Private loan at 5% to purchase modular home for Service-Connected Veteran and Spouse.

[Kimberlee McDermott]

Hello Everyone. We need to move from Oregon to San

Luis Obispo, California to help with family (Gramma is 97, Mom is 76). I am the

primary caregiver to my Spouse who is a Service-Connected Disabled

Veteran (Gulf War). I found a modular home to buy with everything we

need for $525,000.00. It already has the ADA shower and tub, single

level, garage, in a mobile home park community. Because it is in a park,

and not on owned land, we can't use a VA

loan. Modular loans are out of our reach (8.45%-$4,000.00/month with

the space rent). Our FICOs are above 800. We don't smoke. Don't drink.

We spend wisely. We are looking for an Angel investor or someone who

would be willing to carry the loan at 5% for five years, so we can buy the home and

move. Our intention is to refinance at some point when interest rates comes down. We don't

anticipate the loan being for longer than 5 years. Thank you.

[Chris Seveney]

Quote from @Kimberlee McDermott:

Hello Everyone. We need to move from Oregon to San

Luis Obispo, California to help with family (Gramma is 97, Mom is 76). I am the

primary caregiver to my Spouse who is a Service-Connected Disabled

Veteran (Gulf War). I found a modular home to buy with everything we

need for $525,000.00. It already has the ADA shower and tub, single

level, garage, in a mobile home park community. Because it is in a park,

and not on owned land, we can't use a VA

loan. Modular loans are out of our reach (8.45%-$4,000.00/month with

the space rent). Our FICOs are above 800. We don't smoke. Don't drink.

We spend wisely. We are looking for an Angel investor or someone who

would be willing to carry the loan at 5% for five years, so we can buy the home and

move. Our intention is to refinance at some point when interest rates comes down. We don't

anticipate the loan being for longer than 5 years. Thank you.

 Unfortunately this is going to be near impossible as owner occupied financing in california is extremely restrictive and private lenders will not engage in lending on owner occupied due to the laws. Throw in you are looking for a rate below the banks rate and I would be worried that the people who do say they will do this are going to try and scam you as there are a lot of private lending scams out there who offer below market interest rates.

I think your best bet is going to be to find a place you can rent unless you can find someone to seller finance a property to you.

[Steve Hiltabiddle]

@Chris Seveney makes a very solid point.  Anyone who says they can lend on what you're looking for are very likely not legitimate lenders.  If you choose to move forward with this, tread very very lightly.

good luck

[Kimberlee McDermott]

Quote from @Chris Seveney:

Quote from @Kimberlee McDermott:

Hello Everyone. We need to move from Oregon to San

Luis Obispo, California to help with family (Gramma is 97, Mom is 76). I am the

primary caregiver to my Spouse who is a Service-Connected Disabled

Veteran (Gulf War). I found a modular home to buy with everything we

need for $525,000.00. It already has the ADA shower and tub, single

level, garage, in a mobile home park community. Because it is in a park,

and not on owned land, we can't use a VA

loan. Modular loans are out of our reach (8.45%-$4,000.00/month with

the space rent). Our FICOs are above 800. We don't smoke. Don't drink.

We spend wisely. We are looking for an Angel investor or someone who

would be willing to carry the loan at 5% for five years, so we can buy the home and

move. Our intention is to refinance at some point when interest rates comes down. We don't

anticipate the loan being for longer than 5 years. Thank you.

 Unfortunately this is going to be near impossible as owner occupied financing in california is extremely restrictive and private lenders will not engage in lending on owner occupied due to the laws. Throw in you are looking for a rate below the banks rate and I would be worried that the people who do say they will do this are going to try and scam you as there are a lot of private lending scams out there who offer below market interest rates.

I think your best bet is going to be to find a place you can rent unless you can find someone to seller finance a property to you.

Thank you kindly. We very much appreciate the education. Renting is not an option at all for us. We are stuck needing to buy something that is new built and single level. Ah...to be young again and have young able-bodied person options (renting).

