Posted on: 25th Jul, 2009 01:28 pm
I am currently looking at purchasing what I would classify as a modular home. The home is in an 0ver 55 park. The home owner owns only the home; the land is owned by the park. Rent, including utilities, is paid to the park.
The home itself has a wooden exterior; inside, the walls are like those of a stick built home. When people move from the park the houses are sold not moved.
Also, I'd like to know what types of loans would be available as a 62 year old single woman as a first time home buyer.
Thank you.
The home itself has a wooden exterior; inside, the walls are like those of a stick built home. When people move from the park the houses are sold not moved.
Also, I'd like to know what types of loans would be available as a 62 year old single woman as a first time home buyer.
Thank you.
Welcome kclws,
Mobile homes, also known as static caravans are homes built in factories. They are taken to the place where they will be occupied. A tractor-trailer is used to carry them over to the sites where they will be placed. Manufactured houses, similar to mobile homes are built in a factory and conform to a Federal building code which is also known as the HUD code. These houses are built on a non-removable steel chassis.
As you've mentioned that you are 62 years old, you can go for a reverse mortgage. In my opinion, this would a better loan option for you compared to other conventional or FHA loans. This is a type of home loan which will provide you with a tax-free income either in installments or in lump sum.
Mobile homes, also known as static caravans are homes built in factories. They are taken to the place where they will be occupied. A tractor-trailer is used to carry them over to the sites where they will be placed. Manufactured houses, similar to mobile homes are built in a factory and conform to a Federal building code which is also known as the HUD code. These houses are built on a non-removable steel chassis.
As you've mentioned that you are 62 years old, you can go for a reverse mortgage. In my opinion, this would a better loan option for you compared to other conventional or FHA loans. This is a type of home loan which will provide you with a tax-free income either in installments or in lump sum.