PERMANENT FOUNDATIONS

[LEVORNA]

HI,
I WAS WONDERING HOW MUCH IS IT TO PLACE AN EXISTING 'MANUFACTURED' HOME ON A PERMANENT FOUNDATION? THE HOME IS 2432 SQ. FT. I'M TRYING TO PURCHASE THIS HOME AND I LOVE IT BUT WE CAN'T GET 100% FINANCING UNLESS IT'S ON A PERMANENT FOUNDATION (SC).

[Tom]

It would be difficult for us to give you an estimate. What constitutes a permanent foundation varies from state to state, or your finance company may have stipulations of what is required. What you need to do is get the information on what type of foundation is needed and then start getting estimates. Tom

[Mark Bower]

My first question is why not approach another lender who doesn't require the home be on a permanent foundation -- like Green Tree.

If anyone has thought of building a wooden basement under their home, here's a great book. The book is so full of details that many cities use it as code.

Wooden Basement Book

Mark
You gotta see my repair manual!

[David Oxhandler]

One of the sponsors of this web site is FoundationWorks. Their advanced foundation systems were designed and engineered for manufactued homes. These foundation systems add a high level of strutural stability and have proven most cost-effective for the manufactured home, buyer. They offer free estimate on thier web site. Submit the form you will find at www.mobilehomefoundations.com There is no obligation and the expected time to fill out the form is about 3 min.

[rmurray]

The term "permanent foundation" means different things to different lenders...Worse yet..the loan originators themselves often do not know exactly what that means...

The 100% finance you mention leads me to believe you might be talking about FHA finance...The FHA does have a very extensive definition of the term...New FHA approved homes will have engineer designed and inspected foundations that require under the frost line poured footers with reinforcing bars...anchors in concrete..perimeter footers and block..wood or brick underpinning...Even the steps are probably different from those on a standard home...If the FHA is the type of finance you mention...an appraiser and/or FHA inspector will have to review the foundation...To retrofit an existing home would be costly...depending on what is there now..the cost can well be many thousands of dollars...maybe nearly $10,000...

For conventional finance..."permanent foundation" means very little..the home can even have vinyl skirting...set to the set up manuals requirement...no running gear on the home...home anchored to code...Almost all currently set homes would qualify....Talk to your originator...or find one who specializes in manufactured homes....ask a few local dealers for a referral to a lender who does all manufactured homes..

[rmurray]

Mark...you might notice these folks want 100% finance...Greentree no longer originates new loans...but there are still others...but they would all have substancial down payment requirements..

[Mick McJunkin]

Retrofit Foundations come in many shapes and sizes. One of the best is an insulated all weather wood foundation, designed to withstand the frost heaving in Alaska. Many states have approved similar versions of this.
I have installed over a dozen of these foundations and the price runs from 35$ to 55$ per lineal ft. The time frame to install is approximately 10 days. The end product is an extremely strong and insulated foundation that meets and exceeds most lender requirements.
Whichever foundation system you choose, the key is that now you can do a title elimination and convert your land home combination to real property.

Mick McJunkin

[Camilla]

Doe anyone know of a good broker or wholesaler who can order directly from the manufacturer rather than going to a modular home center at a substabtial discount?

[Royal Foust]

I have done them for as low as $3500 and upward to $6000

[rmurray]

Construction of modular homes is quite complicated...manfacturers might sell a broker a home...but the manufacturer will not do the site construction..foundation..final finish..All the most important part of the construction deal...

Most state require extensive licensing for general contractors...this would eliminate most brokers from consideration...but even if they could do the deal..would you really want them doing the deal...

Would you go to a veterinarian for brain surgery because his bill would be lower...I doubt it..