The difference between a Mobile Home and a Regular Home is that the Mobile Home is manufactured in a big factory and then delivered to the site and a regular house is built on the site. Most people thinkof a Mobile Home as something that you can “move”, but most Mobile Homes after they are delivered from the factory never are moved. Mobile Homes and Regular Houses offer the same amenities, in most cases both use the same materials and supplies; you really cannot note the difference in a kitchen or bathroom of a mobile home or a regular home. Mobile homes could be as big as any regular house; they can build them with second floor if you want.
They are basically the same thing: Homes built in a factory and transported to the home site. The term "manufactured home" was used after 1976 when Housing and Urban Development began to regulate the homes.
The process is very simple: The first step is to apply with 20/20 Mobile Homes, we just need some information about you and your job. After that you should apply for residency in the park, that usually includes filling out a form, show proof of income like your check stubs and then go for an interview, usually the park asks for the same information that we do. After you are approved with the park, you'll pay the balance of your down payment and closing costs. Then the Escrow company completes all the papers and transfer of ownership with the HCD and makes sure everything is legal. HCD will transfer the Title for the mobile home to your name as the Registered Owner and if you use a lender, the mobile home financing party will be the Legal Owner (usually 20/20 Mobile Homes).
Yes, you are. You are the Registered Owner and the bank or lender is the Legal Owner. It is like when buy a car using a lender, you are the owner of the car but the lender will keep the title until you pay off the loan.
You will receive the Title of the mobile home when you pay off the loan but from the first day you are the Registered Owner. If you pay cash for your mobile home you will receive the title directly from the HCD.
We can help you buy a home. You may be able to overcome credit problems by making an additional down payment or deposit as long as you can verify your income. If you make enough money to afford the home, chances are we can find a way to help you qualify. We provide private financing so you won't have to apply with banks.
We can help you. Foreclosure does not necessarily stop you from getting mobile home financing. If you have adequate income to afford the monthly payments and space rent, you should apply. An additional down payment or deposit may be all you need to qualify.
Yes, all of our mobile homes require a down payment. The higher your down payment the lower your monthly payments will be. Not sure if you have enough? Give us call. We'll let you know if you have enough down payment to purchase a home.
We try to keep the mobile home financing process simple and fast and it usually is. You will need to apply separately for the home loan and for residency in the park.
To finance your mobile home purchase you should plan to:
Complete a short application
Show that you have the money for a down payment
Show proof of income from your job, retirement income, or business
Demonstrate that you will pay on time
Everyone's situation is different so additional information may be required.
Have more questions? Give us a call now. We'll be happy to answer all your questions about buying or selling a mobile home.