With record low interest rates, so many home Buyers are looking to maximize their buying dollar by obtaining a low interest loan for their home mortage.
The question, though, that needs to be answered is; does a traditional home mortgage apply for a mobile home on leased land within the greater Sarasota Florida area?
Mobile homes on leased land in and around the greater Sarasota Florida are viewed as and taxed as personal property and not real property as the ownership of these homes come with a title and not a deed when purchasing them. If this sounds awfully like buying a car instead of buying a traditional home then you would be correct as mobile homes in Sarasota Florida are titled at the Department of Motor Vehicles.
With this understood it is safe to say that the loan process is not like traditional home loans in the state of Florida whatsoever.
The reason why loans on mobile homes that are located on leased land are so different is because many times lending institutions will think that the mobile home can be picked up and moved at anytime for whatever reason and thus will have a harder time funding mobile homes when they are on leased land.
Here, in the state of Florida, it is not allowed to move a mobile home off of leased land that is older than 20 years of age due to most counties in the state of Florida not providing permitting for the transportation companies to be able to be move a mobile home of that age.
Even though the average age of a mobile home in the Sarasota Florida area is well over 20 years old this does not mean that the traditional loan companies will see past that and provide a mortgage to a mobile home on leased land.
Oddly enough, this theory changes with many of these lending agencies if the mobile home on leased land includes not only the home but the land that the home sits on as well. The reason for this is because, in this situation, the mobile home and land attached will then qualify as real estate and not real property so the lending agencies will view this as property they would be more willing to loan on.
There are mobile home lending agencies who will lend on a mobile home in the greater Sarasota Florida area when it the mobile home is located on leased land. These lending companies are known as third party lenders and carry their own credit, down payment and interest rate requirements that may be different from the traditional banks who normally would loan on a traditional stick and brick home.
When looking at financing a mobile home located on leased land within the greater Sarasota Florida area every Buyer should understand the limitations that come when looking for financing a mobile home located in these parks.
By having a good idea of what is and what is not available for financing the Buyer will have a much better idea of where they need to be financially when looking to buy a mobile home in the Sarasota Florida area that is located within a land leased mobile home park.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.