financing

[Brenda]

We are checking out financing on a new mobile home. The land we own is in my mother's name and my name. Is there any one who finances the house only instead of tying up my parents land with a home/land finance package? I don't want to jepordize my parents property. I've been told we need to have a portion of the property deeded to only my husband and I. Is there any way around this?

[rmurray]

Yes there is home only finance...It will require larger downs and have a higher interest rate..plus requires very good credit..

It is probably not necessary for you to have the property only in your name..it is possible for you to mortgage the property..and you mom sign a release..and she NOT be on the loan...This would mean she would own 1/2 of your home..You could not sell the home without her permission..she would never have to worry about late payments effecting her credit..but if you do not pay..she will be given the opportunity to payoff the loan and keep her property..and your home..In this case..no money would be required for a down..rates are much lower..So much so that is you do this..you could finance the home for 10 years and still have a lower payment than a 30 year note on a home only loan...

If for some reason you think you are not going to pay for the home...you should not be buying the home..

The other possibility is for you to buy another piece of property..the interest rate is so much lower..the home and new land payment would still be less than the home only payment on your moms land..

[David Oxhandler]

At ManufacturedHomeLender.com they match manufactured housing lenders and borrowers. The associated lenders have a wide range of programs including loans of homes on leased land as well as home/land package financing.While the HOME ALONE FINANCING will have a higher interest rate, there is a short term up side - While HOME and Land Financing takes weeks and even months of gathering documents and waiting.... waiting.... waiting. The entire HOME ONLY finance process should take only a few days and require a lot less documentation.What ever options you are considering for financing it would be a good idea to get started as soon as possible. Yesterday the Feds RAISED INTEREST RATES! Considering the state of the Federal Debt, the negative global trade crunch and the sudden ripping inflation being felt around the country (It looks like gas prices that hover around $2 per gallon are here to stay) you can be sure that interest rates will continue to go up...CLICK HERE TO GO THERE NOW!

[Joe]

I have submitted (twice) to the http://manufacturedhomelender.com/ page and have received no response. Are there any lenders out there that you know of that do NEW manufactured home mortgages in Michigan? I am trying to shop rates and want to do this as quickly as possible.

[rmurray]

There are many...but most home only lenders deal directly through the dealers...

Check the Yellow pages here...or the dealer lender list here...for info on ..

Origin
Triad (will have the lowest rates...but demands the best credit)..
21st Mortgage (they will do lending online)..

For real estate mortgages there are many...all rates are pretty competitive..Well Fargo Mortgage is a big player now..

Ask your dealer for advice..they usually have the most up to date info to help you buy..