Financing in a mobil home park?

[Nekoashide]

Recently i viewed a new single wide 3/2 in clayton estates. The park is owned by clayton and the gentleman i spoke too was very nice and said that a house i looked at was going for 32k new and he said a downpayment is usually 10%. I dont have very good credit and have a midscore of 580. Do i have a better chance purchasing in the park or on seperate property? I dont want to have an unneccecary pull to see if i could qualify. Anyone have any experiance with clayton financing?

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Clayton Homes finance through their own bank (Vandebilt Mortgage) which actually own's all Clayton homes. But since they are selling you THEIR product your approval is much better than an independent lot. Your credit score is about the same as mine so you need not worry about approval, however, expect them to ask for 20% down.

[Clarence Yeary]

Clayton Homes finance through their own bank (Vandebilt Mortgage) which actually own's all Clayton homes. But since they are selling you THEIR product your approval is much better than an independent lot. Your credit score is about the same as mine so you need not worry about approval, however, expect them to ask for 20% down.

[rmurray]

Much better for you would be to think about your long term plan...buying a single wide manufactured home in a park..means you will be living there for a very long time..is this your plan????,,,,Resale in a park is tough at best...Is this the best location for you....Is there available property in the area???

Generally it is much easier for a credit score as low as yours to buy a double section on its own property...Because interest rates for FHA finance (the only finance you would qualify for..depending on what it is that has your score so low)..is so much lower...a modest quality double on reasonable property will have a lower payment than this single plus park rent...

You should not be afraid to have a professional salesperson check your credit...at worse.it will effect you score by a point or two...there is no way a good salesperson can give you good advice without all of the information..

The other poster is correct..Vanderbuilt might be the only source for home only finance..they will probably ask for more money down..and will have a very high rates...