The Manufactured Housing Forums

I'm in the process of buying a MH in Florida. I'm placing my home in a lease land development. My credit rating is A++ according to the lender and my research. Today I was approved for the loan over the phone and was shocked at the interest rate I was offered. They started at 9.85%. When I complained, it was quickly lowered to 9.1%. I told them that I thought that was too high, so they said they would try for 7.85% and would let me know tomorrow. I think this is still very high. Can anyone here give me an idea of what interest rate is reasonable in Florida at this time? The price of the 1443 sq.ft. house, completely set up with all the trimmings is about 70K. I'm happy with the quality of the house and the price, but I'll a little unsure of the interest rate. murry and others, can you help?

You might want to call South Trust bank and get a rate quote...You should call a branch near the park...They have a special rate for those in "5 star" parks...probably about 6.75% in the current market..

You might also ask the park manager if he knows of any deals with local banks that know the park and the kind of residents it has..

Remember these are 2 different types of loans...home only has NO closing costs..When comparing rates you should not for get these..Closing is very quick as well...

rwurray,
Thanks so much for your response. I'll be making more calls today! I really appreciate your advice.
Ron