AboutJim Root Expertise Real Estate Financing of all types/styles--Government & Quasi-Governmental loan such as FHA & VA; Conventional "Fannie Mae" & "Freddie Mac"-backed Mortgages & all sorts of "Creative Financing" techniques! Credit Underwriting & Property Value & Condition Requirements of standard Home Loan Programs. Purchase Money Mortgages or Refinancing! Gale, shown with me here, has been a licensed Real Estate Agent & Office Administrator & my Research Assistant over the years!
Experience Over 30 years as a "Real Estate Professional," including Real Estate Marketing & Sales, Mortgage Banking & Residential Appraisal businesses.Past certifications as a Mortgage Co. Manager, Underwriter, Staff Review Appraiser, Compliance Inspector & Loan Officer with a nationally known Mortgage Company. 12 of the 30 plus years of experience was with the Dept. of Housing & Urban Development (HUD) as a Homeownership Program Officer, trained & proficient in all aspects of the Real Estate Sales,Appraisal, Inspection & Financing areas.
Organizations Former Member of Nat'l Ass'n of Realtors (NAR)& Mortgage Bankers Ass'n of America.(MBAA) Currently with National Ass'n of Review Appraisers & Mortgage Underwriters.(NARA/MU)
Publications Published in local, regional & national Real Estate industry magazines & newsletter on various Real Estate-related topics.Co-authored numerous Goevernment Manuals, Handbooks & Panphlets on Home Mortgage Programs while with HUD/FHA.
Education/Credentials Associate Degree with emphasis in Real Estate Studies plus:
Over 20 "Special Courses" relating to Real Estate, including Financing, while in Private Sector & with HUD's FHA Homeownership Division.
Bachelors Degree in Mass Communications &
Masters Degree in Education/Teaching.
Awards and Honors Professional Designations include: Certified Resiential Originator (CRO) with MBAA,Registered Mortgage Underwriter (RMU)& Certified Review Appraiser(CRA) with NARA/MU. Past awards include Outstanding Performance Awards for 10 of the 12 years with HUD/FHA & numerous
Real Estate Sales,Appraisal Reporting & Mortgage Loan Origination
awards while in "private practice"
Past/Present Clients Currently Director of a Company that provides Professional Development Seminars & Workshops to Real Estate Agents, Appraisers & Mortgage Lenders & both free(as needed) & fee-paid (sliding scale)consulting & inspection services to the general public.This "Expert" is a "Disinterested Third Party" who will not try to sell you Real Estate, nor Appraise or Inspect your Home, nor attempt to put you into a Mortgage Loan--all questions will be answered with your best interests in mind!
Question am 23 years old and am looking to purchase a mobile home on it's own piece of property. I have been pre-approved for a home mortgage for 50-65 thousand, however I would like to stay below that range to keep my payments lower. The mobile homes that I see within my price range are in better condition than any of the houses with the same asking prices, that is why I am leaning towards the mobiles - however I understand that it is difficult to get financing for mobile homes, especially with the home/land combination. I have good credit - 716, a vehicle loan and one school loan. My parents who have excellent credit are also willing to co-sign. Do you think it would be possible for me to get a land loan for the property that the mobile home sits on, then take out a much smaller loan for the home itself? If not, what would you recommend, if there is any hope at all in financing something like this? Thanks.
Answer
SEE ADDITIONAL INFO AFTER THE ORIGINAL RESPONSE BELOW--jr
KRISTA--
Yes, it's difficult to get financing for a Mobile Home/Land Package as many Lenders will NOT do these kids of loans.Difficult but NOT impossible. There are some Lenders that specialize in these kind of loans.
Getting a "Land Loan" for the property and "a smaller loan for the home" would be IMPOSSIBLE!
"Land loans," unlike Mortgages that can run for 15 to 30 years at a "Market Interest Rate" are typically done to be paid off at no longer than 6 months to a year, and at higher interest rates!.You need a Mortgage Loan!
With your credit scores, minimal monthly payments and parents willing to co-borrow if necessary, you should have no trouble ! You need to start shopping for a Lender who does "Mobile Home/Land Package" financing.Go on-lined and search for Lenders who specialize in financing Manufactured Homes! You'll find several, I'm sure. Talk to them and see who'll give you the best deal.
GOOD LUCK!
--JIM
Please contact me at: real-t-pro@comcast.net . I have some info on a NEW PROGRAM that provides for purchase of a Lot now and later buying a Mobile Home to put on it. If you'll e-mail me, I'll attach the info to an e-mail back to you. You can't get to me through AllExpert, as I'm officially "on vacation" for the next 30 days-Jim
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
