Questions from a newbie

[Don B]

First I want to thank RMurray for turning me onto this forum,he post in another forum as well under a differant nic,he has been great in helping to addresss my concerns, as have other posters.

After poreing over post to this forum, as well as others I have compiled a list of questions...I have pen in hand and am making notes of all the replys.Once again thanks to all in advance!



1.What is the best service to use for obtaining my credit reports, as well as my scores,I know I have good credit, but want to know exactly how a lender sees me.

2.What is the "norm" for a downpayment on a home,does 5% sound about right?

3.I'm a first-time homebuyer, is a FHA loan for me, I have heard they will fianance 100% (although I'm not convinced 100% fianancing is the way to go)?

4.Mr.Murray you spoke of a "fianance wizard" or something to that effect website on one of your post, what site was that?

5.I want a high-end constructed home, what are the basic construction qualitys I should look for i.e. 2x6 ext studs,2x4 int,2x6 floor joist all on 16" center,1/2" sheetrock etc..?

6.Do extended warrantys from ins. companys include just the structural or can you get them with the plumbing etc..?

7.Whats the primary differances between modualr and manufactured, and can most manufacturers convert manufactured to modular?

8.What is the best type tie down, and what is the most common?

9.Brick skirting is the best way to go?

10.What are a few upgrades that can be done, I know I want the better insulation, would that be considered an upgrade?

11.Opinions on the quality/service after the sale on BellCrest homes?

12.One of the dealers I spoke to said that the one acre of land I would get with the home would have instant equity, he tried to explain, I still didn't understand?

13.I don't want a heat pump for heating, is gas an option? Does the AC unit come with the home (included in the price?.

14.Should the price of the home include site prep,installation,delivery,fianance, etc..should I get all this in writeing? What are the most important things I should get in writeing?

15.We have a floor plan we love, can most manufacturers build this exact floorplan?

16. How helpful are Randy Eatons books?

Ok, I know thats alot of questions, but I really want to be as informed as possible when going into this.
Again, thanks to all in advance, you've been a great help and I much appreciate it!!!

Don B

[rmurray]

1)...I researched this at length...ConsumerInfo.com (links from our company site) is owned by Equifax (1 of the big 3 cb's)..The file is especially useful and understandable by the general public..It comes with good personalized info on improving your scores and info on how to get corrections of errors made...Most credit reports are in an insider code and hard to read..also buying from this source does not count as an inquiry to hurt your scores...Just remember..a full trimerge and all 3 scores is what the lenders look at..

2)...There are many different lenders and all have different rules...but..20% is the ideal...of course if you are like me this is not the route to travel...Most conventional finance allows as little as 3% down..the more down the lower the PMI (private mortgage insurance) and the shorter time you have to pay this bill..

3)...Actually FHA requires 3% down...but there are nonprofits that will pay this downpayment (but only if the seller makes a tax deductable contribution of the 3% PLUS a fee..usually about $650..so you pay an extra $ 650 for the home)...The benefit of the FHA is for those with little or no credit scores...If your credit is good and you want to put down at least 3%..conventional might have lower rates and the PMI required goes away after a few years..With FHA..the FHA insurance fee (about $2000 (you finance another $2000 on the home..now you are up to an extra $2600) up front and 1/2%/mo) never goes away...

4) The Mortgage Professor http://www.mtgprofessor.com/

5) You are on the right track...There are many other details. You might try Randy's first book for lot more info.

6) This is the most popular out there.. http://www.2-10.com/manufacturedhome/manufacturers.html

By the way...these are required for FHA fiance..not the conventional though

7)..Depends on the state you are in..Modulars are built to state codes and inspected by state inspectors..They DO NOT have any protections of the HUD code system..In some states quality manufacturers build both..and often the homes are the same...This is just the short answer..the long answer takes more space than this board can handle..

8)..Any type approved by the manufacturer is fine..We have been using the vector system by Tie Down Engineering..Easier to install than the other systems.. http://www.tiedown.com/mhousing.html

9)..Personal taste..no structural reason

10)..Depends on the standard equipment by the manufacturer..For energy information check out www.Energystar.gov ..For the best energy savings..get an Energy Star certified home

11)..Good but there are others just as good..

12)..Good for you...this is a BS sales story..It is possible that some homes appraise for more than they are sold for in some markets...but..this is not real equity...Why would a dealer give away equity..He would only buy the lot..put a home on it and sell for more..You were right about your feelings..

13) Pricing is different with each dealer..just be sure you are comparing complete packages when shopping...

14)..When shopping you should consider price of home, options, lot prep, improvements and delivery...Compare finace separately because you can get finace outside of the dealership...Get EVERYTHING in writing..

15)..Some plants build custom floorplans...some do not..if the floorplan is popular..almost every plant will offer it..

16)..His first book "How to buy...." is very good..Just remember this is not a Bible..only a guide..I have had many folks with the books come in..I would expect that many sales persons hate them..I have sold many with the books..all are happy..I lost one that took it too much as a Bible and they are very unhappy..They bought from a dealer that lied and gave them numerous written falsehoods..Of course the dealer is now out of business and there is no recourse..

Go for it..When you are finished..come back and help others..

[jb229]

The manufacturer needs to be willing to take your floor plan idea, put on 'print' with all the technical details, submit that to the DAPIA which they use, get approval and then they can pretty well build what you asked for. Finding a company that will build a one time MH is going to be the hard part.

[Don B]

Yes, I kind of thought that may be tough, but I have heard that there are companys out there that will build to suit. We have just fell in love with this floorplan...fact being because my Dad is really getting on in the years and we need to accomidate him as well.
But the floorplan we found and went and looked at is a Oakwood model, and we know we are not going to be buying from Oakwood, thanks for your reply.

[jb229]

You need to visit The American Internet Society of Manufactured Home Owners. Do an internet search for that. Go to the right hand column near the bottom and click on the Oakwood site.

[Cathy]

Palm Harbor and Homes of Merit both will do custom homes. They will probably charge a premium though. We started looking for a floor plan that only Fuqua had and they are in the wrong part of the country for us. The Fuqua was very expensive and the prices we got from the mfgs listed above were almost as bad. We kept looking and found a Jacobson with a similar but actually better plan than the Fuqua - we were looking for a kitchen, utility room, bathroom connection so we could bring our dogs in the back and give them baths or check on dinner after we had been gardening and not get on carpeting. Seem like a not unreasonable combination to us but try to find one!!! The Fuqua had a third bathroom that connected to the utility room and the next door bedroom. That third bathroom must have been the killer!!!

[Threnody]

I live in a Bellcrest home (made at the plant, sold under the homestead name) and have been pleased with it so far.