A mobile home loan in San Luis Obispo County is one of two quite different loans, and which one you can get depends on how the home is held. A manufactured home on land you own, set on a permanent foundation and recorded as real property, carries a mortgage on home and land together under FHA, conventional, VA or USDA rules. A home that keeps its state title as personal property, on a rented space in a park, is financed on the home alone: a personal property loan, which FHA insures under its Title I program and VA covers under a statute of its own, and which the conventional agency programs do not take. We arrange manufactured home loans on land you own and in parks. This page sets out the difference, which programs reach each case, how California titles and taxes these homes, and what a lender asks you to bring.
What a lender weighs before this program is on the table. A lender can add rules of its own, and those rules can differ from one lender to the next.
Each section carries HUD's certification label and the home has its data plate; when a label is missing the lender obtains a verification letter from the institute HUD uses. A home built before the federal standard took effect is what the programs mean by a mobile home, and FHA and Freddie Mac treat it as ineligible. For FHA's Title II program and for Fannie Mae, the home must have come directly from the factory or the dealer to this site and never been installed or occupied anywhere else.
A permanent foundation built to HUD's foundations guide, certified by an engineer or architect licensed in California; the hitch, wheels and axles removed and the space beneath enclosed; the installation recorded with the county recorder on HCD's notice form, which takes evidence that you own or are buying the land, or hold a qualifying long-term transferable lease or an interest in a resident-owned park, and the consent of any lienholder on the home; and the title cancelled at HCD. The home and the site are then one parcel of real estate under California law. USDA adds that the home be taxed as real estate, and both USDA and Fannie Mae want the title insurance endorsement that makes the home part of the real property.
The space is leased, and the loan is on the home alone unless the lease is a leasehold estate an agency accepts. FHA's Title I program takes a home in a community of several manufactured homes on one owner's land when the lease carries a minimum initial term, renewal terms and advance written notice if the community closes, and it requires the borrower to own and occupy the home as a principal residence. A veteran may use VA's own manufactured home loan. The County's and the cities' rent stabilization ordinances shape the space rent, but not the loan.
Your credit, income and funds are measured by whichever program the loan is written under, FHA, conventional, VA or USDA, and the lender sets its own conditions within that program's. Occupancy follows the program too: a principal residence for FHA Title I, for USDA and for a single-section home under the conventional agencies, a second home only for a multi-section home under those agencies, and no investment property under Fannie Mae or Freddie Mac.
The steps in order, so you can see what is coming. Nothing here is underwritten until a lender underwrites it.
Where the home sits, whether the land is yours or a park space, whether HCD still holds the title or the installation is recorded, when it was built, whether it has ever been moved, single or multi-section, and which tax you pay on it. That decides whether the file is a mortgage or a personal property loan before anything else does.
A home on your own land, recorded as real property, goes to FHA, conventional, VA or USDA on the strength of your file, the way any house would. A home in a park held as personal property goes to FHA's Title I program or to VA's manufactured home loan, and the lender sets its own conditions within those rules. Your loan officer says which route the home allows and which program your file reaches.
The label numbers and data plate, the foundation certification and the recorded notice of installation for a home on a foundation, the HCD title or registration card and the county tax clearance for a home that is personal property, the space lease for a home in a park, and the appraisal the lender orders, which reports the label, the foundation, the perimeter enclosure and that the hitch and running gear are gone.
For a home being converted as part of the purchase, the inspected installation, the recorded notice and HCD's cancellation of the title come first, and the title policy carries the endorsement that makes the home part of the real property. Then the loan closes like any other, and our calculators work the monthly payment out from your own numbers.
Tell us what you are planning and where the property is. A loan officer here reads it with this program in mind and can go over whether it fits your file, and what else might.
Call or write to us and a loan officer here reads what you send. If you are ready, the application is open.
If yours is not here, call us. The useful answer depends on your file.
It depends on how the home is held. A manufactured home on land you own, set on a permanent foundation and recorded as real property with the county, can carry a mortgage on home and land together under FHA, conventional, VA or USDA rules. A home that keeps its HCD title as personal property, on a rented space in a park, is financed on the home alone under FHA's Title I program or VA's own manufactured home loan, and not under the conventional agency programs. A home built before the federal standard took effect is ineligible under FHA and Freddie Mac.
Real property financing is a mortgage on the home and the land together: the home is permanently affixed to land you hold, the installation is recorded with the county recorder, HCD cancels the home's title, and the home is taxed as real estate. Chattel financing is a personal property loan on the home alone: the home keeps its HCD title and registration, the land is rented or held separately, and the loan is written under FHA's Title I program or VA's manufactured home statute rather than under a mortgage program.
Yes, as a personal property loan on the home alone, under FHA's Title I program, which requires the space lease to carry a minimum initial term, renewal terms and advance written notice if the community closes, or under VA's own manufactured home loan for a veteran. The conventional agency programs do not take a personal property home; where the park lease is a leasehold estate, Fannie Mae accepts the home only inside a project it has approved and Freddie Mac only with its prior written approval and a multi-section home.
Not under the federal programs if it was built before the HUD Code took effect: FHA treats such a home as ineligible for insured financing and Freddie Mac treats it as ineligible as well. A home built to the HUD Code carries HUD's certification label on each section, and when the label is missing the lender obtains a verification letter from the institute HUD uses. The home's age also shapes its California tax status, since a home first sold new before a date the State sets pays a license fee to HCD unless it was converted to local property tax.
The home's HUD label numbers and data plate, or a label verification letter; for a home on a foundation, the engineer's or architect's foundation certification and the notice of installation recorded with the county recorder; for a home that is personal property, the HCD title or registration card and, on a resale, a tax clearance from the county tax collector; the space lease for a home in a park; and the income, asset and credit documentation of the program the loan is written under. The lender orders the appraisal and the title endorsement for a real property home.
Government-insured
Government-insured, with credit score tiers HUD publishes.
Not government-insured
A loan for solid credit and income, with private mortgage insurance that does not have to be permanent.
Construction and commercial
Buys raw land or a building lot, with a loan from a lender such as a bank, credit union or private lender, on its own terms. It can cost more.
Where this program fits:Buying a homeRefinancingThe county's loan limitsThe Central CoastServices
The county seats:San Luis ObispoSanta Barbara
Run the numbers:Mortgage payment calculator
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This page is general information about a loan program, not an offer of credit or a commitment to lend. What a lender will do with your file depends on the file.
Answer a few questions and your loan officer can talk you through which programs could fit your file, including when this one does not.
No credit pull to get started. This is not a commitment to lend. Equal Housing Opportunity.
