Home Buying in Temecula>Question Details

Sandy, Home Buyer in Temecula, CA

How hard is it to get a loan on a mobile/manufactured home? Does it matter if it is in a park?

Asked by Sandy, Temecula, CA Mon Apr 25, 2011

Help the community by answering this question:

Answers

6
There are still mortgage programs for manufactured (NOT modular) homes. What is available depends upon the foundation, home's age and width. The choice of lender narrows if the home is on a leased lot and the title has not been surrendered to affix it as real estate.

If you are seeking financing for a mobile home then there are many lenders who would finance that as personal property but not as real estate. There is one I know of that may finance the home in a park versus it being on its own land.
0 votes Thank Flag Link Mon May 16, 2011
I have a lender who does mostly manufactured
0 votes Thank Flag Link Tue Apr 26, 2011
Hello Sandy, there are lenders that will be able to help with financing a manufactured home. I don't know of any lenders that will be able to finance a mobile/manufactured on leased land. I'm sure there are some lenders that will be able to lend on a home in a park, I just don't know of any.

All the best!

Ryan
0 votes Thank Flag Link Mon Apr 25, 2011
Hi Sandy,

Yes it is a bit more difficult. Not only are interest rates higher than in a conventional loan you will need a larger down payment and the rental of the space will affect your ability to qualify. There are also fewer companies that will be able to help you with this loan. Do some research and find lenders that specialize in mobile home loans.

Make sure that this is the best choice for you. Personally, I believe that mobile homes are a good option when trying to buy in an area that you simply can not afford to be in otherwise. There are certainly more reasons but I just want you to research all your options. The rental fee for the spot can be steep and you will never own the land if it is in a park. Unless you own the land, it may actually be cheaper to buy a condo or Single Family Home. Contact a Realtor and have them do some leg work for you. If it is simply a life choice, then great, move forward with a loan company that can assist you. Best of luck to you.

Best Regards,

Eric Soderlund
0 votes Thank Flag Link Mon Apr 25, 2011
Hi Sandy. My name is Ricki. I know of a lender that might be able to help you. I have the number on my office computer. If you would like to contact me tomorrow I can get you the number.
Thanks, Ricki
0 votes Thank Flag Link Mon Apr 25, 2011
Yes it matters; if you don't own the land it's on, it will be more difficult. Your best bet will be with Land Home Financial's mobile/Manufactured division.

Here's the link: https://www.land-home.net/
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Apr 25, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer