Financing in Sonora>Question Details

Marlin And C…, Home Buyer in Sonora, CA

A retired couple living now in an "upside down" home. Good credit score/credit. Short sale not an option.

Asked by Marlin And Carol Mcvay, Sonora, CA Fri Jun 4, 2010

Is it possible to find a lender to assist us to purchase a manufactured home in Sonora Ca.under these unfortunate circumstances? We have never been late with our payments or missed any! We are now living in a town that is slowly going down hill as so many people have walked away from their homes. We are able to negotiate a dn payment and are quite able to make the loan payments on a newer manufactured home. Please advise if anyone is loaning on manufactured homes in the Sonora area.

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John & Janis Arendsen’s answer
I'm way late for this one but it just popped up on my radar so here goes anyway.

Please feel free to log onto our Trulia [http://www.trulia.com/blog/onthelevelcontractors/] or Active Rain blog [http://activerain.com/action/agents_secure/my_home] for more comprehensive information about the MH Industry.

Or you can check our our website and give us a call or drop us an email. We are RE Brokers, Manufactured Home Dealers and licensed, bonded and insured General Contractors and have been actively engaged in the MH Industry statewide for almost 3 decades.

We also do "Lonnie Deals"
0 votes Thank Flag Link Sat Feb 26, 2011
Hi Marlin/Carol,

So, I'm not sure whether you are planning to "strategically default" on your "upside down" home and let it go to foreclose, OR you are hoping to hold on to the property and rent it while you down size to a manufactured home.

If your intention is to "default" I HIGHLY recommend you speak with both a RE Attorney and a CPA to mitigate your legal and financial damage of doing so. Do not use word of mouth to make these decisions, nor should you follow the advice of Realtors on this forum for guidance on this subject matter.

If you will be holding on to the property and downsizing, you have additional options other than a manufactured home that might work better for you. These options come via the IRS's definition of what constitutes a "Qualified Home", as follows:

"For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities."
From: http://www.irs.gov/publications/p936/ar02.html#en_US_publink…

So, based on what you have shared ("a town that is slowly going downhill") it appears the area you live in is trending downwards. Perhaps a mobile home or house trailer would better meet your needs at the present time and allowing you to travel to other areas to hopefully enjoy your retirement more fully.

If you would like to post more details about your situation I might be able to identify other options.

Best, Steve
0 votes Thank Flag Link Fri Jun 4, 2010
Some clarification would help me answer this. Are you going to rent the house you are currently in? Why is a short sale not an option?

There are companies that specialize in loans on manufactured homes. Not all lenders do these loans. Be aware that you will pay a higher loan rate. 1% or more is common. Also, you may need as much as %50 down. Also, there are rents for the land that the home sits on. Have someone run the numbers and make sure this is best for you. Below are some companies that do manufactured loans. I have not used any of these companies. Generally mobile homes are not considered great investments for the purchaser or their heirs. I realize that may not be your goal. I just wanted to make sure you are aware of it. One more thing. Don't limit yourself to lenders in Sonoma.

Best Regards,

Eric Soderlund

http://www.mhloans.com/
http://www.hud.gov/offices/hsg/sfh/title/repair.cfm
https://www.21stmortgage.com/web/21stSite.nsf/index?OpenForm
0 votes Thank Flag Link Fri Jun 4, 2010
I understand your dilemma. This is common in many neighborhoods and the effects can be multiplied when it is a condo complex because of the close proximity of residences.

I would suggest contacting a mortgage banker because there is help out there, you just have to find.

Traditionally credit unions have been more lenient, however, banks do provide programs that may help as well.
0 votes Thank Flag Link Fri Jun 4, 2010
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