When purchasing a manufactured home, it’s important to know what questions to ask when it comes to the financing. These four questions will determine if the manufactured home can be financed:
1. Was the property built June 15, 1976 onwards?
2. Does the property sit on a permanent foundation?
3. Has the property been converted to real property with no DMV title and treated and taxed as real estate?
4. Are there enough sold homes of comparable value to justify a strong appraisal report?
If your prospective home meets all of the criteria above, some other factors to consider before purchasing your home are:
- The stability of the manufactured home – an unleveled mobile home can cause stress to its joints, resulting in cracks and/or leaks
- The conditions of the plumbing and electrical systems – a faulty plumbing and electrical system can lead to costly repairs in the future
- The age of the home – knowing its age will also help to identify the problems it has (think scheduled maintenance and recalls on cars)
- The modifications made – it’s good to know what enhancements were made since they will help your pricing strategy if you decide to sell in the future.
- Materials used in construction – quality materials typically last longer, which helps save on repair and maintenance costs. Knowing the materials will help you discover how best to take care of them and if your mobile home can withstand a series of weather damages.
A good way to ensure everything is in order is by creating a structural and mechanical checklist to anticipate the time and money needed for repairs.
If you’re thinking about purchasing a manufactured home and have any questions, please give us a call at (760) 930-0569 and one of our loan officers will assist you.