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Old 03-15-2018, 09:53 AM
 
Location: Rochester, WA
3,829 posts, read 2,053,214 times
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Quote:
Originally Posted by LifeIsGood01 View Post
I know you can get an FHA loan on a rented lot.


The thing about double wides I don't know. They make single wides that are 14 to 16 feet wide. I was in one once and it was nice it was a 2/2 with a pitched roof, I don't see why you couldn't get a traditional loan for that on a permanent foundation.
On your first... I think you mean "can't". Must own the lot.... it's real estate... you have to own the property too, not just the fixtures.


On single-wides, it may be an arbitrary rule, but nonetheless... I don't know any mortage company or loan type that will finance them. Comes up all the time!
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Old 03-15-2018, 11:17 AM
 
10,265 posts, read 6,500,789 times
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Quote:
Originally Posted by Diana Holbrook View Post
On your first... I think you mean "can't". Must own the lot.... it's real estate... you have to own the property too, not just the fixtures.


On single-wides, it may be an arbitrary rule, but nonetheless... I don't know any mortage company or loan type that will finance them. Comes up all the time!
The home and the land: If you're buying both, you can get the conventional mortgage we talked about previously, but having FHA insurance will make lenders more willing to give you the loan. The maximum the FHA will cover for this type of purchase is $94,904.

Just the home, not the land: The FHA will cover a nonchattel loan in a space rent situation, if you can find a lender willing to make it. The maximum allowed for this purchase is $69,687.

Just the land, not the home: If you already own a home but want a permanent spot to put it, the FHA will cover up to $23,226 of that loan.

https://www.realtor.com/advice/finan...a-mobile-home/

As far as the second point it may gave to do more with square footage than no single wides.
Some lenders may say no if they don't want to lend to single wides but it may not be a hard and fast absolute rule that they can't, maybe more that they won't.
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Old 03-15-2018, 01:58 PM
 
8,377 posts, read 7,369,618 times
Reputation: 18244
Quote:
Originally Posted by Hemlock140 View Post
With identical size, layout and location they would start out based on the cost to build. Then the stick-built would have an advantage in the perception by buyers, even the best manufactured home simply has a lower value in the mind of buyers. The real difference is is the long run. Even a stick-built that is not well maintained goes up in value over the years, while a manufactured goes down in value like a car.
The underlined statement is false in most areas of the country, where such homes are popular.

Lets look at some for sale. When it says mobile/manufactured home, it is a mobile home.

https://www.homes.com/for-sale/flore...bile-homes/p2/

https://www.realtor.com/realestatean...fd-mobile-home

These homes are in developments, with the homes set on a permanent foundation just like stick built homes, and have attached garages. In senior parks where the owner owns the lot the home sits on with a low cost HOA. They are well kept up homes, and are increasing in value over time, not going down like you say. The developments are real close to the ocean beach.

Note that some will be under 100K (single wide homes), and double wides will go as high as $350,000.
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Old 03-15-2018, 02:51 PM
 
Location: North Beach, MD on the Chesapeake
32,111 posts, read 39,184,670 times
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Quote:
Originally Posted by oldtrader View Post
The underlined statement is false in most areas of the country, where such homes are popular.

Lets look at some for sale. When it says mobile/manufactured home, it is a mobile home.

https://www.homes.com/for-sale/flore...bile-homes/p2/

https://www.realtor.com/realestatean...fd-mobile-home

These homes are in developments, with the homes set on a permanent foundation just like stick built homes, and have attached garages. In senior parks where the owner owns the lot the home sits on with a low cost HOA. They are well kept up homes, and are increasing in value over time, not going down like you say. The developments are real close to the ocean beach.

Note that some will be under 100K (single wide homes), and double wides will go as high as $350,000.
The value there isn't in the mobile/manufactured house but in the land. Level those trailers, subdivide into 37.5 X 100 ft. lots, bring in 3 story houses and you start at $1M per and go up.

That type of development is tailor made for modular construction, pour the foundations, truck in the mods, crane them into position. One house a day goes up.

