Financing in Palm Desert>Question Details

Maxie7933, Home Buyer in Palm Desert, CA

to claify we want to buy a mobile home and so far most lenders say no to mobile homes this is for a winter home and will be as cheap as possible

Asked by Maxie7933, Palm Desert, CA Tue Jan 17, 2012

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18
Your other option is to look fr a mh offering seller financing.
1 vote Thank Flag Link Tue Jan 17, 2012
Are you buying inside or outside of a park? If in, ask management if there are lenders they suggest. There are few mh lenders and the rates are about 4 times a regular sfh rate and won't lend on homes over 20-25 years old.
1 vote Thank Flag Link Tue Jan 17, 2012
I have answered this before, but, I have several lenders who loan on the type home you are interested in. I do not know which park you are interested in, but if you will, please send me additional info and I will provide some additonal help and steer you to the right lenders.
0 votes Thank Flag Link Sat Sep 22, 2012
Sheryl Arndt: If you ever need someone to work with on securing a 433a or engineered cert and/or installing or repairing a foudation system you should contact us. We're a San Diego based company but we offer our servcies Nationwide. In fact we're in Palm Desert as I write on several projects. Check out our websites and feel free to contact us anytime. onthelevel@cox.net or 760 815-6977

http://www.onthelevelcontractors.com
0 votes Thank Flag Link Sat Sep 22, 2012
I have manufactured on permanent foundation loans...

http://www.FrankandSheryl.com
http://www.Under640FicoScoreLoans.com
http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sat Sep 22, 2012
I believe I addressed this the other day. There are lenders who will loan and I have several who will loan in this park. We have several units available in Indian Springs MHP in souh Palm Desert. Its a lovely park and well maintained.
Please bring me up on Trulia or my website www,.doylerealtygroup.com and or look at our local MLS.
There are other parks who have some nice homes, but just remember, we do have some lenders.

Let me know more and I will put you in touch with some now.

Thanks!
0 votes Thank Flag Link Tue Aug 28, 2012
If the home is in a resident owned park and was built after June 15, 1976 you could possibly get a conventional fully amortized loan. However, because it's not your primary residence you will not qualify for an FHA/VA loan.

If it's in a rent/lease community as others have stated it's more difficult to find a lender but they are out there. You will more than likely pay a higher interest rate and DP, however. Might your efine cheap?
0 votes Thank Flag Link Tue Aug 28, 2012
If you are still interested in buying, I have several lenders who will finance I need more information in order to assist you, but, I cover the entire desert and have some great listings for you to consider.

Let me know if I can help you and be assurred, this is not hype. I have the lenders for you.

Michael
0 votes Thank Flag Link Mon Aug 27, 2012
Lots of good answers here but only one real solution. Give us a call. We are not going to try to sell you anything because we don't do sales in the Palm Desert area. We only service it for the broker/agent/dealer that does. We can connect you with the most reliable and knowledgeable RE & MH professionals in that area.
0 votes Thank Flag Link Mon Jul 30, 2012
Yes, you are correct. Whether its in a park where you own your home and lease the land or even where you own both, unless the home is totally affexed to the land.
But, not to worry. There are lenders out there and while just a few, we can get you approved providing your credit is at least OK.
Best approach is contact someone like my self and get pre-approved and then begin your search for the right home. We have a some lovely homes in Indian Springs MHP on Hwy 74 in Palm Desert. Just depends on what your really want, can afford and location.
Let me know if I can assist you in any way?
Michael
0 votes Thank Flag Link Mon Jul 30, 2012
We certainly don't mind answering your questions, however, before you ever put down any money on a MH in a rent/lease park/community you will need to get accepted by the park management at which time they will disclose the space rent, utilities, all related fees and costs and disclose the rule and regulations. 



There are some other things you need to know about purchasing a manufactured home as well. If it's a pre HUD, built before June 15, 1976 there could be some issues with caustic and carcinogenic chemicals i.e. formaldahyde, asbestos, etc.

Additionally, trying to obtain financing for a Pre HUD home is very difficult. 

You also need to have the home thoroughly inspected by an experienced Manufactured Home inspector and not just any home inspector. There are several nuances about manufactured homes that an inexperienced MH inspector doesn't even know to addresss. 



Make sure they check the understructure (crawl space area) to see what kind of condition all the piers and pads are in and if the home is level. The also need to check for rips and tears in the vapor barrier (membrane seperating the ground from the floor and holding the insulation in place.



They also need to look for any signs of drainage issues i.e. standing water, soil erosion, gaping cracks in the soil, etc. Many parks/communities were built in flood plains and have an inherent problem with drainage issues which can lead to instability of the piers and pads and mold issues. 



Make sure that the home has a Housing and Community Development Department (HCD) approved Earthquake Resistant Bracing System (ERBS) in place as that area is in a zone 4 seismic area and manufacture homes are extremely vulnerable to earthquakes.



