Can You Finance a Manufactured Home that Has Been Moved? Exploring Your Options

Have you been eyeing a manufactured home that has been moved but don’t know if you can finance it? Well, you’re not alone. This is a question that many potential homeowners are asking themselves. The good news is that, yes, you can finance a manufactured home that has been moved, but there are some things you need to know before making a purchase.

First off, it’s important to understand that financing for a moved manufactured home may be different than financing for a stationary one. Lenders may have specific requirements that need to be met, such as age restrictions on the home or the need for an inspection. Additionally, the location of the home may also impact the financing options available.

Furthermore, it’s important to consider the overall condition of the moved manufactured home. Make sure to have a thorough inspection done to ensure it’s safe and up to code. It’s also important to factor in any repairs or upgrades that may need to be made, which could impact the overall cost of financing. With the right preparation and research, financing a moved manufactured home can be possible and a great investment for your future.

Definition of Manufactured Homes

Manufactured homes, also known as mobile homes or trailer homes, are factory-built homes that are constructed off-site and transported to their final location on a permanent chassis. These homes are designed to be moveable and are built to the federal Manufactured Home Construction and Safety Standards (HUD Code) that went into effect in 1976. In contrast to modular homes, which are built in sections in a factory but are assembled on-site, manufactured homes are fully constructed in the factory and then transported to their final location.

Manufactured homes are available in a wide variety of sizes and styles, ranging from single-wide homes that are 14 feet wide to triple-wide homes that can be as wide as 48 feet. They can be placed on private land, in manufactured home communities, or on rental sites in mobile home parks.

  • Manufactured homes can be financed through personal property loans or real property loans, depending on how they are classified and where they are located.
  • Personal property loans are similar to car loans and are secured by the home itself, while real property loans are similar to traditional mortgages and are secured by both the home and the land it sits on.
  • Manufactured homes that are located on rented land in mobile home parks are typically financed through personal property loans, while homes that are located on private land can be financed through either personal property loans or real property loans.

In recent years, manufactured homes have become increasingly popular as an affordable housing option. According to the Manufactured Housing Institute, the average sales price of a new manufactured home was $87,100 in 2019, compared to $383,900 for a new site-built home.

ProsCons
Lower cost compared to site-built homesPerception of lower quality
Fast construction and delivery timeDifficulty obtaining financing
Customizable design optionsDepreciation in value
Energy-efficient optionsRestrictions on placement and zoning regulations

Despite some of the perceived drawbacks, manufactured homes offer a cost-effective and customizable option for homeowners who are looking for an alternative to traditional site-built homes.

The Process of Moving a Manufactured Home

Moving a manufactured home can seem like a daunting task, but with the right knowledge and resources, it can be done efficiently and effectively.

  • The first step is to check with your local government about any permits or restrictions in moving a manufactured home. Different states may have different rules and regulations, so it is important to gather all the necessary information before proceeding.
  • Hire a licensed and experienced professional to move the manufactured home. Moving a manufactured home requires specialized equipment and knowledge, so it should not be attempted by amateurs. A professional will ensure that the move is done safely and properly.
  • Disconnect all utilities such as water, electricity, gas, and sewer before the move. This is to prevent any damage to the home or accidents during transportation. Also, notify your utility companies about the move so they can disconnect and reconnect your services as needed.

During the actual move, the manufactured home will be lifted and placed onto a trailer. The trailer will then be attached to a large truck or tractor that will transport it to its new location. The process may take several hours or even days depending on the distance and the condition of the road.

Once the manufactured home has arrived at its new location, it will be lowered onto a foundation or slab. The process of reconnecting all utilities will then take place. The foundation or slab must be level and meet all local building codes for the manufactured home to be set up properly.

Things to Keep in Mind When Moving a Manufactured Home
Make sure to have insurance coverage during the move in case of any damages or accidents.
Obtain any necessary permits or certifications from your local government before moving your manufactured home.
Only hire licensed and experienced professionals to move your manufactured home.
Disconnection of all utilities should be done prior to the move to ensure safety.
Ensure the new foundation or slab meets local building codes before setting up your manufactured home.

Moving a manufactured home may seem like a complicated process, but with the right planning and execution, it can be done smoothly and with minimal stress. Remember to do your research, hire experienced professionals, and ensure that all safety measures are taken during the move.

Advantages and disadvantages of buying a moved manufactured home

Manufactured homes, also known as mobile homes, are becoming increasingly popular due to their convenience, affordability, and flexibility. While buying a new manufactured home can be a great option, some people prefer to purchase a used home that has been moved from one location to another. There are both advantages and disadvantages to buying a moved manufactured home, as outlined below.

