Mobile home question

[thevampy1]

Recently I notice a mobile home at Whispering Pines for sale on one of the WW realty websites.  It was gone before I could get much info on it.  The realtor mentioned to me that when mobile homes go on sale in WW, they are a cash only purchase.  I was curious as to whether anyone out there might know why that would be.  I know that they are considered personal property, and not a home, so that the loans most offered for mobile homes are personal loans, and they are at a higher rate, comparable to a car loan. Just curious is anyone knew about this.
Thanks!

[Bobbie_Dooley39]

I think I remember being told the banks won't finance anything older than 1974.

It's probably because people who buy old modile homes have stacks of cash sitting around.

[thevampy1]

Hee hee!  It made me think something was fishy.  My family thinks they want to avoid an inspection, which is a part of a mortgage.  But I told them that you don't get a mortgage for a mobile home, just  personal property loan.

[DesertRat]

If it's on a permanent foundation and comes with land you can get a mortgage for it. Of course that's for manufactured homes, not sure what you mean by mobile home. I think it has to be newer than 1979 now. I changes every year.

Most the homes in Phelan are manufactured but come with at least 2.5 acres. We got a mortgage for ours.

[kew]

I believe the dividing date was 1982 (not really sure). Our Mobile Home (in Phelan) was built and sold in 1979 and is licensed by the DMV. My parents put a Mobile Home on their property (in Phelan) that was built and sold  in 1983. It is considered Real Property and is taxed like any other house. Any mobile sold today, regardless of age, must be on a permanent foundation and taxed as Real Property.

[thevampy1]

Thanks for all of the info.  I am sure that Whispering Pines homes are on a permanent foundation, but because it's in a park, you don't own the land.  ??  I know that there are plenty of great manufactured homes where you do own the land.  Seems like a much better idea!