Understanding Financing for Manufactured Homes with Randy Vance of Premier Mortgage Resources
Karen Malanga: Hi, this is Karen Malanga. Welcome to House Talk. Today’s guest is Randy Vance with Premier Mortgage Resources.
What I love about Randy is he is one of the top mortgage brokers that we refer to our clients. And there are a lot of reasons, but most important is, he takes care of all the details. He actually can close things early.
Today, he wants to talk to us a little bit about manufactured home loans.
Randy Vance: Thanks for having me, Karen. That was a wonderful introduction.
Karen: You’re welcome. We love you.
Randy: So, I’m here to talk to you about manufactured home lending, the pros and the cons about it. And obviously, there’s quite a few people out there that are looking to get some properties, some land that may have a manufactured home on it.
A couple of things to keep in mind are you can’t buy a manufactured home if it was manufactured before June of 1976.
The reason why is because in June of 1976, they made quite a few different changes with HUD, and the guidelines of how these houses needed to be prepared.
Also, if the home has been moved from one location to another, that also disqualifies it for financing in most cases.
Karen: Even if it’s on a foundation?
Randy: Even if it’s on a foundation. There are several lenders out there that will finance a home that’s been moved more than once.
Karen: And that could be because it could be damaged during the move or tweaked or something weird is going on.
Randy: Correct! There’s no way to check its structural integrity after it’s been moved.
And a couple of other things to think about is, typically, with manufactured homes, there’s septic and a well, so that requires additional inspections. Any time anything is added to the manufactured home, such as a covered patio or a deck, anything that actually attaches to it, you have to have an engineer certify that it is structurally sound and built a code.
Karen: We have a lot of clients. Lately, we’ve had a rush. And I think it’s because of Oregon State University coming in. So I’ve had several parents calling trying to find homes for their students that are under $200,000 in Bend.
So, there are some areas like Romaine Village that have a plethora of listings, but a lot of them are pre-1972, and then others are after 1976. And those are always going to be a little bit more expensive, and that’s probably because they’re financeable.
Randy: Correct! And another thing to keep in mind is mobile home parks—we cannot offer financing on mobile home parks.
Karen: Because you don’t own the land?
Randy: Because you don’t own the land, correct. So that would be more of a private money type of lending situation.
Karen: Well, thank you. I look forward to having you help me with this one client in particular. Her name is Carrie, and she’s actually coming tomorrow. What she likes about some of our neighborhoods with manufactured homes is that they’re actually on a half-acre.
So you can have a greenhouse and all these other additional buildings. Yeah, I’m excited.
We’ll get you in touch with her.
Randy: I really appreciate it.
Karen: And Randy, how can people get a hold of you?
Randy: They can reach me at PMRMTG.com, just search for Randy Vance or you can call me on my cell phone, 541-280-8294.
Karen: Thank you, Randy.
Randy: Thank you for having me.