Last edited by North Beach Person; 03-15-2018 at 03:01 PM..
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Old 03-15-2018, 02:52 PM
 
8,377 posts, read 7,369,618 times
Reputation: 18244
Quote:
Originally Posted by LifeIsGood01 View Post
I know you can get an FHA loan on a rented lot.

The thing about double wides I don't know. They make single wides that are 14 to 16 feet wide. I was in one once and it was nice it was a 2/2 with a pitched roof, I don't see why you couldn't get a traditional loan for that on a permanent foundation.
A 14 to 16 feet wide, is a double wide. Moved in two pieces to the permanent lot, and joined together where is will be a one piece building. A 14 to 16 foot one piece mobile, would not be able to be moved on the highway and roads to get it to the destination to be installed.

A permanently mounted on permanent foundation mobile home, can get V.A., FHA, and conventional loans.

A few years ago, my daughter bought a VA repossession, located on a permanent lot included with the home for $16,000. It was in a 16 lot mobile home development with no HOA. It had a 12 ft, by 12 ft. collapsed in the middle deck at the rear. And needed a new roof. She was able to buy it, but had to repair or replace the deck, and put on a new roof. She would get a credit of $1,500 for the deck, and $4,500 credit for the roof. I helped her fix the back deck. Only required jacking it back up with an auto jack, putting some pillars under the center joist, which had collapsed due to no support then a quick paint job with a big roller and a 4 foot long pole to do it all standing up. Less than $15 for the lumber, and $10 worth of paint. Took about 6 hours total to do the job, and she got $1,500 credit towards the down payment. Her brothers put the roof on for her, and that had a material cost of $800. She got $6,000 credit which was her down payment on a $16,000 property at a cost of , and assumed the low interest V.A. loan. $815 for a $16,000 down payment and some family labor, was a good investment.

Three years later she got a great job in Phoenix Arizona, and left. I handled the sale for her, as I was a retired broker and knew what I was doing working with a power of attorney. I sold the property for $89,000. She had less than $20,000 total in the home, and got just over $82K after paying 6% commission to the selling office, and other closing expenses. There was a conventional loan used to buy the home.
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Old 03-15-2018, 03:07 PM
 
Location: North Beach, MD on the Chesapeake
32,111 posts, read 39,184,670 times
Reputation: 40531
Quote:
Originally Posted by oldtrader View Post
A 14 to 16 feet wide, is a double wide. Moved in two pieces to the permanent lot, and joined together where is will be a one piece building. A 14 to 16 foot one piece mobile, would not be able to be moved on the highway and roads to get it to the destination to be installed.

A permanently mounted on permanent foundation mobile home, can get V.A., FHA, and conventional loans.

A few years ago, my daughter bought a VA repossession, located on a permanent lot included with the home for $16,000. It was in a 16 lot mobile home development with no HOA. It had a 12 ft, by 12 ft. collapsed in the middle deck at the rear. And needed a new roof. She was able to buy it, but had to repair or replace the deck, and put on a new roof. She would get a credit of $1,500 for the deck, and $4,500 credit for the roof. I helped her fix the back deck. Only required jacking it back up with an auto jack, putting some pillars under the center joist, which had collapsed due to no support then a quick paint job with a big roller and a 4 foot long pole to do it all standing up. Less than $15 for the lumber, and $10 worth of paint. Took about 6 hours total to do the job, and she got $1,500 credit towards the down payment. Her brothers put the roof on for her, and that had a material cost of $800. She got $6,000 credit which was her down payment on a $16,000 property at a cost of , and assumed the low interest V.A. loan. $815 for a $16,000 down payment and some family labor, was a good investment.

Three years later she got a great job in Phoenix Arizona, and left. I handled the sale for her, as I was a retired broker and knew what I was doing working with a power of attorney. I sold the property for $89,000. She had less than $20,000 total in the home, and got just over $82K after paying 6% commission to the selling office, and other closing expenses. There was a conventional loan used to buy the home.
Your 14 ft. one is actually a singlewide. Double wides typically measure, once the halves are mated, between 24 ft. to 28 ft. Some will have bump outs that increase the width by a couple or three feet. They fold up and in during transit.
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Old 03-15-2018, 03:27 PM
 
10,265 posts, read 6,500,789 times
Reputation: 10842
Quote:
Originally Posted by oldtrader View Post
A 14 to 16 feet wide, is a double wide. Moved in two pieces to the permanent lot, and joined together where is will be a one piece building. A 14 to 16 foot one piece mobile, would not be able to be moved on the highway and roads to get it to the destination to be installed.