  • Advantage: Cost savings – One of the most significant advantages of buying a moved manufactured home is the potential cost savings. These homes can often be purchased for a fraction of the cost of a brand new home. However, it’s important to keep in mind that there may be additional costs associated with moving the home, such as transportation and setup fees, which can add to the overall cost.
  • Advantage: Established infrastructure – Another advantage of buying a moved manufactured home is that the infrastructure may already be in place. For example, if the home was previously located in a mobile home park, there may already be utility hookups, sewage systems, and other necessary infrastructure. This can save time and money compared to installing these systems from scratch.
  • Advantage: Potentially greater customization options – When buying a new manufactured home, there may be fewer customization options available. With a moved home, however, you may have more flexibility to customize the home to your specifications. For example, you may be able to choose the flooring, paint color, or other finishes to suit your preferences.

While there are several advantages to buying a moved manufactured home, there are also some potential disadvantages to keep in mind.

  • Disadvantage: Potential for damage during transportation – One of the biggest risks associated with buying a moved manufactured home is the potential for damage during transport. Moving a home can be a challenging and complex process that requires specialized equipment and expertise. As a result, there may be a risk of damage to the home during transportation.
  • Disadvantage: Limited financing options – Depending on the age and condition of the home, you may find it more difficult to secure financing for a moved manufactured home compared to a new home. Lenders may be hesitant to provide financing for older homes or homes that have been moved multiple times.
  • Disadvantage: Unknown history – If you’re buying a used manufactured home that has been moved, it can be challenging to determine its history. You may not know how many times the home has been moved, or if it has suffered any damage in the past. This can make it more difficult to assess the home’s condition and potential for future problems.

Overall, buying a moved manufactured home can be a good option for those who are looking to save money and potentially customize their home. However, there are also some risks involved, such as the potential for damage during transport and limited financing options. Before making a final decision, it’s important to do your research and weigh the pros and cons carefully.

If you do decide to purchase a moved manufactured home, be sure to work with a reputable seller or dealer who can provide information about the home’s history and condition. With the right approach, you can find a great home at an affordable price.

ADVANTAGESDISADVANTAGES
Cost savingsPotential for damage during transportation
Established infrastructureLimited financing options
Customization optionsUnknown history

When deciding whether to purchase a moved manufactured home, it’s important to consider both the advantages and disadvantages carefully. By doing your research and working with a reputable dealer, you can find a great home that meets your needs and fits your budget.

Can financing be more difficult for a moved manufactured home?

Manufactured homes can come with unique financing challenges, especially if they have been moved from their original location. Lenders may view moved manufactured homes as higher risks due to potential damage during transportation and the difficulty of determining the value of a relocated home. Here are some of the reasons why financing a moved manufactured home can be more difficult:

  • Damage during transportation: When a manufactured home is moved, there is a higher risk of damage to the home’s structure. Any damage could affect the value of the home and make it harder for lenders to approve financing.
  • Location challenges: If a manufactured home has been moved, it could be located in an area with different zoning laws or building codes, which could also complicate lending approval.
  • Difficulty in appraising the value: Another issue with moved manufactured homes is determining their current value. When the home is no longer in its original location, the lender may need to pay for an independent appraiser to determine the home’s value, leading to higher financing costs and longer approval times.

Furthermore, not all lenders may be willing to finance a moved manufactured home. It’s important to research lenders that offer financing for manufactured homes and check their specific requirements regarding relocated homes. Some lenders may require additional documentation and inspections before approving financing.

Factors that affect financing for moved manufactured homesWhy it Matters
Age of the homeOlder homes may not meet current building codes, and lenders may require additional inspections or repairs before approving financing.
Condition of the homeDamage to the home’s structure or foundation could affect the value and make it less attractive to lenders.
LocationA moved manufactured home could be located in an area with different zoning laws or building codes, making it harder to obtain financing.

Overall, financing a moved manufactured home may come with additional hurdles, but it is not impossible. It’s crucial to shop around for lenders and research their specific requirements for relocated homes. Working with a knowledgeable lender and being prepared with all the necessary documentation can make the financing process smoother and increase the chances of approval.

