HEART manages the MHLP and will act as the loan administrator: reviewing applications and eligibility, underwriting loans, and providing pre-approval letters. HEART will also manage the escrow and closing process.

HEART (the Housing Endowment and Regional Trust of San Mateo County) is a non-profit agency focused on the affordable housing needs in the County of San Mateo (“County”) and have had a long-standing partnership with the County.  

Their mission is to create and preserve affordable housing for low-and moderate-income families throughout San Mateo County. They have extensive experience providing loans for housing developments, preservation, acquisition, and rehabilitation. HEART is uniquely positioned to assist the County with this new program. 

You must currently live in one of the following mobile home parks in unincorporated San Mateo County: 

• Bayshore Villa Manufactured Housing Community 
• Belmont Trailer Park 
• La Honda Trailer Park 
• Pillar Ridge 
• Redwood Trailer Village 
• Sequoia Trailer Park 
• Trailer Villa

• The loan is a 30-year loan, though you may pay it off earlier. 
• The interest rate is between 0.25 to 3.0 percent, depending on your income and your ability to afford the new home. 
• The maximum loan amount is $100,000. 
•  No down payment is required. 

• There is no maximum purchase price (loan based on income and affordability), however if the cost of the home and installation is more than $100,000, you will need to cover the difference.  

For a $100,000 loan, the payment can be as low as $288 monthly, or as high as $422 a month, depending on the interest rate. 

Participants will pay monthly payments over 30 years, but the may become due and payable in full upon the following: 

• Sale or transfer of the unit before the loan matures. 
• Cash-out refinance – refinancing to convert the equity into cash. 
• Default on loan terms, including renting/subletting the unit. 

HEART will provide a list of preferred retailers/vendors. The type of home you can purchase must be either a HUD-certified manufactured home or a park model; the retailer/vendor will provide details on the type and available units.  RVs or trailers cannot be purchased using this program. The retailer/ vendor will install the unit at the mobile home park. Please note that your ability to purchase may be limited by the size of the space you are renting.

The loan can be used for the demolition/removal of the old unit and the purchase, delivery, permits, and installation costs of the new mobile home. Licensing, registration, and related fees to be paid by the resident. 

The process for purchasing a mobile home includes the following steps: 

1. Select a retailer/vendor from HEART’s list. Choosing a unit or vendor not on the list will require HEART’s approval.  
2. Provide a written agreement with the park owner authorizing the replacement/purchase of a new unit. 
3. Work with HEART to complete the closing process. 

You will need the following documents for your application: 

• Proof of current residency in an eligible mobile home park 
• Income verification (pay stubs, tax returns, bank statements, etc.). 
• Written agreement with the park owner

Please note that HEART will also run a credit report

The timeline may vary based on your specific situation and the completeness of your application. However, once all documents are submitted and verified, HEART aims to provide a Pre-Approval Letter within a few weeks.

There are no fees or additional costs associated with the MHLP Application.

HEART will consider your circumstances and you may still qualify for a loan. Please contact us for more details.