Are Traditional Home Loans Available To Buyers Of Mobile Homes In Sarasota Florida?

With the increased prices in real estate running wild throughout the country we are now starting to see the dramatic rise in mobile home prices throughout the Sarasota Florida area as well.

With the rise in mobile home prices starting to emerge in the Sarasota Florida region some Buyers are just now starting to get priced out of buying in this hot mobile home market.

We, here at The Mobile Home Dealer specialize in selling one product, mobile homes on leased land within mobile home parks.

When a Buyer buys a mobile that is located on leased land then, in the state of Florida, they are technically buying personal property and not real property as the Buyer does not own the land that their home sits on.

This is type of purchase is viewed as and taxed as the same way a vehicle is purchased in Florida.

The reason why this is important to note is that, when buying a mobile home on leased land, many traditional loan avenues are not available to the would be Buyer.

Most traditional lenders will loan on a mobile home if the mobile home that is being sold includes the land that the home sits on. The reason for this is because the lender can then justify that they are lending on real estate and not personal property.

When potential Buyers look for lending opportunities lenders may be shy about lending on mobile homes that do not have the land attached as the lender tends to think that the home can be picked up and moved at any point in time to any location the Buyer wants to take this.

This, is simply not true.

The reason for this is that within the state of Florida a mobile home can only get permitted to be moved if the home is twenty years old or newer.

Most of the homes in the greater Sarasota Florida area are quite a bit older than this but the lender does not care, their rules are their rules.

So with much of the traditional funding routes dried up, how can a mobile home Buyer purchase a mobile home on leased land if they do not have the cash for the purchase?

The answer is simple, third party financing companies.

Currently, there are around three different companies who will lend on mobile homes that reside on leased land throughout the United States.

Most of them will require a certain amount as a down payment and a home inspection to be completed.

In our experience, most of these lenders will look to lend on mobile homes that are the year model 1976 or newer.

While most mobile home purchases that are on leased land are cash purchases it is important to know that the Buyer may have financing options through these outside lending companies in order to still be able to purchase their new mobile home in the Sarasota Florida area.

While we at The Mobile Home Dealer, are not loan brokers or any type of financing experts, we do suggest Buyers looking at this route should their cash budget not work in the rising mobile home buying market.

This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.

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