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Tulsa Mortgage : Podcast 153

Episode-153-5.10.17-TLC-Podcast.mp3

This is the Steven Tyler show episode number one fifty three.

Steven with Steve Tom and Tyler wife. And daughter. Are. Very smart.

Tulsa Mortgage Good for you that they’re talking about everything you need to know. No one knows what it’s like to be here.

Steve Tyler.

Hello who everybody listening to the Steven Tyler show. Steve is not in the booth today. So you got me the Tyler show today. I’m going to be talking about what issues will I have with buying a mobile home.

A lot of issues is what you’re going to do.

Tulsa Mortgage There’s so much that goes into a mobile home versus just a stick built property. Each alone type is going to have an overlay saying you know what requirements there are when it comes to a mobile home is a mobile home even possible for you to purchase. I know the majority of loan types out there don’t allow for a single wide to be financed but you can do a double and at least that maybe more so the case at TLC. I don’t know if you know other people out there have a little bit more lenient guidelines but for the most part what I have seen just about everywhere is a single wide it is very very difficult to get anybody to finance. We have them plenty plenty of Mobile Deals plenty doublewide. So depending on the loan type of some things that you’re going to have to look for are the year that it was built. I think that our overlays are going to say something about that needs to be newer than 1976 somewhere in that range. Quote me on that. Definitely have to look that up to make sure. But that’s going to be a requirement right there was the mobile home placed new on the property. So this is where you can get a little bit tricky.

Tulsa Mortgage The borrower or seller however it’s working out somebody can produce for the most part something that says that mobile home was placed new on the property. So you may have to get a lot of documentation of this area. If you’re just going to go this route but sometimes they can pull up a tax record when the property was assessed. And if that can match up with the year the mobile was made a lot of times when they assess that property they’ll actually put the VIN number ID number maybe even the HUD number that’s listed on that mobile home. And then you can pretty much tie the two together. That could be one way to look at it or try it. Maybe they still have their bill of sale and construction documents. You know there’s a lot of things that they would probably get when they were putting that property on their land. So if you can find some kind of documentation that you can tie that into the fact that it was place new on the property that would be great.

I don’t really see that coming up very often. I don’t see people you know that are actually able to produce those documents so those can be kind of difficult especially if you know somebody to own the mobile for 10 15 years. They don’t necessarily keep all that. So that can be difficult. But if you can get that stuff great that’s the route I would try. First the second route I would go. You can actually get a structural inspection on the property. And for the most part when that structural engineer comes out there you know just a little bit of verbiage in their inspection report. All they really have to say is this property looks like it was place new and has never been moved.

Tulsa Mortgage And you’re just satisfied you’re got like so excuse me a lot of times that’s the way that we have to go.

We have to get that engineer to actually look at it and give their opinion on it and tell us that it’s never been moved. Another thing that you’re going to look at is it on a permanent foundation. So if it’s just sitting on cinder blocks if the wheels are still attached I mean it is a mobile home after all. So you know it’s got to be on a permanent foundation. So cinder blocks are not permanent wheels still on. Not permanent. So there’s a lot of things to look for on that. So that is going to have to be looked at. That would be looked at from for the most part and things that we deal with two different people look at that the engineer if you have to get the engineers inspection to prove that the mobile was place new in the appraiser. So it has to meet appraisal requirements and that’s going to be one of those depending on the loan type on how picky they’re going to be about that stuff. But for the most part it’s going to have to be on a permanent Foundation. And a lot of times we see all mobile homes especially older ones is going to be there there’s just going to be a lot of repairs are going to have to be made. Just just seems to be typical in the transaction nothing gets mobile homes. But for the most part it comes up. So but. You’re already going to be looking at a little bit more expense just buying a mobile home on the fact that you’re going to have to go get that engineer’s inspection.

Tulsa Mortgage If you can’t prove that it’s going to be that it’s already place new whereas for the most part you probably won’t have to get that on just a regular home but you have to pay. I got to do is inspection or you’re looking for is his opinion the place new but he’s actually going to go through and fully look at the foundation of that mobile as well so we had one recently they pulled up tax documents and you could kind of tell from the tax documents and it’s just obvious on the outside looking at it that Mobil’s been there since it was assessed on the tax documents. But there was nothing on those docs that actually tie the two together. So you said they assessed the mobile home back in 91. The boom just happens to be built in 91 but we couldn’t really tie the two together from there so we did get the engineers inspection to go out and when he did we had a clear appraisal at this point and there were some repairs on the property he had to you know fix a fix or face fix a floorboard. There are a couple of things that had to be fixed on the property but he didn’t say anything about the foundation. But then the engineer the all were really wanting him to say is it was place new through his full blown report realizes it doesn’t meet HUD standards and this is an FHA loan. So he actually has to go in and fix the foundation on this property just to close on it whereas you know the appraiser kind of missed that portion.

But again he’s not an engineer to him in his opinion he looked at it and it met guidelines.

Tulsa Mortgage It looked like it was on a on a structural foundation wasn’t going anywhere. But the engineer that kind of dug into it a little bit deeper that became a different story. So now there’s a lot more repairs are going to be involved. So those are some things that we’re going to have to consider. So there can be some pain in the mobile home process versus just a regular stick built but not always. I mean sometimes it’s pretty simple just kind of depends on the property depends on the condition. But that is one thing. You know mobiles do tend to depreciate as well at a faster rate and probably stick to oust us. So there can be give me some problems that you’re going to run into there. As far as loan types go as well. There can be overlays on credit scores or down payments maybe you know a critical requirement can be a little bit higher on a mobile maybe a down payment can be a little bit higher on a mobile. So you definitely got to check your guidelines for whatever loan you’re going to do. Maybe the loan doesn’t even allow you to do a mobile. So that’s going to be the biggest thing is can they qualify for whatever loan is going to get them into that mode. It’s the best loan for them or not. So that’s something else to consider. Just outside of property condition is going to be that. So a lot of times you on a mobile you know you’re going to be looking at probably septic inspections Tulsa Mortgage.

Typically mobile homes are in a little bit more rule area versus others. So septic inspections are going to be another added expense are going to go into that. So just inspections alone that you are going to be required to have clean get a little bit more extensive. I don’t want that to tour anybody from buying a mobile home if that’s what you want to do. That’s what we’ll hope you do but it’s just a matter of you know setting that expectation because there really is a lot that is going to go into that versus probably just a normal transaction on a stick built house. So definitely prepare your borrowers when you come into that situation. Do your homework on the mobile. Check out every avenue that you possibly can to really figure out what problems you may or may not have. Look at the pictures. Look at everything. I mean whatever you can get on that. Be prepared prepare your borrower make sure they know about the inspections upfront that they’re going to have to get and that’s all I got for you today.

Tulsa Mortgage Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show