Mortgages on Manufactured Homes in California?

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We have a problem. A 10 acre piece of land with lots of improvements that is selling for $ 725K, with a small 1100 sq ft manufactured home on it.
The manufactured home limits us to a loan of $ 417K (about $ 400 cash out after costs). We only have about $ 200K for a down-payment.
PROBLEM 1: The manufactured loan rates are very high and seller wont pay them down.
PROBLEM 2: The property will appraise low now at about $ 650K max.
PROBLEM 3: The loan limits us to how much we can pay and the owner wants to carry the balance above the appraised value at a high rate.
PROBLEM 4: Seller wont come down on his price, pay down loans or be flexible.

Any ideas (besides finding another place)? When will the new loan limits on manufactured homes go up? I understand it is soon? Will the rates be lower on them or about the same as now – a half point or so higher? We have $ 7000 mo income and credit score of 780.
We want to buy this property because it has fabulous horse set up. New barn, fences, irrigation systems, pond, arena and huge septic and well. Manufactured home will be eventually torn down to build a new home for us.

1 Comment
  1. Reply
    April 30, 2011 at 1:22 am

    Sorry, but the best advice is to find another place. Strange that in this market the seller is so obdurate.

    With that income, and that credit score, why are you buying a MMH? They depreciate VERY rapidly, like cars. That’s why there are the limits on loans. And with prob #2, 3, 4, this seems like a VERY BAD deal for you.

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