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.