I found a decent-looking manufactured home on a concrete slab nearby that I’m thinking about checking out. The purchase price would use most of my cash, and honestly, I know very little about manufactured homes. The main reason I’m interested is that it’s in a nice area and it’s SMALL, which is what I prefer. I’m curious if these homes are worth renovating and if it would add value. Also, would I be able to get a HELOC or construction loan for it? Any advice would be super helpful!
So, depending on the lender, funding for manufactured homes is usually capped at 65% of the value, compared to 80-85% for traditional homes. I had a manufactured home for 20 years, and this was a hurdle when I tried to get a HELOC.
My mom lives in a manufactured home in a 55+ community. She loves it! Moved there after my dad passed and has really enjoyed it. It’s about 40 years old but was renovated before she bought it, and it’s held up well through hurricanes.
Make sure it’s a HUD-type manufactured home. It should have tags with the HUD number. If it’s not compliant, financing could get tricky. Also, check for a foundation certification.
Thanks for the info, everyone! I’m going to check it out tomorrow. I’ll make sure to look for the things you all mentioned.