I am wondering about VA loans on mfg homes; been looking at a place in Lodi,CA; I retain that right and income is within limits easily.

Asked by Henry Quinones, Lodi, CA Tue Aug 30, 2011

What I am trying to say is that the property has been on the market a long, long time, and over a year ago I was interested, now that interest is turning into wanting 'action' options. I have no near future time frame so I can outwait situations like this, or better said I can be patient. I appreciate your continued news and follow ups- is VA financing an option if it has to be that all the monies need to be paid at time of move-in? Lease with buy option? I owned in Vallejo before and look forward to doing so again. Sincerely;
Henry A Quinones, Woodbridge, CA

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
John Arendsen, Agent, Leucadia, CA
Fri Sep 2, 2011
Actually, the best thing to do is determine if the home is on leased land (rental) or resident owned. Should it be the former you could seek a licensed MH dealer. You don't need a licensed RE broker in this instance and you could probably save yourself some money on the commission.

However, if it is real property (you own the land) then you would need the services of a licensed RE brokerage. Whatever you do, as others have suggested, with your limited knowledge of RE please seek professional advice.

So what if it cost you a sales commission. What's that really mean in the long run? A few extra bucks to save you thousands of dollars for all the things you didn't know? If you need any advice on how to move forward please feel free to contact us through our website at no charge. Good luck.
0 votes
Rocky G.H. H…, Agent, Ripon, CA
Fri Sep 2, 2011
The best thing to do is to reach out to a Real Estate Broker/Agent to better understand the process and get the answers your seeking. They can also connect you with a lender that can help with answering questions on VA financing. Only then, will you have a clear(er) answer.

Hope this helps,

Rocky

Rocky G.H. Hawrysz
Prudential California Realty
P:(209) 444-6610
F:(209) 433-2000
rocky@prucalifornia.com
http://www.TeamHawrysz.com
Lic: 01468373
0 votes
John Arendsen, Agent, Leucadia, CA
Fri Sep 2, 2011
Henry, in order to give you an intelligent answer we must first know if you are talking about a rental space in a Manufactured Home Community, a resident owned community i.e. a "Condo Conversion" or "subdivision" or on private property.

It makes a big difference in terms of the various financing that is available. Also it is important to know if the home was built after June 15, 1976 whereby it falls under the HUD guidelines and you would be able to qualify for FHA/VA CAL-VET financing.

But only if the real estate comes with it and the home is on a HUD compliant foundation system that has been certified by a structural engineer. Additionally, you would also need a California Housing & Community Development Department (HCD) 433a documentation. If the home was built prior to June15, 1976 and the home is on a resident owned lot it will be very difficult to get any type of conventional loan at all.

We work with lenders Nationwide because our company (Website link below) provides the engineered certification, foundation retrofitting and 433a documentation throughout the USA. We would be happy to refer you to a lender at no charge. Contrary to other comments on this subject there are myriad lenders that will finance a Factory Built Home if it meets FHA guidelines.

If, however, the home in in a lease land/rental park/community that's another story. Your home is considered chattel and will be looked at like any other personal property purchase i.e. auto, RV, Boat, Aircraft, etc. Please feel free to contract me personally if you need any more help. onthelevel@cox.net; 760 815-6977 Good luck.
0 votes
, ,
Thu Sep 1, 2011
The reason the property has been sitting so long is most likely due to the fact that very few lenders are funding Manufactured Homes anymore. We do, but the lending requirements are more strict on them as these loans are considered higher risk. If you are truly interested in seeing if you can qualify for this property you should a VA Direct Lender. For more information feel free to contact me.


Best of Luck!
Web Reference:  http://www.AFN-Loans.com
0 votes
Joe Cusumano, Agent, Riverside, CA
Wed Aug 31, 2011
It is a big difference between buying the land and renting the space. I don't think VA touches any structure that is on a rented space.
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Aug 30, 2011
Is this a real estate loan (land/home real property) or lease land (where you own the home but pay a monthly space rate for the space? Big difference.
0 votes
Rocky G.H. H…, Agent, Ripon, CA
Tue Aug 30, 2011
Hi Henry,

I would check with a local lender to get the scoop on these types of loans.

As long as you can get this loan approved and there are no other offers (Conventional or otherwise) it shouldn’t be a problem.

Hope this helps,

Rocky

Rocky G.H. Hawrysz
Prudential California Realty
P:(209) 444-6610
F:(209) 433-2000
rocky@prucalifornia.com
http://www.TeamHawrysz.com
Lic: 01468373
0 votes
Search Advice
Search
Ask our community a question
Financing in Woodbridge Zip Codes

Email me when…

Learn more