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13204 : Real Estate Advice

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Activity 4
Sat Jan 23, 2016
Kathy Burgreen answered:
The VA does not give mortgages for mobile or manufactured homes. A little education:

Mobile and manufactured homes are considered "personal property" - not real estate. If you buy or own the land or lot then it is considered real property or real estate and the VA will give a mortgage for the land only.
Real property or real estate is defined as purchasing the land + any building that is permanently attached to the land. Therefore since mobile and manufactured homes are not attached to the land, it is personal property and the VA will not accept it.

Another example is cooperative housing. I'm a former realtor in the NYC area and I learned from mortgage lenders that the VA will not finance cooperative housing because the buyer receives a certificate of shares to buy the coop unit - not a title or deed. Therefore without a title or deed, the VA does not accept it and the NYC area has million of coop buildings. The VA does accept condos because the buyer receives a title or deed to their condo.

Getting back to mobile homes, there are lenders that finance mobile homes but its not a regular mortgage lender. You need to go to www.mhvillage.com (manufactured home village) and contact lenders on that website. Beware that the value of mobile homes declines after you buy it. There is no equity and you do lose money.

A better solution for you would be to continue staying where you are and work on improving your credit. Cut down on your expenses, pay off outstanding debts and save as much money as possible. If necessary rent a cheaper place. Your goal is to get to 620 or better..
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Mon Nov 7, 2011
Tim Page answered:
I'm sorry about that. I'm really not in any situation to provide legal advise. I'm just an appraiser. But from the sounds of it, you may want to look into it. This is one reason why I recommend not paying all cash for a home when you first purchase it .This is because the bank doesn't care as much, because it was all of your money. It's best to have the bank on your side when things like this go South. Your attorney is your best bet. Try this website to learn more. http://www.epa.gov/mold/ ... more
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Sun Oct 9, 2011
Esther Zorn answered:
ACTIVE means that the property is available and has no contracts on it. That being said sometimes houses are seen on the internet with an ACTIVE label and yet when an agent goes to check , the house may in fact be under contract and not available. A good realtor always checks with the listing agent for their client to make sure the house is really available. ... more
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Wed Feb 16, 2011
Mary Seidel answered:
I am assuming since this question is dated 2008 that you have solved your problem. Should you need any other assistance I would be happy to answer another more current question. Thank you and have a nice day. ... more
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