The Real Estate Browser Volume 8, Issue 17 | Page 22

22 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 8 Number 17 www.LynchburgRealEstateBrowser.com Buying a Manufactured Home? We’ve Got You Covered! By Sherry Brady, Branch Manager, Summit Mortgage Corporation If you’re looking to buy, or refinance, a manufactured home, you might find that you financing options are limited, or at the very least, they are harder to find. At Summit Mortgage, we can’t provide financing for a singlewide, but if you’re buying a doublewide, we have lots of financing options for you! What is a manufactured home? Manufactured homes are produced entirely off-site in a factory environment, and then brought to the building site in one or more pieces. It can be a single unit, also called a singlewide, or multiple pieces which can be joined together to create a multi-wide home. In our area, the most common multi- wide version is a doublewide, but it is possible to have three or more sections joined together to make a larger home. How does buying a manufactured doublewide home differ from buying a stick-built home? For starters, not all lenders will lend on manufactured homes. Summit will. Secondly, there are some additional inspections and verifications that must be done, which are not required on stick built homes. These inspections make the closing costs a bit higher, but are necessary to ensure your home is safe. In addition to a standard appraisal, the lender requires an Engineered Foundation Inspection, verification of HUD Tags and Data Plate, and verification that the original title that was issued by DMV when the home was con- structed and transported to site, has been surren- dered to DMV and the title has been converted to real property. The Engineered Foundation Inspection veri- fies that when the home was brought to site and set on it’s basement or on piers, that it was done according to HUD specifications and that the original hitch and wheel assemblies have been removed. Most homes in our area pass this inspection, but if there’s a problem, the engineer doing the inspection can advise what would be required to correct it. The HUD Tags, which are small metal plates found on the outside of the home, need to be verified by the appraiser. As does the Data Plate, which is a piece of paper typically glued on the wall in the water heater closet or inside a kitchen cabinet. This paper has the original manufactur- ing data on it such as year of manufacture, make, model, wind zone and serial number. If either the HUD Tags or the Data Plate are missing, we can have the information verified in most cases by a third party, at an additional cost. Summit offers several financing options manufactured multi-wide homes: VHDA, FHA, Conventional and VA, and we can finance them for a purchase or if you wish to refinance the home you already own. Obtaining a mortgage loan these days can be a tricky – especially if you’re buy- ing a manufactured home – but at Summit Mortgage Corporation, we’re ready to guide you through the process. Go online to www. LynchburgLender.com or call us at 434-237- 1027 to speak to one of our highly qualified and experienced team members to start your Summit Experience today! Summit Mortgage Corporation NMLS #1041, nmlsconsumeraccess.org, Equal Housing Opportunity.