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Financing in Beaumont : Real Estate Advice

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  • Home Buying28
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Activity 3
Mon Nov 15, 2010
Toni Anderson answered:
Congratulations on both your upcoming Marriage and re-establishing your credit score after a bankruptcy!
I would suggest you continue to work on your credit score until you can raise it to the 620-640 range as this will afford you a better chance at a low down payment loan such as an FHA , with a first time home buyer assistance program. There are several available in the Riverside County area that you could potentially qualify for.
As for Buying with your fiance', Please consult with an Attorney and a good leander as to the potential liabilities, both positive and negative that could come from buying a home together. On one hand, her credit score could help you , and on the other, you wouldn't qualify for the First time homebuyer progam as she is already considered a Homeowner. Please keep in mind that most FHA and Firtst time homebuyer programs will not lend on a Manufactured home unless strict guidelines are met.
Please feel free to contact me if I can assist you in anyway. I specialize in First time Homebuyers with over 23 years experience and have dealt extensively in Manufactured Housing in the Beaumont area.
ToniAnderson@Tarbell.com
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Wed Sep 1, 2010
Toni Anderson answered:
If the manufactured home is affixed to a permanant foundation it is considered real property, if not it is considered personal property like a motor vehicle. Banks look at the difference when it comes to financing the two different catagories. There are several very nice retirement parks in the Beaumont area. Some with permanant foundations, some without. Of course there is a difference in pricing when there is land involved in the purchase as well as a difference in taxation. One major variable to consider is if it is in a park and you pay a lot space fee, the fee can be raised just like rent. Those manufactured homes on a permanant lot may be a little higher in price, but overall the Homeowners association fees will run less on a monthly basis, and you would have a easier time finding fianancing at a better rate. If you have questions about a specific park or area, please feel free to contact me as I am familiar with the Beaumont area, and would be happy to assist and guide you through the ins and outs of manufactured homes.

ToniAnderson@Tarbell.com
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Sat Sep 12, 2009
Grace Hudson answered:
Hello Glenn,
Well the answer to your question varies. Normally you don't have to be 55 to buy in a senior community as long as your not living there. Also it will depend on the HOA and if they have restrictions on the age of the person buying and if you are "leasing" it to your in laws they may consider that a rental in which they may have restrictions on that as well. Where are you looking to purchase? I just listed a beautiful Senior home in Sun City right near the Cherry Hills Golf Course. We are asking $110,000 for the home. If you are interested send me an email or give me a call. Have an awesome day.
Grace
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