Manufactured Home - Conventional Mortgage? (loan, mortgage companies, requirements, financing)
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In a previous thread (re FHA -- Turned Down), I've spoken about the appraisal we received that had the term "unique" for the combo large garage/workshop that is adjacent to (but not attached to) the manufactured home.
We were pursuing and FHA mortgage with the 3.5% down.
My question now is, would it make any positive difference for us if we pursued a conventional mortgage with standard 20% down, to buy this manufactured home and garage/workshop? Would the requirements be as strict? Would we be able to choose an appraiser, or would the appraiser still likely be selected by the lender, or what?
Thanks so much for all the generous and helpful feedback I've received here.
Without knowing what state you are buying in, I'll give you a "generic" answer. Yes, there are banks and mortgage companies that will provide a loan for mfd. home. You have to qualify just like a stick built home. Appraisal will be the key and the appraiser is always chosen by the mortgage company or bank. It will also matter whether or not the home is on leased land or owned land. You can also call mfd. home dealers in your area and ask who does their financing. A lot is going to depend on the age, location, condition and so forth of the home. You are also entitled to a home inspection. (Many mfd. homes are built better than stick built!)
I think whether home is mounted on top of foundation or not (making it no longer a "mobile" home), also affects what mortgages/loans you can get for the home. Less options if the home is not on a permanent foundation and thus is mobile.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I know people that have been through this, manufactured homes on acreage with stick built out-buildings. Unlike most houses, manufactured have a definite age limit after which no lender will touch them. In one case, their 5 acres, garage and barn are all the value in the assessor's records, the mfd home is valued at 0 despite being in nice condition, and they enjoy living in it.
What it really means is taking a big hit when they try to sell it.
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Mfd. home
