How different are these - Mobile home, manufactured home and modular home?

Manufactured home is a housing unit built in factories as per HUD code and transported to the site where it can be affixed. Those built before June 15, 1976 are known as mobile homes. Modular homes are divided into sections built as per building codes at specific site.

Can I use land as collateral to purchase manufactured home?

You can use any land as collateral to get home loans but the land should be paid for. Such a loan taken against the land is called land loan. If the land is not paid for, you will have to get a second mortgage on it.

Can I remove mobile home from land?

Yes, you can remove a mobile home from the land to which it is affixed. But you need to get a permit from the Department of Transportation in your state.

Can I rent out mobile home after retirement?

Yes, you can rent out the home even though it is mortgaged or you have taken a personal loan for it. But you should be able to assure the lender that you can afford to make payments in time.

Can I get personal loan on mobile home?

You can get personal loans if the home is a personal property, that is, affixed to a rental land. Personal property loans have shorter term and higher rates of interest compared to traditional mortgages.

Can I apply for mortgage on mobile home excluding land?

No, you cannot get a mortgage on a property if you don't include the land. A mortgage loan is meant for real property and not for a mobile home which is a personal property (fixed to a rented land).

Can I take out loan against manufactured home on rented land?

Yes, there can be loans on manufactured home affixed to a rented land. Such homes are regarded as personal property and the loans are personal property loans offered by dealers who sell off such properties.

What is the Title1 program?

Title1 program is a financing option offered by HUD-approved lenders on manufactured homes (treated as personal as well as real properties) built as per HUD code. It serves as a home improvement loan for those having good credit history.

What is a 203k manufactured home loan?

It is a HUD-insured mortgage offered for the purpose of buying as well as renovating mobile homes or for remodeling such an existing property.

Is 100% financing possible on manufactured home?

Yes, it is possible but the property should have permanent foundation. Other requirements are credit score of 640 and above, 40-45% of debt-to-income ratio, income and assets documentation and 2 months cash reserves. You can qualify even with a bankruptcy discharge prior to 12 months, but you must have re-established your credit.

Are reverse mortgages available on manufactured homes?

Yes, reverse loans are available but the borrower should own the land and the home should have permanent foundation.

Is manufactured home loan available for the retired and self-employed?

Yes, it is possible to get traditional mortgages. But you should be in business for at least the last 2 years. The 2 year business license and tax returns in business should be provided as proof. Otherwise, you can go for Stated Income No-doc loans.

Can I get manufactured home loan after bankruptcy?

You can get FHA loans 1 year after bankruptcy discharge if it is chapter 13. If it's Chapter 7, it will take 2 years. But the rate depends on how much time has passed since the discharge and what your credit looks like after the discharge. For conventional loans, rates are even higher.

What is Chattel Mortgage?

Chattel mortgage is a loan taken on a movable personal property such as mobile home affixed to a land owned by the borrower himself.

Can I refinance mobile home without permanent foundation?

If the home has permanent foundation, you can qualify for a mortgage and refinance loan against such a property. But if there's no foundation, you will get personal property loan and then refinance it accordingly.

Can I refinance 1974 home model?

Pre-1976 home models do not follow HUD Code and as such it's hard to refinance them. The lending criteria are generally strict.

How to qualify for mobile home mortgage refinance?

The borrowers should have a minimum credit score of 620 and an impressive credit history. The property shouldn't be older than 1977 and must meet HUD standards.

I am disabled, can I refinance manufactured home?

Yes, it is possible but you may have to opt for mortgage disability insurance.

Can mobile home be foreclosed? What if it's a personal property?

If the home is a real property and collateral for mortgage loan, it can be foreclosed by the lender or the mortgage company.

However, if the home is a personal property, then the creditor (mobile home dealer) offering the loan will simply repossess the property and sell it at a public auction.

How to avoid repossession?

Pay back the payments plus late charges or attorney fees, if any. You have to correct any violations of the contract like getting insurance if you haven't. Usually, one gets a 30-day notice before the repossession.