What to Look Out for When Considering Financing a Moved Manufactured Home

Financing for manufactured homes that have been moved can be a bit complicated. There are several things you need to look out for when considering financing a moved manufactured home. Below are some of the crucial points you should consider:

  • Home Inspection: Before considering any financing options, ensure that you have a thorough home inspection done. The inspection should cover the condition of the home, including its systems, foundation, and all the moving parts. It’s essential to ensure that the home is in good condition and that there have been no significant damages during transportation.
  • Location: The location of the manufactured home is also an essential consideration. Some lenders are hesitant to finance a home that has been moved from its original site. Others have restrictions on distance. You will need to ensure that the home is in a suitable location that meets the lender’s requirements.
  • Title: The title of the home is equally crucial. Before considering financing, you will need to ensure that the title is valid and that it can be transferred to your name. Check with the relevant authorities to ensure that everything is in order regarding the title.

Moreover, you will need to consider the financing options available to you. Some lenders specialize in financing manufactured homes, including finance for homes that have been moved. Here are some of the financing options you can consider:

  • Personal loans: Personal loans can be a good option for financing a moved manufactured home. However, they can be more expensive than other types of financing. You may, therefore, want to consider this option only if you have exhausted all other options.
  • Chattel loans: Chattel loans are similar to a car loan, but instead of a vehicle, the loan is for a manufactured home. The home serves as collateral, and the loan is typically more expensive than a mortgage. Chattel loans can be a good option if you have a poor credit rating, as these loans are easier to qualify for.
  • Mortgages: Mortgages are a popular option for financing a manufactured home and are typically more affordable than other forms of financing. However, you will need to ensure that the home meets the lender’s requirements, and that you qualify for the mortgage based on your credit rating and income.

Finally, it’s essential to note that financing for a moved manufactured home can be more complicated than financing for a home that has been set up on a permanent foundation. You may, therefore, need to do more research, shop around for lenders, and be patient in the process.

Requirements for Financing a Moved Manufactured Home

Manufactured homes, sometimes called mobile homes, can be a great affordable housing option. However, financing a manufactured home that has been moved can be a bit more challenging than financing a new manufactured home. There are several requirements you need to meet to finance a moved manufactured home.

  • Foundation Certification: The home must be placed on a permanent foundation and have a foundation certification from a licensed engineer. The certification must state that the foundation meets HUD standards and the home is anchored properly.
  • Title Elimination: If the home has been moved more than once, all previous titles must be eliminated before financing can be obtained. This can be done by contacting the state agency that issues titles for manufactured homes.
  • Condition: The home must be in good condition, meaning it must meet HUD standards for safety and habitability. An inspection will be required before financing can be obtained.

Financing Options

Obtaining financing for a manufactured home that has been moved can be difficult, but it is not impossible. There are several options you can explore:

  • Chattel Loan: This is the most common type of financing for manufactured homes. It is a personal property loan, meaning the home is considered personal property. Chattel loans typically have higher interest rates and shorter repayment terms than traditional mortgages.
  • Traditional Mortgage: If the manufactured home has been permanently affixed to a foundation and legally classified as real estate, it may qualify for a traditional mortgage. These loans typically have lower interest rates and longer repayment terms than chattel loans.
  • FHA Title I Loan: This type of loan is specifically designed for manufactured homes. It can be used to purchase or refinance a manufactured home, and may be easier to obtain than a traditional mortgage.

Manufactured Home Appraisal

Before any financing can be obtained for a moved manufactured home, an appraisal will be required. The appraiser will visit the property and evaluate the condition of the home, the condition of the foundation, and any additions or improvements that have been made to the home. The appraisal will help determine the value of the home and ensure that the loan amount does not exceed its value.

ItemDescription
ConditionThe appraiser will evaluate the overall condition of the home, including any damage or repairs needed.
FoundationThe appraiser will evaluate the condition of the foundation and ensure it meets HUD standards.
Additions/ImprovementsIf any additions or improvements have been made to the home, the appraiser will evaluate their quality and value.

It is important to note that the appraisal process can take longer for a moved manufactured home, as the home and foundation will need to be evaluated separately.

Financing options for a moved manufactured home

Manufactured homes are built off-site and, thus, are often more affordable than traditional site-built homes. However, you may face some financing hurdles if you’re looking to finance a manufactured home that has been moved from its original location. Here are some financing options.

