Meet with a Local Mortgage Banker in person to get prequalified for mortgage financing. Thorough Prequalification includes a credit report AND review of tax returns, paystubs and bank statements. You definitely want to work with an experienced Mortgage Loan Originator, someone with at least 15 years experience and you definitely want to meet in person. IF that MLO does not ask you for all the documents I listed above, move on to the next MLO. A thorough prequalification is similar to an underwriting review of your qualifications.
Put together your Team of real estate professionals and shop 'til you drop!
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Unfortunately, one must play by their rules.....have you considered exploring other standard lending sources? If you continue to get the same answer from them....then you might want to consider "owner financing or lease options"
Well, most people start with the mortgage lender, or a loan officer they are familiar with. If you contact your financial institution, they should be able to put you in touch with a loan officer. However, I would suggest a Mortgage Lender who can shop loans for you. A normal credit requirement of 620-640 is usually required to be eligible for a home loan. Try to make sure their are no Outstanding Judgements on your report, as they will probably make you ineligible. Good Luck with the process, and if you have any questions I'd be happy to help.... more
The price, location and condition are major factors to consider. If the location is in a premier manufactured home community that will not be a problem. Clearview and Solstice communities ensure the highest standards, stricktest principals, quality homes and integrity. The price can be analyzed by comparables that may not be available on MLS or to Realtors since they are in private communities. There is also a NADA guide that can be a good start. There is little depreciation in good markets and great communities like Sky Harbor, Calla Pointe, or Parkside Village.The condition is then your only variable. We can use mobile home inspectors that can ease you mind on that. If you need any further help I would love to help you. Thank you, Dean Purpura 818.9847... more
Calla Pointe is an upscale mobile home community. You will be leasing the lot and own the home. You will see the advantages with leasing the lot by analyzing lot rents vs. taxes, town services vs. community services, and easy exceptional living with outstanding values. Cheektowaga even allows for their STAR Program. So you really are a homeowner that deserves the best which we pride ourselves on our Good Neighbor Pledge. Some of the homes do have handicap ramps, handles, and shower access stalls. I look forward to helping you further if you have any more questions.
There are many reasons not to list rental fees. Each home may have different rates based upon its location. It is also a great opporutnity to discuss what lot rent is and what it includes. Some lot rents even our reduced by the persons eligibility for Cheektowaga STAR Tax Program. So it is not always a set amount. You will able to see the advantages between communities not just by lot rent.
Was there a particular home or community you were interested in?
I look forward to helping you further.
Why not simply consider working with an agent of your own, he/she can provide suitable listings, any necessary information, schedule showings, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more
I will reasearch for you. I may be able to get you in touch with banks to help you as well. You may need help getting a loan amount as well that works for you, with interest rates low and with the right real estate agent finding you a great home for the price thats works for you. (your dream home is out there just get the right professionals on your side. THEN LET THEM KNOW WHAT IT IS YOU NEED? Agents get paid by the seller and we will make sure your dreams comes true.... more
As all the others have stated....4 units or less will qualify for owner-occupant financing. Best bet (if you are not a veteran) is probably an FHA loan...typically a 3.5% down payment and you can get the seller to pay most, if not all, of the closing costs.
You may need less funds than you think for down payment and closing costs. There are tools available to minimize these requirements as much as possible. And dealing with a local mortgage professional is always your best option and I would be happy to help today!... more