Not too often are manufactured homes purchased due to inexperienced Listing Agents, Buyer Agents and Loan Originators. I would like to share with you the process of purchasing a manufactured home.
Most lenders will not finance a manufactured home through FHA if it is more then 20 years old, below flood plain or not have a permenant foundation.
The first step when listing a manufactured home is the listing agent should obtain the Title Policy. If a Title Policy can not be found, then the seller should go to the Department of Motor Vehicles and obtain one. He/She should also find the Vehicle Identification Number Tag. This number may be located in a closet of the manufactured home.
If the manufactured home is located in a flood zone, an elevation certificate will be required. The elevation is from the grade, (dirt) not the bottom of the first floor like stick built home requirements. Also, the manufactured home must be above flood plain in order to qualify for FHA.
The lender will also require that the manufactured home have a permenant foundation. This means it can not have the wheels. This certification can be obtained through a structural engineer.
If your manufactured home is more then 20 years old a lender will lend with 20% down and most likely keep the financing in-house.