There are a surprisingly large number of “manufactured homes” in almost all areas. These are not to be confused with “mobile homes” that are not on a fixed foundation. Manufactured homes are homes that were constructed off-site in some manner but are now on a fixed/permanent foundation on a piece of land.
Both Fannie Mae and FHA will finance manufactured homes, but the caveat is that the appraiser must provide anywhere from one to three manufactured home comparable sales (depending on the lender). This is often a deal-killer, as such comparable sales, within a reasonable distance and closing time, are often too difficult to find or unavailable altogether.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646
