Manufactured Home Financing in Land Lease Communities
Finding the Right Manufactured Home Lender
You found the right community. There’s the perfect manufactured home or vacation cottage. You’re ready to buy.
Now it’s time to figure out the money.
Don’t let the term “modular home” or “mobile home” confuse you. Eligible homebuyers can finance prefabricated homes using many of the same loan options available for traditional site-built homes.
Your path to home ownership is within reach, and Cove Communities can help. Our dedicated home sales specialists partner with reputable finance institutions ready to make your dream a reality.
Ask your home sales specialists for recommendations if you’re looking to finance.
BUYER BENEFITS HOMES FOR SALE
Park Lane Finance
Specializes in home mortgages for manufactured housing and land lease communities. Get prequalified online to start your homebuying journey.
21st Mortgage
The nation’s top manufactured home lender. Apply online and try the payment estimator tool to calculate your potential monthly payment.
Credit Human
Offers competitive terms and loan amounts for eligible home buyers considering single or multi-section manufactured homes.
SouthState Bank
Tailors manufactured home loans to fit your needs, stage of life, and home type, from new to pre-owned homes.
Understanding Your Manufactured Home Loan Options
Homebuyers are not limited to the financial institutions above. However, it is important to pick a lender that specializes in manufactured home financing. These specialists walk you through everything from credit score, interest rates, and closing costs.
These specialized lenders offer loans unique to living in a manufactured home community, including:
- New home financing
- Pre-owned manufactured home financing
- Single-section (park model) or multi-section homes
- Primary residents and vacation/secondary homes
Loans are determined by a combination of factors, including, but not limited to, credit quality, age of home, collateral type, and amount to finance.
HOME BUYING TRENDS
Manufactured Home Community FAQs
Insurance rates vary depending on location, especially in Florida. There is specialized coverage for manufactured homes in Florida that differs from other states.
Florida home specialists can recommend local agencies:
Mobile homes built after 1976 have more coverage options. Manufactured homes built after 1976 are required to meet stricter building codes. Now, these homes are built in a factory to national standards administered by the U.S. Department of Housing and Urban Development (HUD). The stringent building codes make these homes sustainable to wind gusts of over 120 mph.
Individuals own the home or physical building in a land lease community, but not the land their home sits on. Instead, they rent the land by paying a monthly fee.
These monthly lot rent fees typically include a combination of utilities, yard maintenance, and access to community amenities.
Within Cove Communities, the lot rent rates vary by community location and when someone bought their home. What is included in this fee also varies by community. However, most communities offer resort amenities from aquatic centers to sports courts to live entertainment.
Please schedule a tour or contact a home sales specialist for specific lot rent rates and to better understand what’s included.
Cove Communities’ manufactured home communities offer Guaranteed Leases, which ensure that lease fees can only increase once per year at a maximum percentage outlined in the Community Prospectus.
In the State of Florida, each manufactured home community must register its Guaranteed Lease. This provides homeowners protection under Chapter 723.
Yes, in a leased land community, you pay a fee or lot rent to lease the land. As mentioned above, this fee covers resort-like amenities, activities, maintenance, and lifestyle offered.
However, Homeowner Association (HOA) fees are collected by communities that feature an association of homeowners who act as a watchdog on behalf of the residents.
Several Cove Communities do have active HOA boards. Fees are generally nominal and even optional. This varies by community. Current community HOA fees range from $15 to $65 per year. Contact your home sales specialist for details on HOAs, membership fees, and what is included before you buy.
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