Many first time buyers are finding that manufactured homes have come down to prices that make for the perfect first time home. With FHA and Oregon Bond lending available these homes are perfect for growing families and first time home buyers. However there are a few manufactured homes out there that are not on the original parcel of land they started on, this is often referred to as “remarried”. Up until recently this was not an issue, today however finding financing for these has gone by the wayside for now.
When an manufactured home is placed on a parcel of land it is moved from the factory or lot to the parcel of land and set with a set of guidelines. When a home is moved from one lot to another it generally (in the case of a double or triple wide) has to be split, moved and reset. More often than not the movers of the home are professionals, but because the home has been moved the lender’s concern is that it is not done to manufacturers guidelines and that the collateral may be damaged. If there is damage the lender is not protected and neither is the new home owner.
If a beam is twisted or broken in the move it may not show for a period of time. Lenders are finding this to be an issue and are refusing to consider lending on these homes. One easy way to tell if the home you are dreaming of has been “remarried” (moved by taking the home apart and putting it back together in a new location) is to look at the permits, are the permits newer than the home? If so, chances are it was moved from one location to another.