Posts by CA Mobile Home Loans

We are now able to support ITIN mobile home buyers. We can now offer ITIN buyers our standard set of solutions for Manuf home purchases. 5% down, 25 year term options are available. Buyers are still going to have to qualify for the housing expense based on their income, assets, and credit history/score. A couple…

Lenders for Manufactured/Mobile home financing don’t use automated tools to analyze your credit report like traditional mortgage lenders. Manufactured home lenders look at these reports manually and with their own subjective guidelines. Just what are they looking for in this analysis? Well certainly the first go/no go test is the overall credit score. These lenders…

How do you know if your ready to buy? Here are a few questions that can help you in your preparation. Do you have a monthly housing expense budget? This means sitting down reviewing your current income, identifying your current expenses, and setting a plan in place for your future housing costs. This is a…

December is the time of year when families and friends give gifts to each other. It’s a great tradition, who doesn’t love another ugly Christmas sweater? If you are planning to purchase a home but are “saving” for the down payment this is the time of year to request down payment assistance rather than gifts.…

The various terms can be confusing. Here are some basic definitions to help you out. Mobile Homes (also known as trailers) are homes on wheels built prior to 1976. During the 1950’s the industry upgrade the image from trailers to mobile homes by using the term “mobile home”. In June of 1976 HUD put in…

Yes you can finanance a manufacured home as a second home. There are a few things to consider that are unique to mobile/manufactured home 2nd home financing: Occupancy/Park Approval: Some people purchase a 2nd home thinking they can rent it out as a short term rental to cover some of the expenses. Generally mobile home…

We see this come up regularly. Do I pay DMV vehicle license fee or local property taxes? To answer that question we need to go to the source for California, the Board of Equalization. From their website VOE.CA.GOV A manufactured home is subject to local property taxation if sold new on or after July 1,…

Veterans deserve some life long benefits for having served in the defense of our country. One of those benefits is the VA home loan program. Great program that allows for 100% financing at great interest rates. And yes we offer this program at CA Mobile Home Loans. VA Pamphlet 26-7 Chapter 12 sets the minimum…

The process of getting pre-approved for a mobile home is a bit more streamlined than a conventional loan pre-approval. The three areas of investigation remain the same: Income, Credit and Assets. Income. Lenders want to verify you have sufficient income to make the payment with money left over to pay for food, clothing, and other…

What’s the difference between pre-qualification and pre-approval? In general a pre-qualification is the first step and is normally sufficient to make an offer on a home. A pre-approval is the next step which includes an underwriter reviewing and providing a preliminary approval of your income, assets and credit information. It is not a guarantee of…