can a mobile home be financed by a co-signer?

Asked by Tmd, Sunnyvale, CA Thu Feb 17, 2011

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C2 Financial…, Mortgage Broker Or Lender, San Diego, CA
Thu Feb 17, 2011
Unfortunately, that isn't the case with a manufactured home. You can have a non-occupant co borrower for other property types.
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Voices, , San Francisco, CA
Thu Feb 17, 2011
Hi, Tmd:

In my 12 years experience as a manufactured housing specialist in Sunnyvale and San Jose areas, I have found that manufactured home lenders do not allows co-signers unless the co-signer will also be living in the home. This also applies to park approval. When you do contact a lender, be sure to let them know that you wish to purchase a manufactured home on leased land in a park. Home bought on leased land are considered personal property, not real estate, because the home owner does not own the land.
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Terri Vellios, Agent, Campbell, CA
Thu Feb 17, 2011

You will need to talk with your lender on this one. The problem you may face is if the co-signer isn't living with you you may not qualify for the park. Each park is different.

What I suggest is you talk with a mobile home lender, and find out what your options are. Then review what is on the market and see how you can make it work. It may even be possible that a current mobile home owner is willing to finance part of the mortgage.
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