Convert MH to Real Property

3 Replies

Hi, I am a new investor and looking to gather a bit of information about the conversion of mobile homes to FHA approvable properties. First I have looked up the requirements for the foundations on the FHA lending website but I was wondering if anyone has had any success with doing this before? What does the time line for such a project entail and what are some considerations to be aware of when doing such? Also, what is the typical pricing for such a project within the SouthEast region? I know this is dependent on a lot of factors but wanted to know anyones experiences. Any help is greatly appreciated.

Thanks,

Christine Tolbert

There's only a few, 2 that I know of lenders on mobile homes. Vangard ??? (VFM) and another. I don't want to say forget a FHA insured lender, but I believe it's a waste of time. Modular homes are still in a too risky asset class.

As far as converting a land deed + mobile home title (personal property) I know GA has a process for retiring the MH title so the home + land are now real property.  Just a filing fee of some nominal amount and some time.

@Curt Smith           I have a few more mobile home lenders.

21st Mortgage

Cascade

Community West

CRM Funding

LandHome

Manufactured Home Mortgage

@Christine

Don't do it.  I've seen several mobiles that were remodeled, had additions, and resided, yet they are still mobiles at heart.  The steel frame is a give away.

Mobiles and double wides are built to HUD standards

Stick built and modular are built to BOCA standards.

They are not the same and if you want a BOCA house, start with a BOCA house.

The last mobile that I had I offered people $2,000 to take it away.  I would PAY them, and it was a 1989 with pitched shingle roof and vinyl siding.  Nobody wanted it even with me giving them $2,000.

That should tell you something. 

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