1) Can I get a loan for a manufactured home in a park?
Yes you can. Not many major banks do these types of loans but there are other banks that do. Most loans for manufactured homes need a credit score of 630 or higher, but there are some that will consider a lower score with a higher down payment. Many banks want at least 10% down. Other considerations will include income, debt to income, bankruptcy, etc. These are all normal factors in a bank loan.
2) Are there restrictions as far as animals?
Absolutely. 95% of parks will not allow you to have large dogs or other pets. Most parks have a 25lb. limit, some only 15-20lbs. Many will not allow more than 2 pets, but some allow for more.
3) Is there anything included in the space rent?
Parks have moved away from perks like water, sewer, cable, etc. Most space rents are just that…you are paying for the space. All utilities are extra. Some parks still have a perk or two included but the direction is not to include these things.
4) Are there requirements to move into a park?
Yes there are. You must be approved by the park. You usually have to pass a background check. Some will check your income. They will ask you how many people will be living with you, how many cars you have, how many pets you have and their size, etc.
5) Can a park expel me once I am in the park?
Yes they can if you do not follow the rules and regulations of the park. This protects everyone else from the bad guys that may have sneaked in somehow by lying to the park.
6) Why should I buy a manufactured home in a park?
There are many reasons. It is so much better to live in your own home than an apartment. You don’t have to hear unwanted noises and you yourself can enjoy your own home. You are not throwing all your money away on rent, but are buying the home so about half of your money is buying an asset. You have exterior space for yard, garden, storage shed, etc.
7) Is there ever private financing without a bank?
Yes, sometimes Best Buy will finance and carry a contract on a home but the down payment has to be very substantial.
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