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Manufactured Home Question

Mortgage Library: Ask a Mortgage Related Question: Answers: Manufactured Home Question

Question:

We have found a manufactured home on 3 acres. There is a large addition on the home with a cement foundation. I was told by the Realtor that the aluminum footings under the manufactured portion could be removed ($3-5k) and it could then be reclassified as real estate, which would be easier to qualify for. Our credit isn't very good, however my father has 800+ credit and he could be a guarantor on the loan. We believe we could get the home for $160,000. First, is it possible to reclassify a manufactured home and secondly, what would be the required down payment. 

T.
Ocala
Florida

Answer:

Hi T.,

Without researching your situation further I have to say that I would be very surprised about being "reclassified." When the appraisal list the type of construction...It will still be a manufactured home, not frame nor CBS. Manufactured homes have a depreciating property to them since they are made of aluminum and thin walls.

Most lenders require that to lend on a manufactured home, they are looking to see that you own the land and that the home has no wheels and is permanently installed on a concrete pad....it is still a manufactured home though. If the home is too old they won't be interested in lending on it at all.

Hope this helps.

Dorothy E Bass
8909 SW 6th Street
Boca Raton, Fl 33433

Direct: 561-470-7623
Fax: 561-470-7215
debass 'at' bellsouth.net
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