Financing & Title for Manufactured Home on Permanent Foundation

[Sean Williams]

Hey BPers,

I am currently working with a client looking to purchase a lake house on Nolin Lake just south of Louisville, Kentucky. The one they want is a manufactured home that has been secured to a poured concrete foundation with a basement (really nice and rock solid!). I understand manufactured homes are considered personal property, not real property, so I am just simply trying to navigate financing options for them, as well as, figure out if there is a way to convert the personal property to real property since its really an
"improvement" at this point. I have heard something called "retiring" the title?!?

Also, I have heard of a couple lenders that will finance these kinds of deals, but wanted to get your alls input. Thanks in advance!

[Tim Johnson]

Another thing to really watch is date the unit was built.  If its before 1976 you can't get a loan on it.  

They generally have a HUD tag thats silver in a closet or by the water heater. Sometimes its attached to the frame and can be a pain to find.