  • Personal loans: This kind of loan might be a good option for you if you have a solid credit score and a reliable income. Personal loans are typically unsecured loans, meaning you don’t put up any collateral. However, since a manufactured home on land can be considered real estate, you may be able to find a lender that offers you better rates and terms if you pledge the home as collateral for the loan.
  • Home equity loans: If you’re a homeowner and have built up equity in your property, a home equity loan may be a good option for financing your manufactured home. However, keep in mind that you’ll have to have enough equity in your home to qualify for the loan.
  • Chattel mortgages: Chattel mortgages are specifically designed for manufactured homes that are not affixed to a permanent foundation. With this type of loan, the lender will place a lien on the manufactured home, and you’ll have to make monthly payments on the loan, similar to a car loan. Chattel mortgages usually have a higher interest rate than traditional mortgages, and the loan terms may be shorter, typically 15 or 20 years.

If you’re having trouble securing financing for a moved manufactured home, you may want to consider hiring a licensed contractor to permanently affix your manufactured home to a foundation. Doing so may make it eligible for traditional mortgage financing options, which often have more favorable rates and terms.

Keep in mind that financing options for a moved manufactured home might be limited, and that you may end up paying higher interest rates or putting up collateral to secure financing. Make sure to do your research and find a reputable lender that offers reasonable rates and terms.

The Importance of a Property Inspection Before Financing a Moved Manufactured Home

Before financing a moved manufactured home, it is crucial to conduct a thorough property inspection. This helps to ensure that the home is structurally sound and meets all the necessary safety requirements. Below are some of the reasons why you should always inspect a moved manufactured home before financing it.

  • To detect any structural damage: Moving a manufactured home can cause structural damage such as cracks in the walls or foundation. These damages can be costly to repair if not detected early.
  • To ensure proper installation: Checking that the home is installed correctly is crucial in preventing future damage that may occur due to improper installation. This includes checking that the home is level, has proper foundation support, and is secured to the ground.
  • To uncover any hidden issues: An inspection can also reveal hidden issues such as plumbing or electrical problems that may not be visible to the naked eye. Identifying these issues early can save you from costly repairs in the future.

It is essential to hire a professional inspector with experience in inspecting manufactured homes. Some things that a professional inspector may check include:

Roofing: The inspector should check the roofing for any signs of damage such as cracks, leaks, or rust. They should also examine the gutters and downspouts for any clogs or damage.

Heating and cooling systems: The inspector should check the heating and cooling system to ensure they are working correctly.

Plumbing: The inspector should check the plumbing system for any leaks, blockages, or damaged pipes. They should also test the water pressure and drainage systems.

Electrical systems: The inspector should check the electrical system to ensure it is up to code and functioning correctly.

Inspection Checklist:Action Needed:
RoofingCheck for cracks, leaks, or rust. Examine gutters and downspouts for any clogs or damage.
Heating and Cooling SystemsEnsure that they are working correctly.
PlumbingCheck for leaks, blockages, or damaged pipes. Test the water pressure and drainage systems.
Electrical SystemsEnsure they are up to code and functioning correctly

After a thorough inspection, the inspector will provide you with a detailed report of their findings. Based on the report, you can make an informed decision on whether or not to finance the moved manufactured home.

In conclusion, a thorough property inspection is crucial before financing a moved manufactured home. It can help to detect any hidden issues, ensure proper installation, and prevent costly repairs in the future. Always hire a professional inspector with experience in inspecting manufactured homes for the best results.

Negotiating the price of a moved manufactured home

When purchasing a manufactured home that has been previously moved to a new location, negotiating the price can be a crucial step in ensuring that you are getting a fair deal. Below are some tips to help you navigate this process:

  • Do your research: Before negotiating, it is important to research the local housing market and compare prices of similar manufactured homes in the area. This can give you an idea of what a fair price range is and what to expect during negotiations.
  • Inspect the home: Make sure to have a professional inspection done to ensure that the home is in good condition and not in need of any major repairs. If there are issues found during the inspection, you can negotiate the price based on the cost of necessary repairs.
  • Bring up any concerns: If you have any concerns or reservations about the home during the inspection or negotiation process, make sure to voice them. This can give you leverage in negotiating the price or addressing any issues with the seller.

When negotiating the price, it is important to keep in mind that the cost of moving a manufactured home can be a significant factor. This cost can vary depending on the distance of the move, the size of the home, and any necessary permits or fees.

Below is a table outlining the average cost of moving a manufactured home:

Distance of MoveCost Range
Less than 50 miles$2,000 – $5,000
50-100 miles$5,000 – $8,000
More than 100 miles$8,000 – $15,000+

Keep these costs in mind when negotiating the price of a moved manufactured home, and make sure to factor them in when determining a fair price.

