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Started By
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What qualifies for a residential mortgage?
Posted on 9/20/24 at 9:27 am
Posted on 9/20/24 at 9:27 am
Owned in LLC by multiple members
Recreational/Secondary use
Some acreage
New Manufactured home on property
Currently have commercial loans, higher than what you see on typical residential rates.
Recreational/Secondary use
Some acreage
New Manufactured home on property
Currently have commercial loans, higher than what you see on typical residential rates.
4
Posted on 9/20/24 at 9:32 am to Chad504boy
If its built after 76 and you own the land. Not in a mobile park then you can probably go Conv
Posted on 9/20/24 at 9:58 am to Chad504boy
If secondary use you can qualify for residential conventional mortgage but not when owned by an LLC.
Local community banks will do an in-house loan for you though.
Local community banks will do an in-house loan for you though.
Posted on 9/20/24 at 12:36 pm to pwejr88
quote:
Local community banks will do an in-house loan for you though.
can you elaborate on this a bit more? is this different than what a commercial loan is?
Posted on 9/20/24 at 1:37 pm to Chad504boy
Is your manufactured built after 76? On permanent foundation? Do you own the land or lease it?
Those are the requirements for traditional mortgages
Your financing is "commercial" because its private equity lenders I assume
Or do you have any retail type buidlings on the parcel?
It being in an LLC migjt cause them to consider it a Commerical home
But you can find a NON QM broker/lender that does Manufacrtired investment properties
Those are the requirements for traditional mortgages
Your financing is "commercial" because its private equity lenders I assume
Or do you have any retail type buidlings on the parcel?
It being in an LLC migjt cause them to consider it a Commerical home
But you can find a NON QM broker/lender that does Manufacrtired investment properties
Posted on 9/20/24 at 1:49 pm to SDVTiger
quote:
Is your manufactured built after 76? On permanent foundation? Do you own the land or lease it?
its a brand new manufactured built home this year and put into place. They tie it down and detach it from the wheels etc (whatever they do) to make it "permanently installed".
yes own the land on a different loan.
quote:
Or do you have any retail type buidlings on the parcel?
no. it's just farm/hunting/recreational property.
Posted on 9/20/24 at 2:17 pm to Chad504boy
Not sure if tie down works for the foundation guidleline but seems you should be good to try for convetional
But not sure if its considered a Rental cause rhe LLC and mutiple owners
If it is go for a non qm. Is this a cash out or just paying off the current "commerical" loan
Is your current investor a private lender?
But not sure if its considered a Rental cause rhe LLC and mutiple owners
If it is go for a non qm. Is this a cash out or just paying off the current "commerical" loan
Is your current investor a private lender?
Posted on 9/20/24 at 2:24 pm to Chad504boy
quote:
can you elaborate on this a bit more? is this different than what a commercial loan is?
On the conventional mortgage side, you have to neatly check all the boxes because they’re sold to investors.
Some banks have in-house mortgage products that they keep on the bank’s books. Therefore they can write their own rules… to an extent. Local community banks in particular. It’s usually a relationship product if you do all your banking there or move your banking relationship there.
Commercial loans will have a higher rate driven or mirroring the prime rate.
Consumer loans will be lower.
The products I’m referencing will be processed as a commercial loan with commercial fees, but you will get the residential consumer mortgage rate.
This post was edited on 9/20/24 at 2:30 pm
Posted on 9/21/24 at 9:13 am to Chad504boy
quote:Does it have a water tower on the property with a zip line attached?
Owned in LLC by multiple members
Recreational/Secondary use
Some acreage
New Manufactured home on property
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