I feel so overwhelmed!!!!

[Debbi]

I am a single parent and I am trying to purchase my first home. I don't have enough for a really good down payment (which is really leaving me at a disadvantage) but my income is pretty good. I have been to 3 places and have liked a home at each one. The first was a Palm Harbor. I told the woman I really needed low monthly payments. She showed me several homes and then showed me a beautiful huge home with all the appliances. I really liked a smaller doublewide but she pretty much pushed me to the larger one. I could tell from the look of the house that I could not afford it but I felt as though I HAD to put a down payment. Then she kept pushing me to land that was quite expensive for my area. She knew of 1/3 acre for $25,000 when you can buy a whole acre with all the hookups for $26,500. I freaked out that night and said I didn't want the house anymore. She called me for 3 days trying to get me back but I was already looking at other sales centers.

The next place I tried was OakCreek Village. I was very interested in a 98 Double Wide 3 beds/2 baths but they couldn't finance the Land I had picked with the home. I am in the process of getting my down payment back. (I hope I can get the whole thing!)

This last place I am trying is Oakwood. I am trying to get a good deal on a very nice tape and textured Double Wide 3 beds/2 baths. I am approved for the loan (land/home) but the interest is so high that my payments come to almost $1,000 a month. I am ready to just forget the whole thing and just get the land. My boyfriend has been a big help talking to these people. Unfortunately, he can't help me out right now as he is a disabled Gulf War Vet and is trying to get disability. Where can I find a better interest rate? They always say they will get a better interest rate than any other bank. What else am I doing wrong (besides dreaming that I can own a home???)?

[Randy Eaton]

Hello Debbi,

The first thing you need to do is get your money back, by law no retailer can hold your deposit because they couldn't get you financed. Oakwood homes are very affordable but poorly built. I would not buy a poorly built home with any resale value at a high interest rate. I would advise you to shop lenders in your area and try to find a lender with a good interest rate. Hear is a link to lenders that might be of help at, https://ssl.xpr.com/mfdhousing/mhcredit/shop.php3

My advise is probably not what your going to want to hear but you should save more for a down payment and find a quality lender with fair interest rates. Once you have those two things in place, buy a quality built home you will always be able to sell it and make a profit. Don't get stuck with a poorly built manufactured home at a high interest rate you'll never get your money's worth and you’ll probably regret it. Hope this helps.

Randy Eaton

[Debbi]

I want a good quality home and I am willing to save for a down payment. I am getting the land, though because I think it's a nice piece of property. I may even put a little towards the land. Now here are some questions. What company makes a better, quality built home (West Texas/Southern New Mexico area)??? (I get a better tax rate in Texas) How can I get better interest rates?

I will be honest and tell you I didn't like your advice at first. I received a call from Oakwood tonight telling me I could get a 9.9% interest rate for the home by itself. When I originally went in, I told them I wanted my payments in the $650ish range (land/home) and they said they could do it. Now she says the payments for the home will be about $520 or so (the land payment is $241).......WAY over what I said I could pay. I know I am asking for a lot but I think if I am going to pay for something over 30 years, I should get what I want.

BTW, I did get my money back from Oak Creek. =)

[Randy Eaton]

Hello Debbi,

I am glad to hear you got your money back from Oak Creek. Your decision to tie up some property is a wise move. The only thing that Oak Wood has to sell is PRICE. Three years from now you'll be glad you focused on more quality manufactured homes. Here is a good web site for you at, http://www.hud.gov/fha/sfh/mhs/mfrlst.html This site will show you what manufacturers are in your state and surrounding states. I would also suggest you purchase my book at, http://mfdhousing.com/randy_eaton/ Everything you want to know about quality construction and how to save thousands in the process is in my book. I wish you well and have a Happy New Year!!!!!

[Amy King]

Debbi,
I started out at an Oakwood dealer myself who also told me the same thing about being able to get the lowest interest rates and that was a joke, 10% is not a good rate, not to mention they hit my cradit and my husband's credit six times total in a three day period. I've since gone to a independent motgage broker who simply by meeting certain requirements, ie: putting the home on a permanent foundation and having it deeded as real property (land and home together) can get us a 7.75% rate the same as any site-built home. My personal advice is not to finance through a manufacturer's own bank such as Oakwood. Good luck.