Can you get conventional financing on a manufactured home?

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The homes I am looking at are on their own land and all have crawl spaces. I am looking to buy in any of the counties surrounding Charlotte, NC but not in Charlotte.

4 comments to Can you get conventional financing on a manufactured home?

  • Mike  says:

    I recommend that you talk to your credit union if you are a member or to the bank where you have your checking and savings accounts. They will be able to give you a better answer than you will be able to get on this site.

    It is my understanding that as long as the home is on a code complying foundation, meets the building code and has the proper permits from the city building department and is on land that you own and is not rented or leased land, that you can get conventional financing.

  • Miss V  says:

    On a permanent foundation they usually qualify as real estate. Some lenders are reluctant because they fear the quality of the home will diminish faster than the remaining balance owed.

    Try the closest USDA office also; sometimes they provide loans for these and modular homes, based on income.

  • godged  says:

    Some lenders will allow this if it is on a permanent foundation and it is typical for the area. Who gets to decide what is typical is probably a lender question.

    It has been my experience that MHs even on their own land do not hold value as a stick built house would, so for investment purposes, you may want to peruse stick built.

  • acermill  says:

    Much will depend on the type of ‘manufactured home’ of which you speak. Since the recent subprime foreclosure fiasco, lenders have considerably tightented their criteria for lending on such properties.

    Certainly, the property must be on at least a full permanent foundation. That means that the structure must SIT on the foundation, and not be supported otherwise, with some sort of ‘skirting’ covering the space between the structure and the ground.

    Even with a full foundation situation, lenders are using more strict criteria. Some are refusing financing if the floor framing resembles anything other than conventional wood framing.

    You will need to inquire of lenders as to what qualifies and what does not.

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