Posted by JT-IN on March 29, 2008 at 14:53:33:
In Reply to: Just curious posted by Rich-CA on March 28, 2008 at 21:40:45:
Rich:
Once you build the foundation and afix a manuf home to it, you can retire the title, and it is all considered realty, no longer real and personal... There used to be no distinction between them from a financing standpoint, but with the more stringent standards that may not be the case. Although I am currently selling one that is a 2000 model dbl wide, was permanently afixed the fnd when it was new... and I am now selling it via FHA. So it meets their standards, had to get a fnd insp to make certain it is all attached properly, etc...
I have heard in the past 2 yrs that some lenders are still lending on them but wanting a shorter amort on manf homes... kind of makes sense, but that isn't a factor in my current deal with FHA.
Retiring a title is done thru the auditor/treasurer and then it is taxed as one, just as any other stick built house. Not that uncommon and your courthouse / bldg dept can walk thru it.
JT-IN