Opinions/advice sought

[rmurray]

Sounds like you are talking about Blair's Housing Center...They sound just like what you need...
PH company stores hold gross profits at about 30% of the selling price...Most independents are happy with 1/2 of this...Should make your dealer work fine..

[Billy]

Murray,
Yes, it is the Blair VA dealer, I appreciate your time on this, as I do all the posters, I have one last question, we paid the dealer $500 of the downpay, he said this was to get things started.

He ordered the appraisal...not sure what he paid for that, my question is, if I cancel the contract because they cannot hold up their end of the deal, am I entitled to that money back?
It doesnt really matter, because if they dont want me to get the money back, I will get the appraisal (an expensive appraisal), but when I go to the Blair dealership, I will have another PH appraisal in hand..so I shouldnt have to pay for another appraisal...what do you think?

Thanks again

[rmurray]

When you gave them the money you signed a bunch of documents..You mentioned the small print on one..this seem to indicate that they cannot live up to the original proposal and should refund your money..
The appraisal cost around $ 350.00...all you need is the name and phone number of the appraisor...He can supply another copy to you or the lender and often are not paid until closing...Actually the appraisal is done for the lender but this is not problem...Wells Fargo Mortgage does not care who the dealer is..You should have copies of your RESPA documents...I would take these to the new dealer so he will know who to contact..
Good Luck

[Billy]

Not sure what a RESPA document is, all I have in copys is the contract,additional terms and conditions,arbitration,home delivery info,etc....all of which I intialed or signed....I dont have any copies regarding who the appraiser was, who was to finance the deal...things like that.

[rmurray]

RESPA forms are federally mandated disclosure forms that the lender must present to you with in 72 hours of an actual approval..

With a bank like Wells Fargo..this is a large packet of forms...the most important will be disclosing the APR, payments, escrows if required, all closing costs, any special loan terms such as varible rates...There will be other forms telling you if they are planning on selling your loan, telling you they are equal opportunity lenders, telling you that you have a right to a copy of the appraisal...on and on...Standard RESPA packet is about 15 forms..

You should have these before you order...this will mean you are probably approved...They of course will have the lenders name and number...usually the originator will have a card attached or will actually be there when you sign these..

[sheila]

Just for my information..... I have sold Manufactured/Mobile homes for years, and am just going for Realators lisence, when you do a 0%, do you pay PMI?

[JohnnyJ]

PMI is typically paid by the buyer who does not pay 20% or more in the
down payment on a mortgage note. The 20% can be secured through cash
at closing or an acceptable land value ( we're talking about the buyer owning
the land that the MH is going on) that would equal or exceed the 20%.

The same holds true for site built homes. The PMI is usually dropped when
the buyer reaches a 20% threshold of equity in the course of mortgage
payments.

[Dan F.]

If you have a 80 to 100 loan to value you do not have to pay PMI. Another option is an 80/20 loan where you get a first for 80% and a second for 20% this also avoids PMI. I have a 75 to 100 loan to value so I do not have to pay PMI.

[rmurray]

Actually most 0 down deals when buying new property and home are done through the FHA with charitable nonprofit company paying the 3% required down and the seller paying up to 6% in closing costs..
On FHA there is no PMI (Private Mortgage Insurance) but there is a FHA mortgage insurance fee...This is usually lower than PMI on these very low downpayment loans..but it never ends..It will continue until the loan is paid off...
VA loans are another type of government guarenteed loan with no PMI with 0 down..but there is also a VA fee that is in the loan..
As mantioned in the other posts...all conventional loans require PMI if the loan does not have 20% equity..PMI charges will vary with the amount of equity if any and a persons credit rating..

[Kimmy]

The things I didnt care for in the FHA loan were how things were mandated,the home had to sit back 75' from the road,a walkway had to be in place, the well water had to be tested,shrubs had to be planted..the list goes on.