of any material value.
Mobile Homes: Once again, you’d think mobile homes would be easy, but nope. Mobile and manufactured homes present more complexity in obtaining a mortgage loan because a mobile/ manufactured home will depreciate in value so much faster than a traditional home. This makes the underwriter’s job more difficult as there are a lot more items to check off on the list than there would be for a traditional home. The age of a mobile home is probably the biggest factor in a mobile home mortgage. If the home is old, outdated, or in poor condition, the lender may not approve the loan. Lenders have various requirements for how old a mobile home can be before the loan will automatically be rejected. Another factor the underwriter will review is whether the home qualifies as real property and not as personal property. Personal property is viewed more in line with a vehicle loan and lenders will not provide home mortgage loans on vehicles. A borrower may instead get a loan on the property that a mobile home may be located on (see the previous section on vacant lots). How the home is titled will often determine a mortgage loan on manufactured housing. Of course, the more substantial the home, the more likely to be considered for a mortgage. Finally, if the property is in a flood zone, it’s going to be much more difficult to get approved for a loan, if any lender will approve at all. That all being said, there are loan programs for mobile and manufactured home with Fannie Mae, Freddie Mac, FHA, VA, and USDA. There are more requirements and steps to loan approval than there would be for a traditional home.
In most cases when it comes to mobile home mortgages, the
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