MH home as a vacation home

[Ralph]

Randy,

I have begun reading your book for a second time and have a question or two about purchasing a mobile home as a vacation home. Most of what you write pretains to a purchase as being your primary residense. Are there other financing options available? I am planning to purchase a single-wide and am looking at this purchase as if it was another automobile. Am I incorrect in my thinking?

I have already purchased the land out-right and now need to determine how much trailer I can afford to determine how much up-grades I
can get.

Also,

Brands such as Fuqua and Commodore that you recommend do not seem to manufacture single wides. Do you have a list of preferable single-wide manufacturers?

Thanks!

[Randy Eaton]

Hello Ralph,

Basically there are two different types of loans available for manufactured homebuyers. The first is called a Home Only loan and the other is called a Land/Home loan or new construction loan. If you don't want to tie up the property a home only package is best. You are correct in your thinking a home only package is considered personal property like a car. If you do a land/home package then you have "real property." The choice is yours, land/home package has a better interest rate but you tie up your vacation property. A home only loan has a higher interest rate but you don't tie up the property. Hope this helps, have a Merry Christmas.

Randy Eaton