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Financing
Posted: Tue Sep 21, 2004 12:44 pm
by Katherine
I have a 603 and I have been told different things by different people. I Have been told that land/home will be the easiest financing to get. I have been told modular is out of my league. I was just told yesterday that it is easier to get financing on a modular than on a manufactured. Help please. We are considering looking into a modular so we can put it on some land that we already own. Any help would be greatly appreciated. Thanks
Re: Financing
Posted: Tue Sep 21, 2004 5:38 pm
by David
Lenders will give you a little better rate on a modular than manufactured but if you don't need modular to meet code on your land stick with the manufactured HUD code house. Modular cost several thousands more and you will not see much of it in more quality. And yes land / home is the easiest financing to get as the lender has more value in the real property with land attached. I am not sure where you live but I have never heard of 603. Maybe you explained more on a different post? For the money in Texas it is the new Karsten Company I am most impressed with. A HUD home built almost to modular standards and with great customer service required of all their dealers. Best of luck in your home search.
David Cook
Cell (817) 791-8407
Re: Financing
Posted: Wed Sep 22, 2004 5:08 am
by rmurray
A 603 middle credit score is on the edge of what you can get financed without land..
There is home only finance for folks from 580 scores up...depending on why the score is so low...but..rates will be very high..
Since you own the land..you can buy a manufactured (mobile) home OR a modular home with no problem with mortgage type (land/home) finance..and you can get a good rate as well.....most likely you will not be required to put any cash into this home if that is what you want...Generally modular homes will have rates about 1/2% lower..but will have a higher price...Just be sure you get a high quality top of the line manufactured home or modular home...
Take your time...make sure you are satisfied with your choice...remember sale persons do not loan money..the bank does..let them help you through the process..get pre-approved and go for it..