Mfg homes as real property

[Chris Grisel]

One of the benefits of a modular home is that is can get financed as real estate, or real property. The banks look at them the same as a stick-built home. I understand that some new rules apply to financing and that Freddie Mac has established. The come in two parts. First, if the home is affixed to the land and the term of the loan is at least five years longer than the term of the home loan, it qualifies as a real property loan, not are personal property loan. This means the rate should be a real estate rate, not a chattel rate. Next, in January 2004, Utah passed a law that says if the home is affixed and the loan is five years longer than the term of the home loan, then it is real property.

I want to get real property interest rates on my manufactured home. These programs and laws are designed to do that. I can't find a lender in southern Utah that knows anything about it. How to I get help?

[rmurray]

All states now have a system to retire your title and include you home on your real property deed..The process is usually handled by the mortgage closing attorney or title company closing the loan....Check with the lender section of this web site and ask for a quote on mortgage finance...There are many lenders nationwide..Mortgage rates are very low now...although they are higher now than 6 months ago..