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I have a client that wants to purchase an older manufactured home, will you be able to finance it?

They would be first time home buyers. They want to make an offer Wednesday but I don't want to waist your or their time if you can't finance it.Linda AllgeierSemonin Realtors541-2055lallgeier@semonin.com by Lallgeier219 from , California. May 23rd 2017 Reply


Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

If it is not a manufactured home built after 1976 and with a permanent foundation, but rather one that is truly mobile or obviously in a mobile home park wherein space is rented, your client needs to be qualified for that type of loan. It tends to be a relatively high rate but if the home purchase is a much lower price then the average home purchased in California the payment may be low enough for the borrower. My suggestion is to contact or have borrower contact mobile home sales companies in California and ask them for lenders since they need them to sell their homes.

May 24th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,683 contributions

More info needed.. First, unless the MFH is a 1976 or newer, it will not qualify for any conforming type of financing.. 2nd, if the home is not architecturally attached to the property, then it's not really considered "Real Property".. in which case, it wont qualify for conforming financing. Lot size compared to other comparable properties can sometimes be a problem as well.. if this home sits on 40 acres, and everything else in the area is on 2 acres.. it's a problem.. etc, etc, etc.. Regardless, if the home does qualify for financing, understand that there are very few lenders out there that do MFH's.. If you want, you can give me a call and i'd be happy to look into the property a bit more to see if there's a possibility.. i have several sources for MFH's.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 24th 2017
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