Manufactured Homes In a Park

Chattel Mortgages

These types of Manufactured Home loans are determined by the fact that you do not own the property that the home is placed on. The home is either located in manufactured Home Comunity, on a leased lot or space, on relatives property and even on tribal reservations. These are refered to as chattel mortgages, which is diferent from a realestate mortgage, but is still tax deductable just like a realestate mortgage.

We have purchase programs for these homes up to 95%. The loans are fixed interest rate loans with no prepayment penalty. Financing available for homes 1976 and newer and in the state of california 1968 and newer. Closing costs may be financed up to 100% of the purchase price.

These properties are evaluated in 1 of 3 different ways.     1- nada book evaluation       2- Property inspection           3 Full comparable appraisal.

The method of evaluation will be determined at the time of approval.

Rate and Term and Debt consolidation/ Cash out Refinances are also available.

Loan term is standardly 20 years but varies dependent upon loan amount.

The interest rate on these types of transactions are determined on an individual underwriting analysis. dependent on many factors such as credit worthiness, amount of downpayment or loan to value, debt to income ratio. Which allows us to get the best interest rate for each borrower. 

 Please contact us for more information.

Existing Land Home Mortgages

This is  a more typical realestate transaction. The Manufactured Home is already placed on the property that you own and is designated as real property, title eliminated with a permenant foundation. 

Financing options for these transactions vary from conforming loans, non conforming loans, FHA and VA.

What determines which loan product is best for you?

 Well that is usually determined by a few factors such as credit worthiness, downpayment, mortgage insurance, year and size of the home. 

These loans are typically 30 year loans with fixed interest rates, down payments as little as 3% - 5%.

Rate and term and cash out refinances up to 80%.

Let us know what we can do to help you get your home financed.

Please contact us for more information 

Construction loans

This loan is for some one who wants to build a home or a have a new manufactured home built for them. This can be a lengthy and a complicated process to under take.

It may involve a lot of coporation from every one from contractors, to the city planning dept, engineers and of course your mortage broker.

Did you know if you own your property for more than 1 year you may be able to get a  construction loan with little or no money out of your pocket., to put that new hom eon your property.

If you have not owned the property for a year or want to buy a piece of property and build a home you can finance up to 95% of the cost to build the home including the purchase price of the land.

These loans are a 1 time close loan, which pays of the land at the time of close, then  sets up draws during the construction process. Once the project is completed the loan then convets into your final loan.

You also may be able to make no payments during the construction process, by having an interest reserve account built in to the cost breakdown to determine your final loan amount.

 We have a couple of great construction programs.

Please contact us for more information