Buying Land And Putting A Manufactured Home On It
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When searching for land, you can find vacant lots in remote or secluded locations, in conventional neighborhoods, or in manufactured home communities. If you intend to buy a piece of land in a remote or secluded location, you might need to bring utilities to your property. This will lead to extra costs and may delay home installation and setup. Purchasing a vacant lot in a community run by an HOA means that you need to follow a series of rules that may apply to home maintenance, any additions or updates you want to make, and landscaping.
A manufactured home, often called a mobile home, is built in a factory and moved to a permanent location. Buying a manufactured home is sometimes more complex than purchasing a regular home. Learn more about financing a manufactured home.
Unlike manufactured homes, modular homes are not usually sold through a dealer. Instead, as is also common with site-built homes, a general contractor or builder has already completed construction before the house is put on the market.
The average cost per square foot for a new manufactured home in the United States is $72.21 as of 2021, according to data from the U.S. Census Bureau. However, manufactured home costs vary by location and size of the home, so expect to find a broad range in prices.
500 with 10% downVaries by lenderNo minimumMust be titled as real property and/or affixed to the landConventional loansMany private lenders offer manufactured home loans, including financing a manufactured home with land. However, in most cases, to qualify for a manufactured home mortgage you must place the home on a permanent foundation and title it as real estate property. Here are some options for conventional loans on manufactured homes.
You can buy a manufactured home with a loan insured by the Federal Housing Administration (FHA). These loans are available to finance the purchase of a manufactured home only, a lot only or both at once. In addition, you can use an FHA manufactured home loan for a home installed on a leased lot. Terms range from 15 to 25 years.
Loans backed by the U.S. Department of Veterans Affairs (VA) provide financing options to military service members, veterans and surviving spouses. VA loans for manufactured homes require that the homes be attached to a permanent foundation on land owned by the borrower or a manufactured home and land together. The home must qualify as real property.
Low- to moderate-income homebuyers in rural areas who want to finance a manufactured home, or a home and lot, may qualify for a USDA Single Family Housing Guaranteed Loan. These loans offer flexible qualification requirements including no minimum down payment and no minimum credit score.
Difficult resale. Manufactured homes are not easy to resell, and can pose especially expensive challenges if you want to sell only the home while keeping the land. It will likely cost thousands of dollars to move a manufactured home to a new site.
Buying a manufactured home includes a different process than purchasing traditional real estate. The exact method will vary by state, so contact the Manufactured Housing Association for information on regulations, permits and the process of buying a manufactured home in your state.
Zoning ordinances designate certain areas for residential purposes. And your new home will need to meet the size, shape, height, and other requirements of your local zoning board. Your home salesperson can help determine if your home checks all of the boxes for a piece of land.
A manufactured home can be set in two places. You can put your manufactured home on vacant land that you own or that you purchase or in a manufactured home park. Many people like the idea of vacant land because it affords them more privacy and requires less interaction with neighbors.
One might think, can I put a mobile home in my backyard and be done with it? Placing your mobile home on your land allows you the freedom of homeownership without spending as much as you would fo