Mobile homes for sale in Grants Pass Oregon can be in a park or on land. If you own the land it is called fee simple. If you are renting the land, it is called leasehold.
Let’s start by clearing up a very common misconception. Manufactured homes and mobile homes are technically the same thing. If the home was delivered like a trailer, with axles and wheels, being towed behind a truck, it is a manufactured home. Mobile home is sometimes how people refer to a manufactured home that is older.
Modular homes are not the same thing. They are considered stick built (framed homes) and are delivered in pieces, with a lot of assembly required. A modular home is not a manufactured home. There are very different lending requirements on them.
If a home is modular, is is the same thing as a frame built home and there is no need to even mention it.
Manufactured homes are typically a less expensive home than a traditional framed home. If you plan on financing your purchase, there are specific lending guidelines that need to be considered. It is important that you speak with your loan officer and make sure that you know the restrictions before your search.
age of home
A home built prior to 1976 is a very tough home to finance. But some lenders will only finance homes that are newer than 15 years.
Most of the time, you have to have a little better credit score to qualify when purchasing a manufactured home with a loan.
Unless you are a Veteran, you will probably need to put a down payment on your manufactured home purchase. If you are a Veteran, there may be a program available to you for no down payment (100% financing)
Manufactured Homes In a Park
A mobile home park usually indicates that there is a community of manufactured / mobile homes that are in a single neighborhood. There is no minimum size or number of homes to qualify, it can be just a few homes or even hundreds. Very large parks will have thousands of homes in them.
When your home is in a park, you are likely going to be paying rent for the space it occupies. So when it comes time to buy, make sure the space rent is affordable in the long term. Depending on the amenities and the “niceness” of the park, you could end up paying several hundred dollars a month for rent.
Rents can go up, and do. Sometimes if the community needs upgrades, the rent will go up to cover them. An example might be if all the streets need to be re-paved. These are not public streets (usually), so the park members will have to pay for it.
Most parks will have restrictions on the size of the dog you can have, as well as how many. In senior parks, the limit is often 15 pounds. If your pet is part of the family, make sure you ask the park manager the restrictions before you buy.
Buying a home in a park changed the loan drastically. Instead of buying real estate, you are buying real property. In other words you are getting a car loan instead of a home loan. When speaking with your loan officer, be sure to be clear on your loan qualifications.
Manufactured home senior parks
Senior parks are communities that only allow persons of at least 50 years old to live in them. If you have a spouse that is younger that is OK. At least one of you must meet the minimum age requirement to live there.
All age manufactured home parks
Like it sounds, there are no age restrictions in these parks. There is not usually a notice of age requirements like on the senior parks, because it is open to everyone. Just make sure when you are looking, that there are no restrictions on the age of the occupants.
There are two ways to buy a manufactured home on land.
You own the land
When you purchase the land, you will not have to pay space rent. It is called property taxes. It is yours to do with as you please within the constraints of the law.
Rent the land.
You can find manufactured / mobile homes for sale in Grants Pass Oregon that are not in a park, but you rent the land. These are not overly common, but we do run across them once in a while.