Is a mobile home on a rented lot considered real estate?
Manufactured Homes January 16th, 2010We have a USDA Rural Developement loan and are about to close, but I’ve read where a person cannot own any other real estate at closing when going USDA. Will owning this mobile home get us in trouble?
We own this home, and each year we have to buy a sticker like one for a motor vehicle. This trailer sits on dirt/clay and it’s in a all ages mobile home park.
January 16th, 2010 at 1:03 am
It is personal property (thus you received a title to show ownership not a deed). In some states you may affix the home to a permanent foundation and surrender the title in a process to convert to real property.
January 16th, 2010 at 1:03 am
Depends.
Is it owned outright or financed?
Is it on foundation?
Mobile homes can be considered realty or pesonalty, personal property.
January 16th, 2010 at 1:03 am
No its personal property.