Alright, buckle up because we’re about to break down the Mobile/Manufactured Home loan process versus the traditional Mortgage business. Here’s the lowdown on how things roll from start to finish, especially when it comes to Home only-in-park-chattel Mobile Home Loans.

First off, if you’re diving into this world for the first time, expect a bit of a learning curve. But don’t sweat it, we’re here to guide you every step of the way from our Regional office in Roseville, California.

Now, let’s talk differences. When it comes to Mobile/Manufactured loans versus your standard Mortgage loan, there are a few key distinctions you need to know. These loans typically apply to homes situated in Mobile Home parks where you pay space rent each month. Yup, those parks are sometimes called leased or rental space parks. Oh, and don’t forget to factor in that space rent into your overall liabilities, alongside property taxes and homeowner insurance.

Got questions? Don’t hesitate to ring us up at 916-367-7508. We’re here to demystify mobile home financing whenever you need us.

Now, onto the nitty-gritty. The Mobile Home you’re eyeing must be a Post HUD-1976 1/2 or newer to qualify. While we lend in most rental/leased space parks, we don’t have a program for Condo-Own the Land or Co-op park-Own the air space setups. But fear not, we’ve got the gist of how these in-park transactions typically go down with Cali Mortgage.

Now, brace yourself for some differences compared to traditional Residential Home Mortgage loans: No need for credit matrix-program guidelines. Forget about TRID and Loan Estimate waiting periods. Get approval, close escrow pronto. Say goodbye to upfront or monthly mortgage insurance, even with just a 5% down payment. No cash out refinance, but we’re all about rate and term refinances. Oh, and no pre-payment penalties, just in case you were wondering. We’re all about that fixed-rate life, no ARM or adjustable options here. And remember, max of 2 applicants on a loan.

Phew, that’s the rundown. Got it? Great! Now let’s get you sorted with the perfect Mobile/Manufactured Home loan.