Hello Linda, they are one in the same. If it is built prior to June 14, 1976 it is very hard to find financing or if it is single wide. Also the financing is harder if it is in a park with space rent. If it is on its own land and has not been moved it may be able to be financed.
Are you looking for a place to buy? Do you have down payment and closing costs saved or do you need down payment and closing costs assistance? You may qualify to buy with minimum out of pocket expenses with down payment and closing cost assistance programs.
The purchase in College/Glen start from 299k for 5bd 3ba single family home. The mobile homes start from 25k for an all cash single wide built in 1970 mobile home in a park with space rent as well.
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.
If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience