mobile home financing vs. condo?

they both can be problematic.. MFH's are the first properties to depreciate when the market's going down and the last to appreciate when the market is going good.. they are harder to sell, harder to value, and inherently will always have condition issues because of the poor quality.. for this reason, very few lenders will lend on MFH's and for those that do, they will price the loan at a higher rate and could require a larger down payment.. for the very reason banks don't like MFH's is the very reason you should stay clear of them.. Cond's can be good or bad depending on where your looking.. Here in Phoenix, Cond's really never took off.. 15%-20% are good, the remainder are very difficult to finance.. I'm not sure what the condo market is like in NJ, but my guess is that it's probably better there then here in Phoenix.. FHA requires the project to be FHA approved.. if it is not approved, then it's unlikely the complex will take the necessary steps to be approved since most of the time they have to get lawyers involved and re write the CC&R's.. For conforming and FHA, the lender will ask the Condo project manager to fill out a condo questioner.. they want to know what the vacancy rate is, how many home are in foreclosure, how many paying units there are, how many owner occupied vs. investor/bank owned.. etc.. so depending on the answers, the project might or might not be approved.. but out of the two property types, I would not even consider the MFH.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mobile homes on land are considered the "black sheep" of the lending industry. The reasons include more rapid depreciation, higher foreclosure rate, and difficulty to obtain comparable sales for appraisal purposes. Remember to include the condo HOA monthly fee, when you budget for your mortgage payment.

Hi, what is the reason your only being qualified for a particular type of home. What areas are you looking in? Are you available for a call the afternoon around 5:00?(732) 474-8180

I like William's answer, neither are very good options but mobile homes are particularly difficult to finance. Other than your housing choices, and possibly the price range where you are limited, you should be a well qualified buyer with a good credit score and money to put down. You might consider a townhouses that is NOT a condominium, they are easier to finance. However, you'll be able to buy a significantly higher priced home than any condo or townhouse (in a PUD) because of the monthly regime or HOA dues which are counted as part of your DTI. Good luck!

Hi Christian, The financing options for mobile homes are slim. They have title not deeds which mean they will depreciate in value so finding a lender will be difficult. Your chances are much better with a condo. I am a lender here in New Jersey. Why don't you give me a call?732 606 6264