The Impact of Location on Financing a Moved Manufactured Home

When it comes to financing a manufactured home that has been moved, the location can play a significant role in the process. In some cases, the location can actually impact the ability to obtain financing altogether. Here are some key factors to consider:

  • Zoning Laws: Your ability to finance a moved manufactured home may be impacted by the zoning laws in your area. Some municipalities restrict the placement of manufactured homes, while others require adherence to certain standards or codes in order to qualify for financing.
  • Property Values: The appraisal value of the property where the manufactured home will be located can also impact financing options. If the property is in an area with low property values, lenders may be less willing to provide financing or may offer less favorable terms.
  • Foundation Requirements: In order to qualify for financing, a manufactured home may need to be placed on a permanent foundation that meets certain standards. Depending on the location, the cost of building this foundation could impact the overall financing package.

Overall, the location of a moved manufactured home can have a significant impact on the financing process. It is important to research any zoning laws or building codes in the area, as well as carefully consider the property values and potential foundation requirements.

Examples of Zoning Laws Impacting Financing

In some areas, zoning laws may prohibit the placement of manufactured homes altogether. In other areas, additional regulations and standards must be met in order to qualify for financing. For example, some municipalities require manufactured homes to be placed on lots with specific setbacks from property lines or require a certain number of trees on the property. In addition, some areas require manufactured homes to have a certain number of square feet of living space or to meet specific insulation or energy efficiency standards.

The Impact of Property Values on Financing

The appraisal value of the property where a manufactured home will be located can impact financing options in a number of ways. If the property is in an area with low property values, lenders may be less willing to provide financing or may require additional collateral or down payments. In addition, the appraisal value can impact the interest rate and terms of any financing package offered. For this reason, it is important to research property values in the area before pursuing financing.

Foundation Requirements and Financing

Depending on the location of the moved manufactured home, specific foundation requirements may need to be met in order to qualify for financing. Some lenders may require a permanent foundation, while others may accept other types of foundations or support structures. However, the cost of building a permanent foundation can be significant, and may impact the overall financing package. It is important to research any foundation requirements in the area, as well as the cost of building a foundation, before pursuing financing.

LocationZoning LawsProperty ValuesFoundation Requirements
Rural AreaNo restrictions on manufactured homesLow property valuesMay not require permanent foundation
Suburban AreaMust meet specific regulations and standardsHigher property valuesMay require a permanent foundation
Urban AreaMay prohibit placement of manufactured homesHigh property valuesAlmost always requires a permanent foundation

As shown in the table above, the impact of location on financing a moved manufactured home can vary significantly depending on the specific area. It is important to understand any zoning laws, property values, and foundation requirements in the area before pursuing financing.

Can You Finance a Manufactured Home That Has Been Moved?

If you’re thinking about financing a manufactured home that has been moved, you probably have several questions in mind. To help you get started, we have compiled a list of frequently asked questions about financing a manufactured home that has been moved. Here are some of the most frequent questions:

1. Can I get a loan for a manufactured home that has been moved more than once?

Yes, you can still get a loan for a manufactured home that has been moved more than once. However, lenders may have different requirements or restrictions when financing a home that has been moved multiple times.

2. What if the property where my home is located is not owned by me?

This may impact your ability to finance the home. However, there may be options available to you, such as leasing the land or working out some other arrangement with the owner.

3. Will my manufactured home need to be permanently affixed to the land to get financing?

In many cases, yes. Lenders may require your manufactured home to be permanently affixed to the land to qualify for financing. This can be achieved through various methods, such as installing a foundation or anchoring system.

4. Are there any special requirements for financing a used manufactured home?

Lenders may have slightly different requirements for a used manufactured home as opposed to a new one. Some things to consider may include the age and condition of the home, as well as any previous moves or repairs.

5. How much can I expect to put down for a down payment?

This can vary depending on the lender and your specific situation. However, typically, lenders may require a down payment of around 5% to 20% of the home’s purchase price.

6. Do I need to have land to finance a manufactured home?

No, you do not necessarily need to own land to finance a manufactured home. You may be able to lease land or find other creative solutions to make financing possible.

7. Can getting financing for a manufactured home help improve my credit score?

Yes, if you make timely payments on your loan, it can help improve your credit score over time.

Closing Thoughts

We hope this list has helped to answer some of your questions about financing a manufactured home that has been moved. Remember, each situation is unique, so it’s essential to speak with a lender to learn about your specific options. Thanks for reading, and we invite you to visit again soon for other helpful articles and resources.