Buying A second home

Yes you can finanance a manufacured home as a second home. There are a few things to consider that are unique to mobile/manufactured home 2nd home financing:

Occupancy/Park Approval: Some people purchase a 2nd home thinking they can rent it out as a short term rental to cover some of the expenses. Generally mobile home parks don’t allow rentals of any sort so that becomes a problem. In addition lenders don’t finance mobile homes for use as rental properties. The use must be as a principle or secondary residence.

Downpayment: Primary residences can be purchased with as little as 5% downpayment, purchasing a second home requires a minimum of 20% downpayment.

Location: The location of the home has to make sense as a second home. You generally will not get loan approval for purchasing a 2nd home in the same town as your primary home. Homes located in resort areas are acceptable. Or if there is a work/family reason to have a 2nd home in an area that is also acceptable. But each case will be individually reviewed and if the lender feels your reason for purchasing is to set up an income property it will likely be denied.

Thank you and contact us with your questions.