Questions about my first MH??????

[Greg]

I am selling my townhouse here in West Palm Beach FL and buying a brand new MH about a mile down the street. The manufacturer I have chosen is Clayton Homes. The model is the Riverwood 28523a, 28"x52". Some of the questions I have are: Is Clayton Homes good. Is anyone familiar with this model? Feel free to tell me the good and the bad about Clayton or this particular model. My other question is: my credit is not to good, if I put 25% down will I be able to get financing. Any info is greatly appreciated.

[rmurray]

Clayton will soon be the largest manufacturer of homes in the US...They build the full spectrum of housing..from the most basic to the best...It is up to the buyer to decide what they want in a home..what quality level of construction they feel is good and what optional features they think they need...Like other large manufacturers..Clayton will offer something for all needs..

Clayton has its own finance company...Vanderbilt...If the down payment is large enough they will finance almost anyone...for them equity is important...not so with all lenders..Depending on what you mean when you say bad credit...25% may not be enough for a new home...It would always be enough for used homes from Vanderbilt..Automatic approvals probably start kicking in at about 40% down...A level that the lender feels there is no way for them to lose..

You will need to consult with a sales rep and have him submit you credit app...Let them tell you what they are willing to do...You can always say no..

[Greg]

Thank you for the input Murray. What I mean by 25% down is the MH is $ 59,900 and I will put down $15,800, I will finance $47,100. I think this is enough to make the lender want to do the deal.

[rmurray]

In Florida..sales tax alone is 7%...then the set up cost and potential moving costs of a deal gone bad are about $10000...Your down is impressive...it is a lot of money for me..and I assume you...but may not be enough to convince a lender to overlook really bad credit issues..losses can still be very high...Again...submit your application and see what they say..

[T]

How about 30k down on 120k, with shaky credit..??

[rmurray]

If it is on rented property like the original posters...this might not be enough to do the deal...On private property 30% down makes a lot of difference..there are many lenders who will do 70% Loan to Value b and c credit loans..

[T]

That gives me hope. We are doing a land-home package deal. Thank you for the info. I am so glad I found this site, it has great info.

[T]

Forgive me if this sounds stupid, but what are the value b and c loans?

[rmurray]

Not a stupid question....b credit are those usually between 600 and 640 FICO scores with no recent lates...

C credit are all those below 600 scores with no recent lates...If you are currently late...or...have a recent foreclosure..it will be tough..

b and c lenders will have a higher rate...currently about 7%..

With the cash you have...and if you have a good record for the last 12 months...you will have no problem...and might be able to get a preferred rate as well..