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Historically, mobile homes have been financed as personal property, resulting in “personal” loans that often require a 10 percent down payment, with the remainder financed over 10 to 15 years. Interest rates are higher, resembling car and boat loans, and because the loans aren't mortgages, the interest paid isn't tax deductible.
If your goal is to refinance your manufactured home and it meets our lender’s requirements (below) or want to use the equity in a qualifying. mobile home to consolidate those high interest credit cards, you’re in the right place.
We wish we could get everyone a great loan, but when the home is manufactured we can only do that, If:
- The home is appraised at $100,000 or more
- The home is not considered a “Single Wide”
- The home is in “Like New” condition
- The owner of the home also owns the underlying land
- And the home is attached by foundation or piers to the ground
Only then is the loan likely to be approved by our lenders and viewed as a mortgage, gaining you vital tax and financial benefits.
A mobile home is a dwelling which is built on an integral chassis, in a factory, transportable in one or more sections, and which is eight feet or more in width. All single family mobile homes manufactured since June of 1976 must be built to standards established by the U.S. Department of Housing and Urban Development (HUD), and must display a label certifying compliance. One of every three homes constructed in Florida is a mobile home.
A home is probably the single most important purchase you will make in your lifetime. In recent years, nearly one-third of all new single-family homes bought have been manufactured homes.
The term "manufactured home" was adopted in 1980 by the United States Congress to describe a type of house that is constructed in a factory to comply with a building code developed by the Department of Housing and Urban Development (HUD). In the past, manufactured homes were called "mobile homes," a term that many people still use. However, "mobile" is no longer an accurate name because fewer than five percent of such homes are ever moved off the owner's original site.
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