Posts by CA Mobile Home Loans

For traditional home the owner obtains homeowners insurance and most of the time it has a 100% replacement cost clause. Meaning that in the event of damage the insurance company will pay to restore the home to it’s previous condition. Insurance for manufactured homes is a little different, the lenders require the coverage on the…

Typically lenders do not require home inspections or pest inspections for homes purchased in mobile home parks. If the home is on a foundation and sold with the land, then you may need a pest clearance report, depending on the loan type and lender. Most Parks will require that they complete a compliance inspection prior…

Poor Credit, Low Income and No Downpayment; these are top three obstacles to home ownership. Lack of downpayment is the most common problem we see, particularly for first time homebuyers. Fortunately for manufactured homes, if the the income is good, then the downpayment can be as little as 5% of the purchase price of the…

When people begin considering a mobile home purchase in a park it’s important to step back and determine if this is a good fit for your lifestyle? Here are a few key points to consider. +Type of Park. +Parks generally are divided into age restricted and “all-age” parks. All age parks are open for families…

What are the advantages of living in a mobile home park? The answer depends on the park, and the services you will use, here are some of the benefits I hear buyers talk about when looking at specific parks. Common area maintenance: The common grounds, streets, walkways, green areas, don’t require you to maintain them.…

Many people confuse the terms prefabricated home and manufactured home. A prefabricated home is a home that is built in part or in total at a location separate from the installation site. It is then transported to the residence site on a flatbed vehicle and installed on a foundation that has been prepared. It does…

Very common question in this day and age, “I’m a first time homebuyer, can I get down payment assistance?“ For manufactured homes there are no standard assistance programs like CalHFA or other similar programs for traditional mortgages. On occasion there are local area programs, but these are few and fraught with funding issues. So what…

One of the biggest obstacles for first time homebuyer is having enough cash for the down payment and closing costs. Manufactured homes only require 5% down payment, and since the purchase price is lower than other homes, that means less money required in the bank. For example a $200,000 manufactured home purchase price only requires…

Buyers ask, “Since this is not real property (no land) why do I pay property taxes?” According to the state of California a manufactured home (built after June of 1976) is real property and subject to county property tax laws. Homes build prior to June of 1976 are still classified as a mobile home/trailer and…

Here is a comparison of purchasing a condo and a manufacture home we did a few months ago for a buyer, both properties were available on the MLS on 6/28/2022 using interest rates available on that date for a qualified buyer with a 740 Fico score. Property Type Condo Manuf. Home Manuf. Home Purchase price…