Replace Your Manufactured Home
With No Upfront Cash And
No Monthly Mortgage Payment
only from sequoia
Many mobile homeowners would like to purchase a replacement manufactured home but don’t have the ability to come up with the cash required. Sequoia works with qualified owners so they can buy a brand new home with no upfront cash and, for many, no future monthly mortgage payments!
Sequoia’s Manufactured Home Replacement program helps existing homeowners who enjoy where they live and desire a new manufactured home but lack easy access to upfront funds to pay for the purchase and installation. We handle everything. All you do is arrange your temporary relocation and the storage of your personal property during construction.
How The Program Works
Home Replacement – Step By Step
Step 1. We’ll pre-qualify you for a permanent Mortgage. We establish how much your new home will cost and secure a prequalification letter from a mortgage company for you. If it’s a reverse mortgage and this is your primary residence, you will never make a monthly mortgage payment.
Step 2. Design your dream home! Working with Sequoia you design the home of your dreams. A modern kitchen, tile baths, an extra bedroom, front porch, or garage – all are possible with today’s modern energy efficient manufactured homes.
Step 3. We’ll establish your new home’s completed cost & future value. Sequoia secures an estimate of future value from a licensed real estate appraiser (Sequoia pays for this!). This allows Sequoia to estimate future long term financing options, estimate correctly, and prevents any overbuying surprises. We compare the new home’s cost with the Principal Amount in Step 1 to prevent overbuying.
Step 4. Sequoia will install your new home. You sign a Home Replacement Agreement with Sequoia which authorizes Sequoia to purchase your new home and install it on your property for you. In the agreement, you agree to follow through with the permanent mortgage financing that you have already qualified for.
Step 5. Move in! When finished you move in and complete the permanent mortgage. Sequoia is paid off and the title to the new home is transferred to you.
Improve Your Property Values & Equity:
Some senior homeowners choose a reverse mortgage to pay off their new home if it is their primary residence. Reverse mortgages require no monthly mortgage payment (property taxes, HOA fees and insurance are the owner’s responsibility). People who qualify for this option move in with no cash out-of-pocket and then reside in the home with no monthly mortgage payments!
Homeowner and property qualifications exist. Your property should be free and clear and you must qualify for a mortgage after the home is replaced. The home must be your primary residence if you desire an FHA mortgage or a reverse mortgage. Sequoia’s Manufactured Home Replacement Program often improves property values and equity.
Here’s an example:
|Completed Appraised Value:||$360,000|
|Reverse Mortgage Proceeds:||$180,000|
|Cash Required from Home Owner:||$0.00|
|Monthly Mortgage Payment:||$0.00|
“Sequoia is a design/builder working with select manufactured home dealers to offer homes from a variety of manufacturers. Sequoia is a dealer licensed by HCD to sell manufactured homes in the State of California.”