Financing

David · Post by **David** » Sun Mar 07, 2004 3:32 am

I filed Chapter 7 March of 2001. Everything was discharged in June of 2001. I have reestablished my credit and my score is between 650-680. I have a 10 acre parcel that would appraise at about $10,000. That's a guess...property in the same locale is going for about $1000 per acre. I own the property free and clear.
I am wanting to buy a used 1999 Palm Harbor 32X80 to put on this property at a cost of $55,000. I will need an additional 20-25K for improvements, well, septic, electrical, foundation work, decking, etc. I plan to use the land as collateral.
What kind of interest rates can I expect to pay and will I have to buy mortgage insurance?

rmurray · Post by **rmurray** » Mon Mar 08, 2004 6:03 am

Good...6% or less.if the package appraises enough to cover all the costs..

David · Post by **David** » Mon Mar 08, 2004 10:25 am

Looks like I'm good to go. However, you didn't address my question on mortgage insurance. I'm a little confused on this and have heard that it can add a considerable amount to the monthly payment.

Lynn · Post by **Lynn** » Mon Mar 08, 2004 5:29 pm

Hi - sorry to barge in on your conversation...you already have a home in mind?

rmurray · Post by **rmurray** » Tue Mar 09, 2004 7:21 am

Mortgage insurance depends on the appraised value of the whole package..as if the home and improvement were already there...It will not have anything to do with the bk...it will have to do with equity...

Often...and this example is one that this will work for..used homes of quality will appraise far higher than the purchase price...

If your package appraises at 100K...not far fetched..probably will easily..you will be asking for 80% or less in LTV (loan to value)..at this point there would be no mortgage insurance at all...If it appraises at 90K...you will be looking for about 90% LTV..and mortgage insurance would be about $50/mo for the first 8 years..then it goes away...If your package only appraises at $84K the loan can still be done but mortgage (PMI) insurance will be about $80/mo..maybe a little more..Without the appraisal..no one can tell you what the PMI will cost..

David · Post by **David** » Wed Mar 10, 2004 10:00 pm

Lynn:
Sorry it took so long to reply. In answer to your question, yes, I already have a home in mind but have not closed a deal.

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