It's Not That YOU Don't Qualify - The PROPERTY May Not Qualify!

It's that time of year again ~ Summer along the beautiful Colorado River!

And as is customary for us during this busy Colorado River real estate 'on' season for boaters and watersports enthusiasts, we are getting inquiries and making showing appointments for our beautiful Bullhead City riverfront properties, Mohave Valley riverfront properties and Colorado River access and private marina communities such as Willow Valley and Playa Del Rio .

Getting with a knowledgeable Bullhead City AZ real estate broker, then a seasoned local loan professional is CRITICAL to your ultimate goal of buying a home in Bullhead City, Fort Mohave or Mohave Valley, AZ.

Typical for our area . . .

• Many lenders won't loan on a pre-HUD mobilehome, manufactured home or modular home? (June 15, 1976 is the date that HUD began regulating this property type.) The terms may be less attractive if you do find a lender who will. The qualifying guidelines are more stringent, especially if not being purchased as a primary residence.

• Financing for a singlewide mobilehome or manufactured home of ANY age is rare? Reason: Stats showing the default rate to be higher.
  

• To obtain land financing from many banks, the parcel will have all utilities to the property line, legal access and be in a subdivision that is at least 80% developed.

• To buy a multifamily building with more than 4 units, commercial financing will probably be required. Different guidelines and terms.
  

• For a residential property in an area that has recently been rezoned to commercial zoning or multifamily zoning, residential conventional financing will probably be unavailable.

• Unless you're qualified for FHA 203B or K financing, you may not be able to get a 'rehab' or 'fixer' conventionally financed.

• Jumbo loan limits are in the low 400k range. So if you're looking for a Bullhead City, Fort Mohave or Mohave Valley waterfront home, you may need more cash for a down payment than you anticipated.

So, first, hire your broker. Then, take a look at the listed properties in the areas of interest. When you find a few that warrant further investigation, have your broker shoot any listings over to the lender that could be problematic.

Then, the right type of financing can be obtained and the properties that just won't finance can be omitted from your 'wish list' (or your broker can help you procure private financing).

Since our AZ Purchase Contract requires loan approval or source of funds documentation as addenda, you'll want to take this key step before you begin shopping for a Colorado River vacation home in earnest.

How can we help you?