Home Buying in Santa Cruz>Question Details

cjhawaii08, Home Buyer in Santa Cruz, CA

can i finance a mobile home in a park with a down payment?

Asked by cjhawaii08, Santa Cruz, CA Mon Aug 13, 2012

Help the community by answering this question:


In some cases you can, but the lenders who do these types of loans have different offerings and required downpayment depending on your credit and also on the age of the unit, park as well if it is co-op owned. There are only a few banks that offer this type of financing. BayFed Creidt Union, Great Western Bank, Murphy Bank and a few mortgage brokers in Santa Cruz are the resources. Before you make an offer you should research you lending options and get pre-approved to purchase and make sure you share the age of home and park with your lender if they will lend in the park you are interested in buying.
1 vote Thank Flag Link Mon Aug 13, 2012
Yes you can. Call Angie at Bay Federal Credit Union. 831-479-6000
0 votes Thank Flag Link Wed Aug 15, 2012
Is this park/community a rent/lease or resident owned park. If resident owned and the home was built before June 15, 1976 there are FHA lenders who will give you a fully amortized 30 year mortgage if the home is on a foundation. If in a rent lease community as Bobbie has stated it can be more difficult albeit doable.

0 votes Thank Flag Link Tue Aug 14, 2012
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