[Kimberlee McDermott]

Quote from @Steve Hiltabiddle:

@Chris Seveney makes a very solid point.  Anyone who says they can lend on what you're looking for are very likely not legitimate lenders.  If you choose to move forward with this, tread very very lightly.

good luck

Very much appreciated. We were hoping for a private Lender who lends to disabled Veterans. It would need to be someone who truly was interested in helping more than making a profit. As you both said, the rate is less than current market rates. I have no idea what interest people are getting on their money in the bank. Still hoping for that "unicorn" of a person who sees this and wants to help (and make 5%). Our medical needs limit us and cancels out most available options (multi-story, old, was a rental, etc).

[Kimberlee McDermott]

Of course is has to be San Luis Obispo, one of the most high-priced and highly sought after Real Estate markets. If it was Idaho, we would be fine. Location, location... ;)

[Elias Halvorson]

I’m going to echo what Chris said. Just rent, virtually zero percent chance you find someone at the rates you are looking for. Anyone who says they can/will are likely trying to scam you. 

[Patrick Roberts]

I'm sincerely not trying to be mean here, but this is not going to happen. You're literally asking for free money or a giveaway. Mathematically, this is the equivalent of asking someone to give you tens of thousands of dollars purely out of kindness. You're much better off trying to find a local grant or government subsidy program. VA loans are nearest thing to this that are widely available, and most states and counties have local programs as well.

[Chris Seveney]

Quote from @Kimberlee McDermott:

Quote from @Chris Seveney:

Quote from @Kimberlee McDermott:

Hello Everyone. We need to move from Oregon to San

Luis Obispo, California to help with family (Gramma is 97, Mom is 76). I am thecuriprimary caregiver to my Spouse who is a Service-Connected Disabled

Veteran (Gulf War). I found a modular home to buy with everything we

need for $525,000.00. It already has the ADA shower and tub, single

level, garage, in a mobile home park community. Because it is in a park,

and not on owned land, we can't use a VA

loan. Modular loans are out of our reach (8.45%-$4,000.00/month with

the space rent). Our FICOs are above 800. We don't smoke. Don't drink.

We spend wisely. We are looking for an Angel investor or someone who

would be willing to carry the loan at 5% for five years, so we can buy the home and

move. Our intention is to refinance at some point when interest rates comes down. We don't

anticipate the loan being for longer than 5 years. Thank you.

 Unfortunately this is going to be near impossible as owner occupied financing in california is extremely restrictive and private lenders will not engage in lending on owner occupied due to the laws. Throw in you are looking for a rate below the banks rate and I would be worried that the people who do say they will do this are going to try and scam you as there are a lot of private lending scams out there who offer below market interest rates.

I think your best bet is going to be to find a place you can rent unless you can find someone to seller finance a property to you.

Thank you kindly. We very much appreciate the education. Renting is not an option at all for us. We are stuck needing to buy something that is new built and single level. Ah...to be young again and have young able-bodied person options (renting).

 curious why renting is not an option - almost every apartment complex is ADA accessible.

[Kimberlee McDermott]

Excellent question. Everything in San Luis that is brand new is multilevel stairs with no ADA access. Also due to a life-threatening allergy to cigarette residue (anaphylaxis) nothing that has had previous Smokers in the residence is an option. The modular we found is all brand new, single level, 100% Smoker Residue Free, with the ADA shower, even an ADA bathtub, which is unheard of. The home was completely taken down to the studs and redone for a lady in a wheelchair, then she had to go into assisted care, so the home is like it was made for us, we just need to figure out the loan. Even 6% we can make work. I start receiving social security in 2 years, which will help. Pic attached is the ADA tub in the modular.

Is there any other loan options maybe I have missed? I've looked into VA (they don't loan on modulars with space rent), FHA (interest rates are too high), conventional (won't loan on modular with space rent), specific modular loans (interest rate is too high at 8.45%) and hard money loans (even higher interest rates).

[Elias Halvorson]

Quote from @Patrick Roberts:

I'm sincerely not trying to be mean here, but this is not going to happen. You're literally asking for free money or a giveaway. Mathematically, this is the equivalent of asking someone to give you tens of thousands of dollars purely out of kindness. You're much better off trying to find a local grant or government subsidy program. VA loans are nearest thing to this that are widely available, and most states and counties have local programs as well.

I have to second Pat’s sentiments or rent.  Look in the grant possibly, otherwise no one is doing this deal on the terms you’re suggesting. Also, if you’re moving back for the purpose of taking care of older family members - why is living with them not an option?