Profile picture for kisha423

regular homes vs mobile homes

What is the difference in loans and taxes, and is there really something wrong with buying a mobile home.
  • August 13 2009 - Mira Loma
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Answers (5)

Don't buy a "mobile" home.  Not in this market anyways.  You are so much better off with a regular home. 

Advantages
Appreciation
Finance ability
Sell ability
Privacy
Taxes

Usually, on a mobile home you buy the home and lease the space.  After you add the payments together it is approaching the cost of a cheap home in some areas of CA.

  • August 17 2009
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Profile picture for Mike Hart
The quality of construction is not as impressive with modular & mobile homes.  They use lightweight materials and just are not built as solidly as an onsite home.  Perhaps that is the reason for depreciation?  Anchoring to a permanant foudantion changes the status in some states, but that's not my area of expertise.  I just confirm for FHA that they are anchored to a permanant foundation when this type of inspection is requested.
  • August 17 2009
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Modular and mobile, even if attached to a solid foundation, say that they are modular/mobile on the title. We wanted to buy one, on a nice piece of land a few years ago, but we had to bring cash to the table above that limit.

I have been waiting for 'modular' definition to be updated according to fannie, etc., but it hasn't happened yet. I, too, think some of these homes are great, but the banks seem a bit behind the times.

A bit of interesting history... mobile homes that were burglarized were not considered burglary, until finally a case, years after mobile home parks became popular, finally found that mobile homes were 'homes'. lol
  • August 16 2009
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Mobile and modular homes have a top limit as to what fannie/freddie/hud will loan or guarantee to. Therefore, if you want to sell it above the top limit, it will take CASH.

So check your area and area limits. ONLY at the peak of the boom did I ever see these homes go above the top limit, but when the prices started to fall, they fell hard and fast.
  • August 13 2009
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Profile picture for sunnyview
I can't answer as to the difference in loans. You might want to ask the lenders on the mortgage board. They are very knowledgeable. As for taxes, many municipalities that I have seen tax mainly the land that a mobile home sits on and taxes the home itself fairly lightly in comparison to a stick built house if at all. There is nothing wrong with buying a mobile home, but you need to know that unlike a stick built home they generally do not appreciate over time. They have depreciation on them more like a car would. 

Modular homes are a little different than a mobile home. They are generally bolted to a foundation in one location and are built much better then a mobile home is in terms of insulation, quality of materials etc. Modulars sometimes have issues with insurance so check with an agent in your area before you buy to ask about those issues. If I had a choice between a mobile, modular or stick built home, I would choose the stick built mainly because they tend to appreciate better then the other two and are generally easier to sell when the time comes.
  • August 13 2009
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