Lease Option on Mobile Homes in CA & FL with SAFE Mort. Lics. Act

[Rod Assad]

I was reading upon the SAFE Mortgage Licensing Act that to establish and maintain a nationwide mortgage licensing system and registry for the residential mortgage industry and I had a question related to its application in mobile homes.

Let's say I buy a mobile home, and I want to sell it for someone with some financing. Something like $1000 down and monthly payments of $200 for 36 months. Can I legally do that by creating a note between me and the mobile home buyer (and living in the property during the payments). In the end of the 36 months, the mobile home title would be transferred to the tenant.

Would creating a note like this one be subjective to SAFE act? Specially talking about mobile homes in which there are no mortgages as they are homes are vehicles and have a VIN number.

Or what if a lease option is done with the same mobile home owner, in which he pays $1000 down, and monthly payments of $200 monthly, and after 3 years, he has the option to buy the mobile home for the amount of $1. Would that be restricted by the SAFE act? 

All of this is assuming there is consent and authorization from the mobile home park owner/manager to do such creative financing for the mobile home buyer.

I would like to see if anyone has encountered a similar situation or has a good knowledge basis on the SAFE Mortgage Licensing Act. A lot of the prospects we get for our mobile homes are genuinely good, hard working people, but they can't afford buying a house for $7,000. but they can easily pay monthly installments of few hundreds bucks plus the lot rent.

Let me know if you have an opinion on it, or now someone that could help finding an answer for this question.

Kind regards,

Rod