A permanently mounted on permanent foundation mobile home, can get V.A., FHA, and conventional loans.

A few years ago, my daughter bought a VA repossession, located on a permanent lot included with the home for $16,000. It was in a 16 lot mobile home development with no HOA. It had a 12 ft, by 12 ft. collapsed in the middle deck at the rear. And needed a new roof. She was able to buy it, but had to repair or replace the deck, and put on a new roof. She would get a credit of $1,500 for the deck, and $4,500 credit for the roof. I helped her fix the back deck. Only required jacking it back up with an auto jack, putting some pillars under the center joist, which had collapsed due to no support then a quick paint job with a big roller and a 4 foot long pole to do it all standing up. Less than $15 for the lumber, and $10 worth of paint. Took about 6 hours total to do the job, and she got $1,500 credit towards the down payment. Her brothers put the roof on for her, and that had a material cost of $800. She got $6,000 credit which was her down payment on a $16,000 property at a cost of , and assumed the low interest V.A. loan. $815 for a $16,000 down payment and some family labor, was a good investment.

Three years later she got a great job in Phoenix Arizona, and left. I handled the sale for her, as I was a retired broker and knew what I was doing working with a power of attorney. I sold the property for $89,000. She had less than $20,000 total in the home, and got just over $82K after paying 6% commission to the selling office, and other closing expenses. There was a conventional loan used to buy the home.
https://factoryselectmobilehomes.com...-mobile-homes/

Cholla | 2 Beds 1 Bath 565 SqFt
16 X 38 Single Wide | Intermediate Priced Homes

Monterey | 2 Beds 1 Bath 565 SqFt
16 X 38 Single Wide | Intermediate Priced Homes


They may have to join them, but maybe not and it does not make them a double wide regardless.

And there are places where streets are wider than 12 feet.

People move houses down highways and roads, not often but I've seen it done on Texas Flip and move, they need permits and have a vehicle in front to guide them.
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Old 03-15-2018, 03:36 PM
 
Location: Washington state
4,680 posts, read 2,302,044 times
Reputation: 13673
Quote:
Originally Posted by Diana Holbrook View Post
FYI... none of the pictures you posted are what anyone means when we say "manufactured home". A manufactured home is not just a trailer that someone put on a foundation... it is a factory made home that is built and intended to be placed on a permanent foundation.
Didn't I say that in my post?

But you must have missed the last picture. That's a pic of a single wide and it sure isn't a trailer in the sense that the others pictures were.

Anyway, don't tell me, tell ss20ts :

Quote:
Originally Posted by ss20ts View Post
Keep reading! I said later on that it depends on the location. Here a 30 year old trailer/manufactured home isn't worth more than a few hundred dollars.

Quote:

Single wide mfhs are not finance-able.... only double-wides or bigger, manufactured after about 1981, on permanent foundations, will qualify for traditional mortgage financing.
They're called park models and some of them are really nice and yes, some of them can be financed with traditional loans. Although not being as expensive as most double wides, most people either don't need a loan to buy one or they can get a personal loan to cover the amount.

Again, it depends on where you live. In this area, there are tons and tons of manufactured homes all over the place, from old trailers grandfathered in to newer single wides to double wides. In fact, there's even a development specifically for manufactured homes only (probably double wide) and it's not a trailer park.
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Old 03-15-2018, 03:36 PM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,472 posts, read 25,701,761 times
Reputation: 4206
Vanderbuilt finances all kinds of manufactured homes. https://www.vmf.com/
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Old 03-15-2018, 03:57 PM
 
Location: Rochester, WA
3,829 posts, read 2,053,214 times
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Quote:
Originally Posted by rodentraiser View Post
They're called park models and some of them are really nice and yes, some of them can be financed with traditional loans. Although not being as expensive as most double wides, most people either don't need a loan to buy one or they can get a personal loan to cover the amount.
A Park Model and a Single Wide are different things.
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