In our park, no home has a foundation, however a prospective tenant wants to put one in then bring a home in, basically to be able to get a regular home loan instead of a chattel loan.
Kinda odd to me to have just one home with a foundation, but IDK.
Tips?
The issue I see is that a conventional loan on a home on a permanent foundation includes the land, and you own the land. So are they anticipating putting a mortgage on your land? If so, it is a non-starter.
mPark points out a problem you will face. Here is a “possible” work around.
You can have the park/space subdivided so each lot is it’s own Parcel. They can then permanently affix the home to the land and still rent the land. Their lender will want a long term lease from you. The lease has to be longer than the financing period. IE if they want a 30 yr mortgage you have to give them a 40 year lease.
There is a park near me that has done this, it’s very unusual, but it’s possible. It will also be expensive and likely not worth the effort.
This is the park. The owner of the land wanted to build a MHP but the County of San Diego said “good luck” so she essentially made a Fake park. She subdivided the land and rented out each parcel and put MH’s on them. She sold the MHs gave long term leases etc. Very ingenius way to get around the permitting issue.
https://www.zillow.com/homedetails/15935-Spring-Oaks-Rd-SPACE-115-El-Cajon-CA-92021/82938995_zpid/
