Financing with HUD Financing for Manufactured Homes?

[klhandler]

Has anyone ever tried to go down this road with financing? I have calculated that we could pay off our land, improvements and yurt in ten years and it would cost less per month than our rent. So we clearly have the capacity but do not have the lump $60K needed right now. Since yurts are temporary structures, why wouldn't they be classified with mobile homes??
It seems logical to me, but I've never heard anyone else mention it, so I'm assuming it's not possible.

According to HUD:
An Eligible Manufactured Home Must

• Meet the Model Manufactured Home Installation Standards.
• Carry a one-year manufacturer's warranty if the unit is new.
• Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

HUD Financing Manufactured (Mobile) Homes

 

[Jafo]

The one year manufacturers warranty thing might be hard though. I don't think any of them have that in writing except for the roofs..

 

[klhandler]

The one year manufacturers warranty thing might be hard though. I don't think any of them have that in writing except for the roofs..

Cliff from Colorado Yurts said they carry an 8 year warranty. Whether that be the fabric exclusively, I am not sure. I emailed the HUD Albany Field Office and will post any reply for others looking. It seems logical that a yurt and mobile home would be classified the same way. Why wouldn't financing for one work for the other?
But, of course, no one seems to have done it successfully, so I doubt the feasibility. But I will let you guys know.

 

[Bob Rowlands]

Your 'typical' loan officer is gonna see a yurt for exactly what it is: a fabric covered tent. Mobile homes since the 80's have been built like rancher tract houses. Huge difference between the two in terms of longevity.