Protect Your Manufactured Home Investment

Purchasing a manufactured home can be a solid investment offering many benefits, including the potential for lower upfront costs compared to traditional homes, lower property taxes and maintenance costs, and the flexibility of being able to relocate a home if desired. Sun Communities' manufactured homes can be found in excellent locations, offer quality construction and affordability that adds to appreciation potential. Do your research and assess your financial goals before making investment decisions.

Financed manufactured homes require homeowner's insurance that protects the residence, owner and lender, but homeowner's insurance is strongly encouraged for any homeowner or renter. Policy coverage varies, and may include coverage for specified disasters or accidents, liability coverage that protects the homeowner from unexpected litigation, and personal property coverage on belongings inside the home. Some states also require flood insurance. Consult with Sun's insurance partner, Bright Insurance Agency, to assess your individual coverage needs.

Financing is definitely for manufactured homes, and is often referred to as a chattel loan, given the home is not financed with, nor tied, to the land it sits on. Financing will depend on the borrower's credit score, employment, the age of the home, and other factors that vary by lender. Researching options and comparing lenders is wise guidance toward finding the best financing solution. Contact a Sun Communities sales representative for our lender options and available rates.

FHA has a program that lets loan applicants obtain financing, but might require downpayments, proof of income and specified debt-to-income ratios permit the loan to meet FHA rules. Typically, this financing is not utilized for homes financed in communities, but the FHA website offers an informative loan guide and can provide additional information for those interested in this type of financing.

Manufactured homes often build equity over time if the residence is well-maintained and located in a sought-after city and/or neighborhood. The appreciation potential of a manufactured home is dependent upon numerous factors, including but not limited to quality of home construction, maintenance/upkeep, community appeal, and the location where the home is situated. Sun Communities suggests researching the market and consulting with professionals when making any home investment.