Posted on: 16th Apr, 2008 07:30 pm
I am interested in living in a community where you pay cash for the house and the land belongs to all members devided fairly in a 1 % 390. Beautiful property in santa cruz ca. very expensive 140 acres. My hopes are I could finance through a mobile home company. The home prices are about half of what they are outside the park which would reflect not out right owning the land. Do you know if a mobile home financing company would finance that type of loan?
Welcome jaimefreelancewriterart ,
Is the land belonging to the community offered on lease or do you own it? if you do not own it personally then you won't get a mortgage on it probably. What you can get is apersonal loan offered by the retailer/dealer from whom you purchased the mobile home.
To know what types of mobile homes are offered by different lenders, and how to qualify for such loans, refer to the information available on Mobile home loan - How to qualify and what are the options? .
Is the land belonging to the community offered on lease or do you own it? if you do not own it personally then you won't get a mortgage on it probably. What you can get is apersonal loan offered by the retailer/dealer from whom you purchased the mobile home.
To know what types of mobile homes are offered by different lenders, and how to qualify for such loans, refer to the information available on Mobile home loan - How to qualify and what are the options? .
Welcome jaimefreelancewriterart ,
I have to agree with adonis that you can only get a mortgage if you own the property personally.
BTW do others of your community or club trying to get a mortgage for mobile homes?
I have to agree with adonis that you can only get a mortgage if you own the property personally.
BTW do others of your community or club trying to get a mortgage for mobile homes?
I think I didn't explain myself well. The house is not a mobile or manufactured. This is a real home built on the land like a normal house. Then the land belongs to the members where we each own a percent 1/390 because there are 390 owners of the park.
What I was woundering is ; I know a normal home loan would not cover this home but how about a mobile home morgage company. Does it have to be a mobile home or will they finance a real home on club members property? Thank You Jaime
What I was woundering is ; I know a normal home loan would not cover this home but how about a mobile home morgage company. Does it have to be a mobile home or will they finance a real home on club members property? Thank You Jaime
Hi Jaime,
Welcome to the forum.
You own 1 percent of the property right. So you may get a loan but the mobile home mortgage companies will not give you mortgage for general mortgage. Although you can shop a bit for lenders.
You can get No-obligation free consultation from the rated mortgage lenders of this community to know whether you can get a mortgage or not at http://www.mortgagefit.com/signup/index.html
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You own 1 percent of the property right. So you may get a loan but the mobile home mortgage companies will not give you mortgage for general mortgage. Although you can shop a bit for lenders.
You can get No-obligation free consultation from the rated mortgage lenders of this community to know whether you can get a mortgage or not at http://www.mortgagefit.com/signup/index.html
Feel free to ask if you have any further questions.
Best of luck,
Larry