home owner vs mobile home and land

If your mobile home is a single-wide manufactured home, you will hold ownership as personal property and title will be done through the bureau of motor vehicles. In certain cases, you can have the title transferred to real property but there are additional requirements that you will need to satisfy. If you have a double-wide manufactured home, as many have mentioned the finance options are limited. You may want to investigate further with a local USDA Guaranteed Rural Housing Loan authority.

Yes you would be a homeowner if you bought a mobile home however, obtaining financing for a mobile home is extremely difficult regardless of credit. The first step is to contact a local mortgage broker to see where you currently stand. If they're good at what they do, they'll be able to give you some guidance on what to do about your credit to get to a point that you can qualify for a traditional site built home.

Any property with a mobile home (sometimes called "manufactured" homes) are more difficult and more expensive to finance. Most Realtors and appraisers would likely confirm that the potential for appreciation in value is more limited for these properties - primarily because they are more difficult and expensive to finance. Many lenders will not finance a property that includes a mobile home and those that will often charge a higher rate, require a larger downpayment or have more stringent qualifying requirements. On the other hand, the amount of space in the home for the money is usually very good for a mobile home. So, in my opinion, if you intend to live in the home for a very long time it could be an option worth considering.Your credit will not be affected by purchasing a mobile home unless they type of financing used is rated differently by the credit bureaus, but I have never heard of that happening. In fact, it should be somewhat easier to qualify for and obtain financing if the property is a more traditional home.Hope this helps, good luck and let me know if I can help.

A manufactured home, as built by the factory is considered personal property. If you own (or buy) a parcel of land and put a manufactured home on it, the manufactured home is still personal property. In order to convert the manufactured home to real property, you must have the legal description and titling changed to "Real Property". Typically this requires the home to be mounted on a foundation, the axles and tongue removed, and the proper paperwork submitted to the county for recordation. Some counties will also require certain inspections and engineering certifications as well.If you really want a traditional built home, then DON'T buy a manufactured home. Twenty years ago, everyone was willing to finance them. Ten years ago, the number was less than 15 lenders, and today there are only 4 or 5 lenders nationally that will finance a manufactured home property, and the pricing for them is significantly higher than for a traditionally built home. The big question is: In ten years when you go to sell this property, will there be any lenders willing to provide financing? If not, then having to find an all cash buyer is going to severely hurt your sales price. To find out what you are eligible for in terms of financing, contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com