This means that lenders have an interest in financing them as part of HUD programs across the U.S. MHPs and MHCs are considered an important part of housing for rural and non-city communities. The owner of the mobile home park will own the property that each mobile home sits on, although the homes themselves will belong to individual buyers. These are called mobile home parks (MHP) or a manufactured housing community (MHC). Many real estate investors have created spaces where mobile homes and manufactured homes can make up a neighborhood. Mobile homes typically come in two sizes: single wide and double wide. They are called mobile homes because they can be shipped to their final property location, usually via truck trailer. Every mobile or manufactured home must be built to the Housing and Urban Development (HUD) code, which is the federal Manufactured Home Construction and Safety Standards. Mobile homes, also known as modular or manufactured homes, are built completely in a factory for single-family occupancy. As with any kind of financing, the type of loan you get for mobile home park financing will depend on what you qualify for and the type of real estate you’re buying.Owning a mobile home park (MHP) has become an attractive investment opportunity for seasoned property owners and newcomers alike, thanks to a number of creative financing options available.Both Trina and Kim understand the ins and outs of financing a modular home and will be able to work with you and help you get the best rates possible.
You can contact either Trina Farren-Price or Kim Allan on the details below. Over the years, Westbuilt has developed a working relationship with both Aussie Home Loans and the Regional Australia Bank in order to help our customers smoothly secure financing. This is to cover the cost of Westbuilt providing debtor finance for the home while it is still in the factory. If your bank will not release payments until practical completion of the project, a 1.5% finance surcharge will be added to your purchase price. We are able to work around the usual payment terms on the condition that the bank provides us with a copy of the loan approval and a ‘to-be-built’ valuation. To overcome the issue as to a lack of security, most modular builders (such as Westbuilt Homes!) will help negotiate with the bank to amend the standard payment terms. Helping you secure a loan for your modular homeīanks will often advise that they will not release any payment to a home builder until the home is fully completed, or at least installed on-site. Kit homes are much more of a challenge to secure a loan for. It will be necessary to explain to the bank that they will be financing a fully completed new home and that you are not purchasing a kit home (AKA a flat pack home).
Depending on your equity and overall financial situation, your bank or credit union will then advise how they can assist you. What you need to tell your home loan providerįrom our experience, we recommend that you approach your preferred bank or credit union very early in your decision making process and make them aware of your intentions and how much you will be needing to borrow.
#WHO FINANCES MOBILE HOMES HOW TO#
How to get your new modular home financed
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