If you have any other questions or concerns please do not hesitate to contact us. Even though we do not service your area we would be more than happy to help you at no cost. We have been in the manufactured home business for almost 30 years and are a licensed general and manufactured home contractor, manufactured home dealer and developer and a real estate broker.

While we do not service the Palm Desert/Palm Springs area in the sales of Manufactured Homes we do have a very predominant presence throughout the entire desert region and interface with lenders and RE professionals throughout the area with the lending process.

In order to secure the required Housing and Community Development Department (HCD) 433a documentation and foundation repair, retrofitting and installation requirements for a "Resident Owned Manufactured Home" you will be required to obtain an "Engineered Certification" We provide these services.

Please feel free to visit our very user websites for further information:

http://www.mh-processing.com
http://www.onthelevelcontractors.com
0 votes Thank Flag Link Sun Jul 29, 2012
Hi Maxie. I have a mobile home for sale at The Colony, the most upscale park in Rancho Mirage. You can ask my realtor, Jim McIntyre, at Tarbell (760/898-2141) to show to you, or go to Realtor.com and type in asking price $75,000. Address is 14 International Blvd. Don't know your price range, but my furniture is for sale too. If you are a snowbird, this would be perfect for you. NO HOA fees (only $30.00 per year for membership). Also, my unit is DMV registered; i.e., no property taxes. We have a beautiful clubhouse, men & women's gym, pool, spas, library, close to shopping. Jim would be happy to show it to you - just contact him.
0 votes Thank Flag Link Sun Jul 29, 2012
Maxie: Following up on my response the other day to you. Have your questions been answered OK?
Please contact me at my emai michael@doylerealtygroup.com, as I can provide other answers to you. We do have lenders available for you and I will provide their contact info for you.

You are right, its difficult to get lenders to loan on these homes, but, there are still some out there. I have some very well priced homes available for you to view in a subdivision that will impress you.

Thanks and do get back to me, please?

Michael
0 votes Thank Flag Link Wed Jan 18, 2012
Maxie: I perhaps am assuming you are interested in purchasing a mfg home in Palm Desert, correct?
If that is true, I have 8 listings in one of the most beautiful subdivisions in all Palm Desert. High above the valley floor with absolutely beautiful views from some of the properties of the mountains and open spaces.
We have some very affordable homes and can also, if needed, provide lenders that will assist you in the financing of the property.
Please look at some of my listings on my website as well as Trulia. My website is http://www.doylerealtygroup.com.

I have other listings there as well so you might want to look thru them all. But the subdivision with the mfg homes that are affordable is called Indian Springs Mobil Home Park. We are located near the top of Hwy 74 across from Bighorn CC.

Please let me know how I may help you and all my listings are available for preview. I can also send you additional information on any listing as well as others in our valley.

Thanks and looking forward to hearing from you!

Michael
0 votes Thank Flag Link Tue Jan 17, 2012
You'll need a specialized mobile home lender. Most regular lenders won't touch mobile homes.

Michelle gave two excellent answers. (I recommend you give her "Best Answer.") Check with the park management if it's in a park. They'll know which lenders are active and possibilities. The other thing to do is look for owner financing. Lots of mobile home owners aren't willing to do owner financing (for whatever their reasons, they need the cash out). But some will.

Another option is to get another type of loan--a personal loan, for instance. If you've got decent credit and the home you're buying isn't too expensive, it might just make sense to get a personal loan for the purchase. You'll also likely get a much better price by offering all cash and a quick close. I've seen plenty of mobile and manufactured home owners come down 20%-30% or more with a quick all-cash offer.

Hope that helps.
0 votes Thank Flag Link Tue Jan 17, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
We work in lender relations nationwide and have a current list of all active MH lenders with respect to resident owned parks/developements. However, trying to find a chattel lender (used MH in a rental park) is quite difficult these days. If the home is older than a mid 1976 it's almost impossible.

We're a MH dealer, contractor and Real Estate broker so we can help you in anyway you wish to persue your search but we need more info.
0 votes Thank Flag Link Tue Jan 17, 2012
You need a mobile home lender. There aren't too many of those. One we have worked with only once or twice is Country Place Mortgage kbeickel@countryplacemortgage.com (928) 453-4000. They are based in AZ but are able to do loans in CA as well.
0 votes Thank Flag Link Tue Jan 17, 2012
Your question sounds like an answer to another question. Not knowng what that question was leaves me in the dark. However, there are a couple of ways to go. You can purchase a MH in a rental park or a resident owned park. "Cheap" therefore is a relative term. First I must know what your preference is before I can give you any information or advice.

There's lots of MH rental parks in the PD, PS and DHS area and you could probably pick a singlewide up for a few thousand bucks if that's what you're looking for.
0 votes Thank Flag Link Tue Jan 17, 2012
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