When a California home buyer gets ready to purchase a manufactured home, most are going to be looking outwardly for financial assistance. Whether it is a multifamily unit or a single parent household, there are many financial avenues available to help home buyers get into the home of their dreams. The California Mortgage Bankers Association has been serving the state of California for the last 60 years. Currently, California MBA has a membership following of the state’s leading financial, real-estate businesses from a variety of commercial, residential, and industrial property backgrounds. Located in Sacramento, California, California MBA has worked with the legislature to regulate and advocate California’s residential and commercial finance industry. Acting as a bridge between government, environmental, and financial policies, and its members, voicing their concerns and bring attention to statewide ethical practices and real-estate market deficiencies.
Chattel Mortgages and Mortgage Loans
A manufactured home is separated into two categories, personal property and real property. These distinct categories determine the buyer’s mortgage rate. Chattel Mortgages are mortgages that are specially designed for manufactured home financial assistance and are very popular amongst home buyers. Chattel Mortgages are only available to manufactured home buyers who decide to refinance or purchase a manufactured home from a manufacturer. However, have yet to place their new home on a HUD-approved property.
What is unique about Chattel Mortgages, similar to a car loan, the mortgage lender holds a lien against the home and uses it as collateral. Manufactured homes financed by Chattel Mortgages, are still considered personal property even after they are placed at on land. Once sited, the manufactured home will be considered a qualified home, but the mortgage will still be fixed as a Chattel Mortgage. Approved placement sites include land-leased communities, rental sites, and land that is still being paid, owned by another family member, or land that belongs exclusively to the purchaser.
Mortgage Loan Acquisition companies, such as Amerinote Xchange, are California-based companies available to help California manufactured home buyers acquire a home after it has been placed on a property. These manufactured homes are determined as real property, thus eligible for conventional home loans, and home mortgage rates.
How California MBA Assists Its Members
Members of California MBA when in need of educational material, real-estate finance publications, and essential business services can easily access the material on their membership website. Members can also view publisher site real-estate templates online by Microsoft, which can assist with getting them started with business flyer creation. California MBA strives to instill in its member a desire to be economically and politically knowledgeable. Where marketing is no longer marketing, but an opportunity to promote and educate the home buyer to empower themselves and have more authority over their financial decisions. The primary goal for California MBA is to have their members conduct marketing and the distribution of mortgage loans honestly. Have compassion for the customer, but also be aware of the real estate market and individual financial situations.