Location Matters

Does location matter?

Yes location does matter. If the mobile home is in a park, there is no land being purchased. Financing is done with a chattel loan, not something backed by Fannie/Freddie.
If the home is on a foundation with land, then typically the home can be financed using FHA or Fannie/Freddie more traditional loan programs.
A home on land but not on a permanent foundation will require a loan similar to a park located home.
There are also some co-op or owner owned parks, these require a specialized lender since the buyer will be purchasing both a manufactured home, and ownership shares in the park.

Park approval

A person buying a home in a park not only has to be lender approved, they must also be approved by the park. A lender requires written approval from the park for all parties living in the home. It is common for parks to want a buyer’s PITI to be 33% or less of their gross income to be approved.

“Dennis and Liz at CA Mobile
Home Loans kept me informed of
my clients approval status
throughout the process. When a
problem came up they brought me solutions.
— Stacy R. agent

CA Mobile Home Loans
A division of Martin Lending Group

Dennis Martin, Broker

CA DRE#2015865,
NMLS#1562957

Call or email us today.
Phone: +1 (408) 657-9440
Email: [email protected]