Doublewide Mobile Home Mortgage
According to the IRS, a “dwelling” is defined as a space that has a place to sleep, a place to cook and eat, and a toilet. An argument can be made that a place to clean up should be included but that is for another article on personal hygiene. Mobile homes and boats with a “galley” and a “head” can be considered dwellings unless they are only used on a transient basis. A van with a small chemical toilet and a hot plate is not considered a dwelling by the IRS.
To be eligible for a government-supported or standard mortgage, a mobile dwelling must occupy a minimum of 400 square feet, be on an approved foundation and be subject to real estate taxes. Doublewide mobile home mortgage meeting that criteria will certainly be eligible through AmeriSouth Mortgage Company serving North and South Carolina and Georgia.
AmeriSouth offers purchase loans and refinances loans and loan products like government-backed VA, FHA loan programs plus conventional non-government programs. They now offer programs to help folks with the purchase of manufactured homes including doublewides (sorry, the programs are not for single wide mobile homes).
Advantages of Doublewides
There are many reasons people choose to live in a doublewide mobile home. The obvious reason is that they are much less expensive than a fixed residence and, as the name implies, they are “portable”. Other advantages are:
- For retired people, there are age 55+ mobile home communities that offer quiet peaceful surroundings and a more stable population. People over age 55 can still “party hard” but they rarely engage in loud disruptive behavior that might occur in younger mobile home communities. Aside from the occasional grandkid visiting on a Sunday afternoon, having a street full of screaming children will not be the case in a 55+ community.
- Mobile home technology is moving at a fast pace to be more energy efficient using improved building materials and even solar panels. They are also quick to build compared to a wood frame house on a foundation.
- Mobile homes are considered personal property and not real estate so the manufacturer will offer warranties that protect you from a defective lighting or HVAC system.
There are drawbacks as well to living in a mobile home. Prepare for mandatory evacuations if a bad storm approaches and unlike a house, they will depreciate with age. Mobile homes are also not that easy to move and will require professionals to relocate it. Another drawback is that financing may be difficult to find.
Solutions from AmeriSouth
AmeriSouth offers loan solutions with the requirements for double wide mobile homes that are permanently attached to their foundations. This will require the owner to sign an affidavit that the unit has not been moved and is affixed, has been appraised by three manufactured home companies and has a certificate for the foundation. A purged title is also required.
The mobile home living is not for everyone, but it can be a perfect solution to those looking to downsize or those looking for a permanent vacation getaway the whole family can enjoy. For more information call AmeriSouth toll free at 800-849-2378 or 705-845-9400 and get a personalized doublewide mobile home mortgage for that house you have been dreaming of.