Home Buying in 91741>Question Details

tacoshell250, Home Buyer in Glendora, CA

Interested in buying a mobile home

Asked by tacoshell250, Glendora, CA Wed Mar 6, 2013

Hey everyone,
My husband and I are interested in buying a mobile home but we are a little confused as far as the mortgage goes... do we pay the mortgage and the rent space? How much is it aprox.?

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Answers

5
Yes, you will have a mortgage on the mobile home as well as rent space typically. Rent space varies but in Glendora ranges from 700-1,000 a month maybe. Have you looked into buying a condo or smaller single family home instead? With interest rates so low, you may be able to have a payment on a regular home at close to the same price.
0 votes Thank Flag Link Thu Apr 24, 2014
It is difficult to find a mobile home on its own land near Glendora, CA. This being said, for the San Gabriel Valley you normally pay space/lot rent in addition to your mortgage, unless the rental amount is included in an account with your loan each month. You also have to make sure you are approved by the mobile home park management before buying a home in their park. Make sure you know all the rules of the park prior to buying your mobile home. There are several mobile home parks in which you cannot rent out your home. If you cannot sell the home you are still responsible for the lot/space rent which in the San Gabriel Valley area runs around $800.00 (+/-) per month depending on amenities.

I hope this helps, if I can be of assistance please call or email me. Best of luck!

(626) 869-7464
glendora-realtor.us
0 votes Thank Flag Link Wed May 29, 2013
First, understand that they haven't manufactured "Mobile Homes" since June 15, 1976. If you do purchase a PRE HUD home which is what a "Mobile Home" is then you will indeed have a problem trying to finance it and/or sell it unless it's in a very high demand area like a beach, mountain, lake, river, resort town or in the path of progress and high demand.

Subsequent to June 15, 1976 they have only manufactured "Manufactured and/or Modular Homes". Not "Mobile Homes". Manufactured homes are financeable with a few provisos. If the MH is located in a rent/lease park/community there are a limited number of chattel (personal property) lenders who can finance them. However, you will usually pay a higher interest rate and with a shorter payoff term often only up to 15 to 20 years.

If it's a "Manufactured Home" on private property i.e. a condo conversion or sub division where a once rent/least park/community converted to land ownership, thereby allowing a tenant to become a property owner and own the dirt below them, or a planned unit development (PUD) which was developed from it's inception as a resident owned community or lastly a MH on a private parcel you will find lenders who are willing to offer a fully amortized conventional 30 year loan.

But be careful with this type of purchase as "Manufactured Home" will only appraise out using other MH's as their comps. So should you purchase a MH on a private parcel surrounded by site built homes they could not be used as comps. The appraiser would have to seek comps from the nearest MH to the one you want to purchase which is often times in an MH park/community. I've seen many deals fall out due to this little glitch.

Finally, if it's a "Modular Home" even though it's built the same way as a HUD Manufactured Home and often even on the same assembly lines it is much easier to finance as appraisers can use any comparable site built home in the immediate area as a viable comp.

When you see RE professionals refer to a "Manufactured" and/or "Modular Home" as a "Mobile Home" or even worse a "Trailer" that's the first sign that that RE professional doesn't know anything about them and you should seek a professional who does.

Hope this helps.

http://www.onthelevelcontractors.com
http://www.mh-processing.com
0 votes Thank Flag Link Thu Mar 7, 2013
Tacoshell,
If you buy a mobile home in a park, you do pay a mortgage and space rental. The amount varies depending on the park the amenities it offers. A mortgage for a mobile home is not as readily available as a conventional mortgage. Rates are higher, terms are shorter and there are few lenders offering the loans. As a general rule, mobile homes, Manufactured homes, do not hold their values. Because they depreciate, lenders have to be very careful.
The main attraction of mobile homes is that they are inexpensive, but if you ever plan to sell it, be aware it may take a while and not be a very good investment.
I hope this was helpful.
0 votes Thank Flag Link Wed Mar 6, 2013
There is an agent in my office who specializes in mobile homes. I'm sure she could help you. Give me a call at 909-576-0695, and I'll connect you with her.
0 votes Thank Flag Link Wed Mar 6, 2013
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