Home Buying in Lake Forest>Question Details

Nola, Home Buyer in Lake Forest, CA

How can I get pre-aprrove for buying a mobile home?

Asked by Nola, Lake Forest, CA Sun Aug 1, 2010

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Nola:

There are two types of mobile home purchases.
1. Mobile home in a mobile home park. You buy the unit and then pay a monthly space rent or land lease.
2. Mobile home permanently affixed to land which is owned fee simple. In other words, you buy the land and the mobile home together.

Each of these methods requires different financing, and therefore a different loan approval.
Type 1 - The title transfer for these homes is handled through the Department of Housing and Community Development. You will not get a grant deed, only a title certificate. There are lenders who specialize in lending on this type of property. One, in the Orange County area is Santiago Financial. You would contact them and they would pre-qualify you for the purchase based on your credit and income. There will be some requirements that the mobile home will have to meet (such as year it was built), but they will be able to give you more information about that.
Type 2 - Title transfers through a Grant Deed. You would get a manufactured home loan through a regular lender (ie MetLife, Chase, B of A, Wells Fargo, etc.). Not all lenders do these, so you might have to shop around. There is even an FHA program, requiring only a low down payment, for this type of purchase.

Your buyer's agent should be able to help you find the right kind of financing for the type of mobile home you are buying. If you do not have a buyer's agent, I can refer a great agent in Orange County who specialized in mobile homes. Just let me know if you need the referral and Dare to Dream.

Shel-lee Davis, CDPE, SFR, QSC
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
1 vote Thank Flag Link Mon Aug 2, 2010
Just call your loan officer and be sure to let them know you need a loan for a mobile home. If it is on a permanent foundation- just know that depending on the type of loan you get you may have to pay for a foundation cert to show that the foundation is in good condition. This can be done during escrow.

Best of luck!

Jesse Madison
Madison Realty
0 votes Thank Flag Link Thu Sep 9, 2010
In most cases purchasing a mobile home is the same as purchasing an automobile. If the mobile home can be moved it is rare to be able to get a mortgage on it. However, if it is built on location and especially if the land is purchased with the prefabricated home you may be able to get a mortgage. If it has wheels it is most ikely not going to get a mortgage. Talk to your bank and see what loans are available for mobile home purchases. I doubt it would be a mortgage.
0 votes Thank Flag Link Sun Aug 1, 2010
Getting approved for a mobile home is the same as purchasing any property. Just get in touch with a loan officer and they will be able to help you. :) I love working with the Miller Team @Prospect Mortgage. They really go the extra mile for my clients! Jonathan has reall made a diference. Good luck on your home buying... so exciting,
0 votes Thank Flag Link Sun Aug 1, 2010
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