Is there a lender that finances manufactured homes?
Manufactured Homes July 27th, 2009I have had it with my unhelpful loan officer. He has told me and my mom for two months now that he is still in the process of finding a lender who will finance the manufactured home me and my mom want to purchase in the city of Perris, CA. Does anyone out there know of a lending institution that will approve us so that we can purchase this manufactured home? And yes, it is affixed to the ground on a permanent foundation.
July 27th, 2009 at 1:12 pm
Go to a manufactured home dealer in your area and ask them for the names and numbers for a few lenders that they use.
July 27th, 2009 at 1:12 pm
Yes there are! It all depends on credit score though! I am a Personal Mortgage Consultant and a member of the National Association of Responsible Loan Officers. I’d like to get in touch with you to help you move into that home! I have a bank that offers up to 100% in manufactured home financing!
Please visit my website at http://www.vegasloansbytami.com and fill out a quick application! I can tell you whether or not you qualify for this program tomorrow! My contact info is listed on my site! I do CA loans, too!
Good luck!
July 27th, 2009 at 1:12 pm
Mobile Home Tenant Loan Assistance Program
The Mobile Home Tenant Assistance Loan Program offers a loan to mobile home/coach owners who are tenants of unpermitted mobile home parks or agricultural housing facilities and whose mobile home/coach is in danger of condemnation due to a lack of compliance with federal and state law and regulations and local ordinances and do not have the physical and structural capacity to be repaired.
Purpose
The County of Riverside’s primary objective is to provide financing for replacement of existing mobile home/coaches that will serve low income farm workers of the Coachella Valley in the County of Riverside.
Loan terms
* Maximum loan of $30,000;
* Specified term of 45 years;
* 0.0% fixed rate of interest;
* Secured by the mobile home/coach;
* Loan repayment due upon transfer of ownership;
* 45 year deferral period of all principal and interest loan repayments; and,
* Possibility of loan forgiveness.
Eligibility
The applicant must currently own and occupy the mobile home/coach to be replaced, and the coach must be parked in a park in an unincorporated area of Riverside County. The applicant must also qualify under the low-income criteria.
Mobile Home Tenant Assistance Grant Program
The Mobile Home Tenant Assistance Grant Program offers a grant to mobile home/coach owners who are tenants of unpermitted mobile home parks or agricultural housing facilities and whose mobile home coach is in danger of condemnation due to a lack of compliance with federal and state law and regulations and local ordinances and have the physical and structural capacity to be repaired.
Purpose
The County of Riverside’s primary objective is to provide financial assistance for existing mobile home/coach rehabilitation projects that will serve low-income farm workers of the Coachella Valley in the County of Riverside.
Grant terms
* Maximum grant of $3,000; and,
* Mobile home/coach, after repairs, must have a remaining economic life of ten years minimum.
Eligibility
Low-income applicant eligibility requirements:
* Applicant must currently own and occupy the mobile home/coach; and,
* The mobile home/coach must be parked in a park in the unincorporated area of Riverside County.
Agricultural Housing Assistance Loan Fund
The Agricultural Housing Assistance Loan Fund offers a loan to qualified agricultural housing facilities which are in danger of closure due to lack of compliance with federal and state law and regulations and local ordinances.
Purpose
The County of Riverside’s primary objective is to provide financing for existing agricultural housing rehabilitation and improvement projects that will serve low income farm workers residing in the Coachella Valley area of the County of Riverside.
Loan terms
* Maximum loan of $75,000;
* Maximum term of 40 years;
* Three percent fixed rate of interest;
* Secured by a Deed of Trust;
* Covenant Agreement to include complete compliance with federal and state law and regulations and local ordinances and restriction of rent to affordable rates for low-income households; and,
* Initial ten-year period of deferral of all principal and interest loan repayments, with the possibility of loan forgiveness.
Eligibility
Existing unpermitted agricultural housing facility (parks with a minimum of five and maximum of 12 rental parking spaces) located in the unincorporated area of the County of Riverside.
Mobile Home Park Assistance Loan Fund
The Mobile Home Park Assistance Loan Fund offers a loan to improve mobile home parks which are in danger of closure due to lack of compliance with federal and state law and regulations and local ordinances.
Purpose
The County of Riverside’s primary objective is to provide financing for existing mobile home park rehabilitation and improvement projects that will serve low-income farm workers residing in the Coachella Valley area of the County of Riverside.
Loan terms
* Maximum loan of $6,250 per mobile home rental space;
* Maximum term of 30 years;
* Three percent fixed rate of interest;
* Secured by a Deed of Trust; and
* Covenant Agreement to include complete compliance with federal and state law and regulations and local ordinances and restriction of rent to affordable rates for low income households.
Eligibility
Existing unpermitted mobile home parks (parks with less than five rental parking spaces or more than 12 parking spaces) located in the unincorporated area of Riverside County are eligible.
Applying for Assistance
For an application and further information, applicants should contact:
County of Riverside
Economic Development Agency
5555 Arlington Avenue
Riverside, CA 92504
951.351.0700
44-199 Monroe Street, Suite B
Indio, CA 92201
760.863.2552
July 27th, 2009 at 1:12 pm
Try http://www.lendingtree.com, or call some manufactured home dealers they will tell you who pays them.
Good luck to both of you!
July 27th, 2009 at 1:12 pm
greentree financial specializes in mobile home loans but go to a local mobile home dealer and ask who they use.
July 27th, 2009 at 1:12 pm
It all depends on your credit score and downpayment. FNMA has available product so any reputable loan officer should have the loan product you need. (they just might not have the knowledge, so search for someone that does) Also, if the loan officer you are working with is able to provide FHA financing, FHA has loan product too. FNMA loans will require at least a 5% downpayment (at least in the Midwest, I am not sure about Californica) and FHA requires a 3% downpayment.
If your credit score is lower I am sorry but with all the recent changes in the industry, loans for lower credit scores and manufactured homes (as a combination) do not exist any longer.