financing. One last comment: According to FHA the home had to be built after 1976 and even for conventional financing if the home is close to or more than 20 years old, the financing may be very difficult for the buyer to obtain.
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Old 07-19-2007, 02:37 PM
 
Location: Montana
2,203 posts, read 6,177,571 times
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Quote:
Originally Posted by crystalys View Post
In selling your mobile home, I would be cautious as to the buyer's form of financing. I just helped my son buy a mobile home on land with FHA financing. The seller did not have "proof" that the foundation was acceptible to FHA so my son's financing could not go through until we had an "Engineer's Certification" for the foundation. A civil engineer who is experienced in FHA inspections has to be hired and they can be pricey. A regular home inspector is usually not qualified. So be prepared to pay for this yourself or you don't have to accept a purchase contract from a buyer who is using FHA financing. One last comment: According to FHA the home had to be built after 1976 and even for conventional financing if the home is close to or more than 20 years old, the financing may be very difficult for the buyer to obtain.
Very true! Single wides = tough to finance. Pre-HUD (1976 or ealier) = close to impossible to finance.

Around here, I haven't seen too many problems verifying the foundation as long as it was on a stem wall. I have seen more issues in homes that have a permanent form of affixation that's not a basic stem wall. It's always best to investigate these things before they become an issue. Conventional financing is usually a little more lenient, and it's probably the preferable way to go. It's just that on a mfg'd home, conventional financing will require a larger down payment.

Again, visit with your agent and some knowledgeable lenders so you don't have any "surprises" or unexpected expenses.
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Old 07-19-2007, 03:19 PM
 
Location: West Virginia
8,230 posts, read 17,169,496 times
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My bank financed my trailer. But the way that they looked at it they really loaned me the money to buy the land! Since they considered the trailer a bonus, I kept the title. Later when I paid on the loan enough I got another trailer they loand me more on the land, I kept the title to that one too. hope that this helps.
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Old 11-15-2008, 08:33 PM
 
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Will I be able to get a lone on a 600sq foot manufactured log home that is not on a permanent foundation? What are stem wall?
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Old 11-19-2008, 05:50 PM
 
Location: North Phoenix/Moon Valley
816 posts, read 1,602,191 times
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Here is a link that will start you in the right direction to answer your questions:

HUD FHA HOC Reference Guide Manufactured Homes:Eligibility
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Old 12-23-2011, 06:46 AM
 
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i live in wisconsin, and i am also looking at getting a single wide mobile home on 14 acres, and the loan officer told me it has to have permanent foundation(tied down to foundation or slab, removal of wheels, hitch, etc.), and need to have the full 20% down. its the same for land, just with an added bonus for having the trailer there, but, it still needs to be furnished if you wish to live in it. only issue is, some banks are very picky about, that state the house has to be worth more then the land... but im sure if it is different with mobile homes because they arent worth that much.
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Old 01-15-2012, 04:18 PM
 
2 posts, read 19,937 times
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We are actually looking into buying a mobile home on a beautiful piece of property. It is a single wide but the previous owner had built two very large additions turning it into about 1650 sq ft. He had also put a peaked roof as well. We definately can get bank financing for the property, but the owner is willing to finance at 20% down. One thing we were curious about is if we do eventually put a permanent foundation, will that raise the realestate value and can you re title it as a house rather than mobile or manufactured home?
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