What are the loan limitations on a manufactured home as an investment property?

Q: I purchased a home in Vail, Az, about a year ago, and I am looking into possibly purchasing a second home, possibly for an investment. I am looking at a manufactured home on an acre of land in Vail. I was wondering if you guys know the limitations on loans for this type of purchase. I have great credit, and can come up with a little down payment. The property that i am looking at is priced at $30,000. I have enough credit and income to substantiate a purchase of this amount, I just don’t know if I would be better off to talk to my credit union, or if there are other finance options for this type of purchase. Any info is greatly appreciated.

A: This is a great time to look into purchasing investment properties.  Unfortunately, financing is limited on manufactured housing.  Most programs in the mortgage lending arena will require that it be a primary residence.  There are always possible scenarios that may work.  With this detailed of a question, I’d recommend talking with a mortgage consultant.  Steve Oesterle, our Long Mortgage Consultant, at the Houghton SE location is the closest to this area and is always available for a no cost consultation.  Steve can be reached at 520-407-8686 or email stephen.m.oesterle@homesvclending.com.

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