Getting A Loan On A Malibu Mobile Home
5 January 2014 · by Mike Gardner Malibu Real Estate Agent 310-699-8428
I had the pleasure of helping a great client find an amazing Malibu mobile home for sale in Paradise Cove this last summer. She needed financing and there was only one person I could recommend. That person was Clay Dickens from Community West Bank.
Here is a quick interview I did with Clay with everything you need to know about getting a loan for a mobile home in Malibu.
Q: How many mobile home loans have you done for Malibu buyers?
A: I have been lending on Malibu mobile homes (Point Dume Club and Paradise Cove) for 17 years. I have probably financed about 30% if the mobile homes in both parks. But we also lend up and down the coast in hundreds of mobile home parks.
Q: Is the process any different than a loan for a home?
A: The lending process is very similar to traditional housing. Taxes, credit, assets, debt ratios are all part of the equation. Besides those items, the buyer just needs to get approved by the park management. We also require termite and a general home inspection. Financing a mobile home is similar to a single family residence, you also can deduct the interest on taxes. (check with accountant!)
Q: Where are the rates right now and what is the typical down payment?
A: A typical down payment for a mobile home is 20%. We have rates as low as 4.5% and terms as long as 30 years.
Q: Is there a maximum loan amount? A: The maximum loan amount we offer is to $400K but we can get $500K with exception and board approval.
Q:How long should a buyer of a mobile home have for a contingency?
A: 30 days to 45 days should be enough time. It really depends on how prepared the buyer is.
, malibu mobile homes
, paradise cove
, point dume club