Manufactured home loans? (personal property, real estate, finance, property)
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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I have a property with an accepted offer on a foreclosure. It's a 2200 square foot stick built home on 12 acres that also has a manufactured home on a foundation on it. Apparently this disqualifies it from FHA, FNMA, USDA etc;
My local mortgage guy (who works miracles and walks on water) is stumped and is suggesting a private lender (yikes).
I have a property with an accepted offer on a foreclosure. It's a 2200 square foot stick built home on 12 acres that also has a manufactured home on a foundation on it. Apparently this disqualifies it from FHA, FNMA, USDA etc;
My local mortgage guy (who works miracles and walks on water) is stumped and is suggesting a private lender (yikes).
Any ideas?
Your mortgage guy is correct. Only one property per parcel.
Can you parcel off acreage where trailer sits? ie. cut lot in half?
Your other alternative would be to finance at the local bank on a loan they keep in house. Probably a 15 or 30 year amortization with 5 yr. balloons.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,302,067 times
Reputation: 6471
It's not a trailer. It's a factory made on it's own foundation and is considered real estate here in CA, not personal property. It is less than 10 years old.
What you are describing is a modular house. It's built at a factory in sections, trucked to the location, lifted by crane and placed on and bolted to a foundation. It's considered to be a 'house' in real estate terms. You have two homes on one piece of property.
You have 2 houses on one lot... it would never comp (the appraiser would have to find other similiar acre size homes with a SFD and MANF home on it... not gonna happen). As a previous poster said, the seller will likely have to redeed the home into two lots and sell them separately. You could also find private financing (tough in this market)... redeed it yourself and then refi later
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,302,067 times
Reputation: 6471
Quote:
Originally Posted by NJ987654
You have 2 houses on one lot... it would never comp (the appraiser would have to find other similiar acre size homes with a SFD and MANF home on it... not gonna happen). As a previous poster said, the seller will likely have to redeed the home into two lots and sell them separately. You could also find private financing (tough in this market)... redeed it yourself and then refi later
Well it so happens that there are several recent comps for this, 2 of which I participated in selling. The bank isn't going to spend a dime to do a lot split which also would take about 2 years in our county.
Modular homes are factory built and trucked to the site on a flatbed trailer and lifted into position. Manufactured homes are trucked to the site on a set of detachable axles and "skidded" into position.
I'm waiting for call backs from companies that do Mfg. housing loans hoping I can get one of them to look at the stick built home as a bonus. Anyone recommend a mfg housing lender?
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