Earlier this week we looked at selling a mobile home in a mobile home park.  But, what about a mobile/manufactured home that is not in a mobile home park? While not quite as strict there are a few things that need to be kept in mind.

1.  The year was 1976....  In 1976 the government standards form mobile homes changed, and the criteria used for building them became more strict.  This led to a higher quality of mobile home builds.  This date becomes very important for many lenders.  If your mobile manufactured home is prior to 1976, it may need to be a cash sale.  There are a few mortgage lenders that will take on this type of loan; however, they are few and far between, and many require a larger down payment potentially over 10%.  This means that there are only certain conventional loans that will apply.  VA, USDA, FHA buyers are out of luck on these homes.

2. Retired Title:  This is not a title that has moved to Florida, and gets to the local diner by 3:30 in the afternoon for the early bird specials.  (I'm Kidding!!)  When an owner has full ownership of a mobile home, and the real property (land) that the mobile home is on.  The title can be retired.  You can take the title to the DMV, with proof that you have paid in full for the home and land, and have it switched to a type of deed.  In the eyes of many mortgage lender this can now be seen as another type of real property, and they will issue a mortgage.  Many times if you can do this you can accept at least most conventional loans.  It probably cost around $50.00 to retire a title.  If you have lost the title don't sweat it.  Getting the serial number from the placard under the kitchen sink and taking it with you to the DMV will allow them to look it up and issue you a new title.  Of course ther is probably an additional fee now as well.

3.  Firm Foundation:  The final thing to consider is how the home is affixed to the foundation.  Even if the two requirements above are met, if the the home is on cinder block and tied down with hurricane straps, more than likely a conventional mortgage will not fly.  (Incidentally, we just need to forget about a govenment loan in this case.  Upon hearing the words "hurricane straps" and FHA appraiser will not be able to get in there car and drive off quickly enough.)  It will also help if the hitch has been removed.  This will be clear indication to any lender that the mobile home is no longer mobile.  The best case scenario is a home on a fixed concrete foundation.

In many cases, it is difficult to get all three of these.  But we will open you up to more financing possibilities if we can at least meet two of the three.