Mobile Home Insurance & Mortgage Questions

[Oklahomabassin]

I am looking at buying a property that is land with double wide that has been bricked and a 2 car garage attached. The property also has a nice barn.

Questions:
Are loans tough to get for mobile homes that have been made permanent?

Will homeowners insurance be similar?

 

[RichardA76]

I had a few mobiles a while back.

Permanent makes both loan and insurance far more simple. My insurance didnt want to cover at all unless we made it permanent.

 

[RustyW]

I and my sister have both been through something similar. I bought a 24x48 mobile home & 11 acres in 2000. I borrowed the $$ from my local bank. They had a company they worked with that provided insurance on the loan incase something went wrong, tornado blew it away etc. In 2009 we had a storm come through & blow over some trees, one of which landed on the roof. Called the bank, told them what happened. They sent an adjuster out & took some pics, a few weeks later I get a check in the mail to get the roof fixed. About 4-5 months later I get a letter saying they have dropped me. I start shopping for insurance and nobody will insure the place because there is no ser# on the frame anywhere to be found. I remodeled it when I bought it, new sheetrock, ceiling, floors, cabinets, the works, never paid attention to a ser#. It is rocked around the bottom in place of underpinning, no axles under it and no tongue's to be found. A few company's have been out to look at it but no ser#, no insurance.
My sister has a double wide and about 7acres that is around 15 years old. She moved out of the country & back to town. It is vinyl sided and underpinned. She has tried to sell it for about 4-5 years but the banks will not loan $$ on it since it's over 10 years old. She has insurance on it & it's now rental property... a whole nuther subject.

 

[RichardA76]

Yep....they just do not want to do a thing on them any more.

On a side note....where is your sisters place that she rents out Rusty?