My mom and I are trying to find a house in Denver, but it’s just so expensive. My mom can barely afford $230k, and everything is over $300k. We’ve been looking at manufactured homes under $200k, but my mom thinks we need our own lot. I read that if it’s in a mobile park, we might be able to qualify. Can anyone clarify this for us?
Never buy a mobile home with lot rent.
It needs to be on land you own and secured to a fixed foundation to start with. There are additional hoops for manufactured housing.
Storm said:
It needs to be on land you own and secured to a fixed foundation to start with. There are additional hoops for manufactured housing.
Even if it’s already in a mobile park?
@Hart
Yes, conventional financing requires the land be owned by the borrower. There’s other types of financing for mobile homes in parks, but I’m not fluent in those. Maybe check with the park for details.
If you aren’t buying the land, you aren’t buying real estate. You’re just paying ‘land rent’ to the park for a spot.
If you can afford a lot and put your mobile home there, that’s your best bet. Lot rent can increase, and some people lose their homes because of it. Avoid those properties if you can.
Jonah said:
If you can afford a lot and put your mobile home there, that’s your best bet. Lot rent can increase, and some people lose their homes because of it. Avoid those properties if you can.
Thanks for the heads up! I’ll definitely keep that in mind.