what intrest rate should we expect

Anonymous · ‎02-10-2010

My wife and I are buying a manufactured home in the near future. her score is 695 and mine is 720. What intrest rate should we expect? What are our loan type options? And what lender should we start with to get the lowest rate possible. We have virtualy no debt (24%). Any helps is appreciated.

BrianB_The_Loan_Professor · ‎02-10-2010

Are you buying it on land or just the home?

Financing for either will be a little tougher as most banks will not do these loans

If buying it attached permanently to land FHA will be your best bet - local bank probably the best bet if that type of home is common in your area

I would expect a low to mid 5 on that as they are a higher risk loan for the bank

If in a park different ball game all together and I wouldnt even know where to send you

The rate will be higher - more like an auto loan

Good Luck

B

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly

Lel · ‎02-10-2010

tribeal wrote:
My wife and I are buying a manufactured home in the near future. her score is 695 and mine is 720. What intrest rate should we expect? What are our loan type options? And what lender should we start with to get the lowest rate possible. We have virtualy no debt (24%). Any helps is appreciated.

What do you mean by this?

Anonymous · ‎02-11-2010

Brian, what we are trying to do is this, we have a home on our land currently. We had the home appraised from a wholesaler last nite. He told us 12,000$. we owe 38,000$ still on the mortgage. Our mortgage consits of our home and 1 acre of land with improvements (I.E. brand new 1200 sq/ft shop). With the 12000$ from the wholesaler would leave 26000$. We are wanting to move our current home away and move a new home in its place. I have been told that we can roll the 26000$ back into the new deal. I know this is not the best situation for us but I am hoping to negociate into the dealers profit margin to take away some of the sting for being upside down. The way I see it is if they want to sale a house they will be flexible. The shop is not tied up in the original mortgage, so I guess it would be considered colateral.

Lel, 24% revolving credit to debt ratio.