Randy, now They Say I need a 2nd Co-signer

[Dana]

Randy, in my previous message last week I told you how my dealer said the lenders are offering somewhere in the area of $70,000 and my home was $79. They said I needed a co-signer. We went to see our dealer on Sat and we asked if we could purchase the model house he has on the lot. He said yes and brought the cost down to $75,000. I literally prayed for enough courage to ask my Aunt to co-sign...and she said yes. Boy, were we happy. I just knew this was it. My aunt owns her own home (over 30 years now) she is retired and I knew her credit was good. Yesterday the dealer said that I need another co-signer... I was like...WHAT! He said my Aunt's credit was great, but her income wasn't enough. I said this is rediculous. What more do the lenders want. The house is $$75,000. I asked him who were the lenders and he said different ones. I asked who are they and then he said Chase Manhattan. I thought he was giving me the names of 2 lending companies, but my husband told me last night that Chase Man. is one bank. Then I remember that you have to have A++++ credit to get anything from Chase. I then asked him if I get a 2nd co-siger what will be the next stage. He said they'll put the house in the park. I asked will I have to put any money down he told me no not with a 2nd co-signer. Now, I have to decide if I should ask my brother...which I DON"T WANT TO! nor does my husband, but I really need to get out of this 1 bedroom apt. My baby is getting bigger by the minute and I want to be in my new home before Christmas. My husband wants me to ask the dealer to submit my paperwork to another lender. I said all this to ask you which lender from your expertise do you think would approve me with one co-signer for $75,000.

NOTE: I want to download your book, but last week our car rent out and we had to rent a car and I just don't have the extra $20 right now. I am going to do what I need to in order to purchase the book, but until then would you please share your knowledge. I am also open anyones suggestions.

Thanks

[PGANN]

Dana, i have been in this industry for along time and the best advice i can give you is find another dealer to deal with,you are getting the run around, settle for a house that meets your needs but that you qualify for on your own.

[Randy Eaton]

Hello Dana,

Suggestion, most people depend too much on the sales center. Once the sales center or retailer has gained your trust with finding a home, you let your guard down and accept the terms of financing without shopping around. Manufactured housing sales centers have relationships with lenders and can arrange financing for you. Most will have higher fees, so remember you want to shop for a lender, just as you shopped for a home. I know what some sales centers are saying right now, that’s not fair we work hard to find the best financing for our customers. And some do a very good job, but others do not. So, do your homework and be informed. If your sales center can secure the best financing for you, take advantage of it. In A. M. Watkins book, Manufactured Houses Finding And Buying Your Dream Home For Less, he states, “No matter what kind of financing you seek, the importance of shopping for a good loan at the lowest cost cannot be overstated. You will generally save by obtaining your own loan direct from a lender, rather than financing the deal with your friendly mobile-home dealer who will be delighted to handle the details for you. It’s convenient, all right, but it can also cost you extra money. After all, the dealer must do extra work, so why shouldn’t he or she be paid extra.”

Randy Eaton