Modular home on permanent foundation

[Allen L.]

Hi all,

I have come across a few listings on the MLS where it says "modular home on permanent foundation". Just wondering if anyone has insights into these properties? My understanding is that modular homes, well taken care of, lasts approx. 40 years. So I'm wondering what's the point of putting it on a permanent foundation, any benefit of modular home on permanent foundation vs not permanent, and also in terms of maintaining the property and replacing capex, is it more like a SFH or more like a mobile home, or somewhere in between?

Thanks

[Jason Wray]

Allen,

The reason you are seeing it advertised as "On a permanent Foundation"  is because the seller or agent knows they will get a ton of people asking if it on a permanent foundation.  Reason is banks and lenders will not touch a mobile/manufactured/modular unless it is on a permanent foundation.  Which generally means that it is off the axle and on cement pillars with concrete skirtings and depending on what state hurricane strap down/tie downs.  It's really a bank-finance question along with finding out if its on a rented lot or in a Co-Op development.

For lending purposes we will not touch it unless its a Double wide built after June/1976 and on a perm/foundation with tie downs.