lending on a mobile home

[Mike Allshouse]

Hi! I am looking to buy my first property. I am looking at a mobile home, any advice on how to find funding? I have talked to a couple lenders but so far, their loan terms don't work for me. Or maybe that's just the way it is with a mobile home. any advice would be much appreciated!

[Randall LeBlanc]

Mobile homes are very hard to lend on as the line between personal property and real property is blurry. 

General things to look out for per Fannie Mae: 

- Built on or after 6/15/1976 as evidenced by a HUD Data Plate and HUD Certification Label

- Must not have been previous installed at any other site or location

- Any outstanding vehicle title is surrendered prior to, at or post-closing if already real property

- Minimum 12 ft wide and have a minimum of 400 sq ft gross living area.

- The towing hitch, wheels and axles must be removed

- The client must own the land, leaseholds are not allowed.

- Must be anchored to a permanent foundation system in accordance with the manufacturer's requirements and must meet local and state codes.

- If the property is not situated on a publicly dedicated and maintained street, then it must be situated on a street that is community-owned and maintained, or privately owned and maintained.