The Manufactured Housing Forums

I am trying to buy a 5-acre lot with a well maintained, like new, 24 X 56, manufactured home built in 1976 on it. The property is located 27 miles inland from the coast on high and dry land with no chance of flooding under any circumstances in rural Manatee county Florida. My sales contract perches price for the property is for $235,000.00. and the property has appraised for $262,000.00. I have a lender willing to finance the perches however at this time they are asking for a full replacement value insurance policy on the home. The only coverage I have been able to find at this time is with citizens insurance for the cash value of the home. Any insurer leads or advice on how to solve this problem will be welcome. Thanks MS.

Talk to your lender. The major value of the real-estate is in the land itself and wont change regardless of what may happen to the home. If Citizens is willing to insure the full value of the home what else could get damaged?... There is an old saying in real-estate "You cant hurt the dirt" and no one insures trees. If your lender cant understand this you may want to seek a lender that specializes in manufactured housing mortgages. You can connect with a number of companies that are actively seeking to lend on manufactured housing properties and will understand your situation at ManufacturedHomeLender.com You may be surprised to see the variety of loan options available.