Manufactured home refi

Port St Lucie, FL · Member since 2023 · 4 posts · 1 vote

I'm trying to do a cash out refi on a manufactured home that I own free and clear. The appraisal clearly states that the home is on a permanent foundation but the lender says they won't do the loan because it is not on a permanent foundation. What gives?

Has anybody experienced this and can offer me some insight into what's going on here?

1 Reply

14 views

6 Replies

Jump to latestLatest

Sort by

Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
3y
Quote from @Carlos Lugo:

I'm trying to do a cash out refi on a manufactured home that I own free and clear. The appraisal clearly states that the home is on a permanent foundation but the lender says they won't do the loan because it is not on a permanent foundation. What gives?

Has anybody experienced this and can offer me some insight into what's going on here?

Hey Carlos,
What's their reasoning when you point it out on the Appraisal?
[email protected]818-269-7983
LuxePrivate Investments LLC 572 Reviews
Website View Page
0 Reply
Carlos Lugo
OP
Port St Lucie, FL · Member since 2023 · 4 posts · 1 vote
3y
Thanks for the reply Erik.

Before I saw the appraisal report I was told they won't lend if it's not on a permanent foundation. Once I saw the appraisal report I'm told "it’s not an actual concrete foundation."
Just feels like the story is changing as the process goes on. But I can accept if I'm just misunderstanding something.
0 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
Was the 433 A filed? That makes it permanent and inspected by county or city planning.
There are many types of foundations: pier, post, augers, blocks, concrete ... it's up to local code as to being permanent.
Before the appraiser came out you should provide the numbers/year/make/model in the tags, the date the 433A filed and have a copy of it, and perhaps a photo of what is underneath.
A manufactured built after 1976 meets higher code than one prior. Some lenders will only loan on doublewide on land you own. A few do single wide, and a few in a park.
The lender wasn't knowledgeable enough to tell you this before you provided your credit card?
0 Reply
Carlos Lugo
OP
Port St Lucie, FL · Member since 2023 · 4 posts · 1 vote
3y
Quote from @Caroline Gerardo:

Was the 433 A filed? That makes it permanent and inspected by county or city planning.
There are many types of foundations: pier, post, augers, blocks, concrete ... it's up to local code as to being permanent.
Before the appraiser came out you should provide the numbers/year/make/model in the tags, the date the 433A filed and have a copy of it, and perhaps a photo of what is underneath.
A manufactured built after 1976 meets higher code than one prior. Some lenders will only loan on doublewide on land you own. A few do single wide, and a few in a park.
The lender wasn't knowledgeable enough to tell you this before you provided your credit card?

Thank you Caroline. I'd never heard of a 433 A, is that applicable in Florida?

I had conversations with the loan officer about the foundation prior to paying for the appraisal. After some back and forth, we concluded that it is attached to a permanent foundation.

The appraiser did confirm some preliminary information with me before completing the report. I feel like the appraisal report confirmed the permanent foundation. It is clearly checked "yes" for the question "Is the manufactured home attached to a permanent foundation system?" I don't see any conflicting information.

This is why I'm confused now and seeking information from others who may have dealt with this before. The home was built well after 1976 (2007), it's a double wide, and the land is included.

I'll be calling the loan officer again tomorrow to hopefully get a better understanding of what's going on.
0 Reply
Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
It's the name of the permit process and passed inspection. You needed it on day one. Broward County and the City of Fort Lauderdale have the process online and keep the records. If there is no record it never passed inspection and no permit which is not uncommon. Also the tax bill may show as real estate Contact City Planning Fort Lauderdale first and get a copy:
Permit Solutions Team Permitsolutions at sign fortlauderdale.gov

you can lookup their phone number online BP won't let me post it - go to FT Lauderdale permits and look at the bottom for contact numbers. They answer phone 9-4

If there was no foundation permit you will need to file one, have drawings, pay the fee and file. If it wasn't done to code DO NOT call them, mums the word as they will then make you fix it. Send me photos of what is underneath and I can label the type and tell you if it will pass as is.

There are lenders who will do it without the permit but will cost more than a Fannie or Freddie loan.

0 Reply
Carlos Lugo
OP
Port St Lucie, FL · Member since 2023 · 4 posts · 1 vote
3y
Thank you for the information Caroline.
The property is actually in Palm Beach County, but I know where to look up permits. I don't see any reference to 433A but there is a permit (passed inspection) for the tiedowns from when it was installed. I suppose that's not exactly the same thing as an inspection of the foundation.
It is a block and pier foundation (also noted in the appraisal report). Do you recon this is the problem even though the report also indicates permanent foundation? There's no pictures of the underneath with the report (or at least none that I received).
I suppose my biggest question and gripe is how did they decide that it's not a permanent foundation when the appraisal report clearly states that it is.
This is a rental property and was always going through a private lender.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.