Orange County Mobile Homes



Frequently Asked Questions

This page may answer some of the questions you have regarding the purchase of a mobile home.

What Are The interest Rates On A Mobile Home?

    If you do not own the land that the home is sitting on and are "renting" the space, then it is considered "personal property".  Interest rates therefore, interest rates can vary from approximately 8-10%  which is determined by several factors:  the credit history of the buyer, the age of the home, and the lender.

What Is The Down Payment Requirement?
    Older homes (usually 1976 or older), generally require a minimum of 20-25% down.  Again depending on the lender they may require more which is determined by the comp's in the area and the buyers credit history.  Do not be fooled by the 5% down.  Once you get the process started they may ask for more money down.  The 5% down is on the newer manufactured homes year range 2000 + models. 

What Would My Payment Be and Why A Mobile Home?
    Again this is determined by what interest rate on the loan amount that you would be borrowing.  Of course the more money down the lower your payment.  Also take into account the space rent.  Sometimes purchasing a newer home with less down will cost you more in the monthly payment. 

If this is what you want and can afford it then great.  But an older home with more down will give you the affordability of living in an area that you like and can afford.  The older homes have been here for approximately 30-40+ years.  If maintained properly, like anything, then generally will keep its value with proper maintenance.  Many buyers have purchased an older home.  With paint, carpeting and new landscape, they have  been amazed how these homes can look.  Their friends and family are also surprised how a "Mobile Home" can really be transformed into a very comfortable, attractive, affordable life style with money left over to enjoy their lives.

Will My Bank Loan On A Mobile Home?
    Generally Not.  Credit Unions and banks will say they loan on a mobile home, but only if it is on land that you own and not rent.  Be sure and clarify this when asking the lender.  We deal with several lenders that know the process on these homes.  We will gladly give you a credit app to be pre approved prior to your search.

Are There Any Other Requirements?

    Yes.  The park management will require an application for approval at the park that you will be purchasing the home in.  This application is to see if you qualify according to their guidelines such as buyers age or pets and to see that you can make the monthly space rent.   Most parks have a pet requirement as to size and how many.  Don't wait to the last minute to tell them.  Many have been declined because of a dog that was too large or too many pets.

Can I Rent Out My Home?

    Again this is per park requirements.  You need to ask this question if this is your intent.  Most parks do not allow it.  They want to keep "Pride of Ownership" in the park by not allowing rentals.  Having an investment in a home is something you should want to be sure that it keeps its value.  

Do I Need A Realtor To Purchase A Mobile Home?

    Not necessarily,  but it would be wise. You will want to be sure that title is transferred properly to insure ownership of the home.  Mobile Homes purchased that are not on "real property" are titled through the Department of Housing.  An Escrow is opened and is handled quite the same as purchasing "Real Property".

Are There Property Taxes on Mobile Homes? 
    The county tax assessors office will assess the home according to the age of the home.  An Example:  a 1973 home would be assessed for approximately $7,000. 

 You pay a tax based on the value not the purchase price of the homeDon’t forget!  File your homeowner’s exemption, which will give you $7,000 deducted from the assessed value, which will lower your tax.


Prices, Rent Control and Parks

 I get asked all the time "Why are mobile homes prices so high?"  As you know with the increase prices of "Real Estate" due to the interest rates right now, the cost of Real Property has increased drastically.  A lot of individuals are unable or choose not to pay the prices.  Rental prices have also increased in Orange County.  

Mobile Homes have become more attractive for the renters who would like the opportunity of "homeownership".  Therefore Mobile Homes have become a way to achieve this.  Not only are they a form of "homeownership" but are an affordable way of living.  Prices vary due to "location".  The parks that are in a desirable area (same as Real Property), can determine the cost of these homes.  Living near the ocean and parks space rents have a lot to do with this. 

It is not unusual in today's market to find a 30 or 40+ year old home that has an asking price of over $200,000 or even $300,000.  These homes are commanding this type of price due to our Real Estate market.  Yes, there are homes of the same age that can be purchased for under $100,000, but again, it is determined by the location and park that you choose to live in.  If maintained (just like any property you own) then these homes will sell for these prices.  The only draw back currently is that the older homes require more money down.  So determine how much you have to work with first and decide how much you are able to pay to find the right park that you can afford to live in.  Also family parks are keeping prices up because they have a larger market for resale.  (Both family and seniors can live in these parks).  Senior parks (55+) are keeping the prices up too, but there are more of these types of parks in Orange County than family parks.

Please let me know if you have any other questions that are not answered here.  I will happily email you or call you which ever you prefer to help you in making a decision on the purchase of a mobile home.  It can be confusing if this is your first time considering the Mobile Home industry.  Let me set your mind at ease and help you make the right decision.



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