Sales are still HOT in mobile home parks in Santa Rosa.
One of my top real estate clients tells me that she has been busy.
"I've been busy with mobile homes this summer, a lot busier than last summer," she said. This agent is a top mobile home expert with Prudential California, Rohnert Park, CA. Most of her transactions are in senior parks.
And as far as lending is concerned, I still have three lenders investing in manufactured home communities.
One of my lenders, which resells their loans to other banks, has recently picked up a new "investor bank". This new investor is offering much more flexible terms than my other lenders. For 1976 & newer MH's in parks, they require 15% down, 700+ Fico, but they will amortize up to 25 years. Otherwise, I have only one other lender for 1976-1990 MH's, but their amortization is usually only 15 years. This lengthier amortization results in a lower payment, therefore, qualifying is a little easier.
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