Are you thinking of buying a mobile home? There are several things that you need to consider before you start looking for a home to buy. There are currently about 17.7 million Americans living in mobile homes. According to Reonomy, these people make up about 5.6% of the American population. Here are some things that you may need to know before you buy a mobile home.

What Exactly is a Mobile Home?

Before diving into the specifics of mobile homes, you may need to understand what a mobile home is. These are houses built off-site by a manufacturer. The homes are then transported to a property. A mobile home is also known as a manufactured home or trailer. The homes usually come in two types. The first type is a single-wide, long, narrow, and typically compact design. The second is double-wide, and it has twice as much space as the single-wide, which makes it a bit more like a traditional single-family home.

Mobile Homes Have Limited Financing Options

If you are planning to get a mortgage on your mobile home, there are several things that you need to know. The first is that banks don't classify mobile homes under real estate. Instead, they are considered personal property. This means that if you need the bank's help, you will likely need to apply for some sort of loan. These can be Chattel Loans, FHA Loans, VA Loans, construction/land home loans, etc. If you want your mobile home to be considered real estate, you will need to ensure that it's permanently attached to a foundation. Regardless of where you get your financing, your lender will still require that your home meets U.S. Department of Housing and Urban Development (HUD) requirements.

Land Options for Your Home

When it comes to where to place your home, there are multiple options. You can either buy a mobile home in a park, or you can purchase land to put your home on, that's if you don't have land already. Most people just assume that mobile homes stay permanently in mobile home parks. The home's foundation can be piers or a slab as well but the mobile home does not need to be affixed to the property. While it's possible to buy a mobile home and the land it sits on, in most instances, you can order a home from a manufacturer then place it in a park.

These are some of the things you need to know before you purchase a mobile home. As long as you are well informed, you will finish your home buying process without a lot of inconveniences. If you need help acquiring a mobile home, get in touch with us today.