MANUFACTURED HOME LOANS
A manufactured home is a housing unit that is partially or completely factory
built, off site, and transported in pieces to the final site where it is assembled
and attached to a permanent foundation. Once at the permanent site and properly
completed and attached to the foundation it becomes real property.
Alternatively, a trailer or mobile home which still has
wheels or jacks is not real property because it is not attached
to the earth and is capable of being relocated. Mobile home
loans are similar to boat and recreational vehicle loan types.
LenderDave can refer you, upon written request, to a source
for your mobile home loan, depending upon your location.
Manufactured homes require a compliance permit, issued by
the local city or county, to verify that the unit was built
and installed using certain methods of construction and to
verify the connection to the permanent foundation was done
with permission and government inspection in accordance with
local zoning restrictions.
All manufactured home loans must either be connected to
municipal water and sewage lines, or the customer will be
required to supply copies of city permits for well, septic,
and bacteria tests for well water to comply with the local
health or government authority regulations. If a septic tank
has been installed, it must be proven to be in compliance
with local zoning regulations before the loan can be funded.
This is generally simple information to obtain when you are
purchasing a new manufactured home and having planned for
the installation using a contractor or the local government
offices for the appropriate permits and inspections.
In some cases a manufactured home loan will be available
at only a slightly higher rate that "A paper" home loans
for on-site, stick-built, housing. Just as with other loan
products, a manufactured home loan program may include both
fixed and adjustable product variations.
Copyright LenderDave.com 2004
GETTING STARTED
If you would like to begin the application process for
this loan, complete our online application
or learn
more about our current rates with today's
rate sheet.
If you have questions or would like to speak with me, please
give
me a call at 888.691.0151 or drop me an
email at dave@lenderdave.com.
