downpayment requirements

[sheryl]

Hi ,

I am wondering how to handle the 10% downpayment I see that is required to order
a homewhen my finance guy says they dont fund until the home is set on manufactured home loans????? Is there a way around the 10%?? Our banker says he can send a comittment letter and that should be enough. I tried to explain that even if the the was stick built, it would have to funded as work progressed. He says manufactured homes are different???? Is that true??

Thanks
Sheryl

[rmurray]

Any dealer should be able to accept the banks letter of committment and what ever your cash committment to the deal is..Meaning you give the dealer a deposit enough to cover the banks final requirememts..down plus closing costs.....I assume you are putting less than 10% on the finance plan..If dealer will not work with you..try another..