Is the home you’re considering mobile, manufactured, or modular? Well, that’s a really important distinction!
0:00 – Introduction
0:59 – Glossary time with Jason Christiansen. Mobile home: built on a chassis and has wheels, it can move. Though it’s a home, it’s more like a vehicle than a home. They’re considered personal property. Manufactured home: manufactured somewhere then brought to the final home site and affixed to the property. Modular home: it’s built in sections, then assembled at the final home site, and is considered easier to build, but essentially no different than a “stick-built” home.
3:52 – Can I lend on a mobile home? Well, mortgage lenders cannot because it’s in a park. A REAL estate agent can’t technically sell mobile homes since they’re PERSONAL property. If you take earnest money on a purchase and put it in a trust account for real estate…that could be considered fraud. Did you look at the lot fee or lot rent for the mobile home? The house is cheaper, but the lot fees can be MUCH higher than an HOA. Mobile home lenders can have much higher interest rates, and require a much higher down payment.
7:13 – Manufactured homes MIGHT be able to get financing.
7:34 – REAL property vs PERSONAL property matters. If it’s affixed to the land it’s considered “Real Property,” but there is debate about what “affixed” means. “Personal Property” is NOT affixed to the land. It can be carried off, or towed off, so it’s considered personal property.
9:06 – Manufactured homes, can they get lending? They can if they were built after April 1976 – because of HUD standards that were put in place. There’s a tracking system for all manufactured homes. Don’t pull the plate off. Many types of financing are available on anything built after April 1976 (June 15, 1976).
10:27 – Modular homes can take “normal” mortgage financing. People can get really confused about what type of home they have: mobile, manufactured, modular.
11:11 – What did we learn today?
13:02 – Bloopers.
* No real personal property was harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.