Mobile / Manufactured Homes
There are two types of loan programs for Mobile and Manufactured Homes. In the case of a purchase, this can be for an existing home on land, or for the purchase of a new mobile or manufacture home from a dealer and the simultaneous purchase of the land for it to be placed on. The other type of loan is a refinance of an existing mobile or manufactured home already on land.
In the case of a purchase, the new loan would include the purchase of the land and the cost to purchase the new mobile or manufactured home, including the costs to permanently install it on the land.
A key factor with all mobile home loans is whether or not the title to the mobile home (the trailer) has been eliminated
and in that process is converted into real property. This process can be complicated and time consuming. Typically during the process of "title elimination", the mobile home is permanently secured to the property by removing any wheels and anchoring it to a permanent foundation. In the case of a manufactured home, it is generally pre-fabricated and assembled on site on a permanent foundation.
Infinity Capital Mortgage offers a variety of Mobile and Manufactured home loans for purchase and refinance transactions. We also have loan programs for borrowers seeking to purchase only the trailer and not the land and instead place the mobile home in a park on leased or rented property.
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