We provide financing and Real Estate Mortgages, for a Mobile or Manufactured Homes.

These homes may be installed at a hybrid type location, such as a condo community, cooperative or park.

Hybrid, or quasi-land cooperative communities, cannot be financed the same way as manufactured homes on fee land. The mortgage is a specialty loan similar to loaning on mobile homes in a park.

Loan Programs available today are 10 to 20 years. No 30 year loans are available for this type of loan at this time. The Loan term depends on the size of the loan. The higher the loan amount, the more willing the lender is to make a longer term loan.

Interest rates are higher than conventional funding. Each home is unique.

Locations are important. Some areas are not available for our loans programs because the loan amounts are too small or the area is depressed. Please check with us for your special financing needs and a custom quote.

Program Highlights for Purchase, Refinances and Cash Out Loans for Mobile Homes or Manufactured Homes, on land that you own, in an approved Manufactured Home Condominium Community:  Please see below for an example of this type of project.

Note: for a Cooperative Project Loan, a subordination agreement is required from the Cooperative Project Manager or Owner.

Below are some highlights, of different Loan Programs, and do not apply to all loans:

General Program Highlights: (Ask about other programs specific to your borrower needs)
Mobile or Manufactured Home Loans for the State of California only.
Small Loan Amounts Available, $50,000 plus, for Mobile Homes on Leased Land;
Minimum Credit Score 680.
Financeable Mobile Homes built in June 15, 1976  or later.
Reasonable Interest Rates and Closing Costs; Interest Rates adjust with the lending climate.
95% Loan to Value on mobile homes 20 years or newer;
90% Loan to Value on mobile homes 20 years or older – up to 6/15/1976;
Broker Lender fee is Borrower Paid.
Health and Safety Certificate of Occupancy required for homes on Fee Simple Land.
Foundation and 433a Certificate filing required on all homes on Fee Simple Land, but not in parks on Leased Land.
Loan Term Amortized for 20s, possibly longer, depending on home and borrower profile.
Cash Out loans at 65% of appraised value.
Maximum of $75,000 cash out for any specific borrower or loan amount.
Multi-Section homes only. (no singlewides)

Please contact me if you have a home that is built in a subdivision or community that is not approved for a conventional loan program. This is a hybrid-type of loan opportunity which could be of great help in the right situation.

Examples of a Cooperative Mobile Home Community:

The Groves, in Invine, is classified as a Cooperative Mobile Home Community. The Groves is a Senior plus mobile home community, owned and managed by a Corporation.

The buyer acquires the home, plus a share in the Groves Homeowners, Inc. The Agreement via the shares, provides the rights, including the ownership of the home, and adds many membership benefits.

There are limited lenders for this type of ownership. We deal with three, and the last lender has a broader range of underwriting, leading to approvals. This means, if you have a challenge to your credit, it may still be possible for you to purchase and finance this type of Cooperative Property.

Please call or write me to discuss your purchase and credit profile. Within just a few minutes, on the phone, I will give you a summary of your lending options, as a borrower, and we can discuss the age and location information of your present or future home.

Thank you, Judy Sellens

951-265-2102 – judy@sellenslending.com