Finally almost there and thank you.

Industry pros offer their experience in manufactured housing to help first time buyers to make informed decisions with confidence and peace of mind.
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Celtlund
Posts: 118
Joined: Sun Jun 08, 2008 1:07 pm

Finally almost there and thank you.

Post by Celtlund » Sun Sep 07, 2008 11:31 am

After literally years of research and looking for a MH for retirement we are almost there. First of all I want to thank everyone on this site, especially Mr. Murray, that have answered my questions in the past. (I'm AKA Kevin C because of self inflicted log in problems.) Special thanks to Mr. Grisson for writing those books. They were a tremendous help in getting a quality home with a reputable dealer for what we consider a fair price.

The only problems we have encountered was finding financing and that was not much of a problem. I did post here but unfortunately didn't get any responses. I checked with a local Wells Fargo office, and even with an excellent credit rating and a 20% down payment, was quoted a very high interest rate. We checked with our real estate agent who sold us the land and she recommended a mortgage broker. After much paperwork he said he couldn't find us a conventional mortgage for a reasonable interest rate and was steering us toward a USDA loan for which we were unqualified because of high income. Finally, we talked to the dealership who recommended a broker. That broker got us the loan we wanted at 6.875%. The closing cost are in line with the closing costs from the other broker and the interest rate is less. Without this forum and Grissom's book I would have had no idea if I was getting a fair deal or not. Thank y'all.

The house will be a 76X30 Southern Energy "Columbia EZ439" http://www.sehomes.com/customer/details ... del=EZ-439 We had several upgrades including 2x6 walls, extra insulation, and more for about $99,000.00 (final price still to be negotiated) We purchased the property about 18 months ago for $21,000.00 and as we want to use some of the equity as a part of the down payment we had it appraised again for $25,000.00. The cost of building the pad and runners, gravel drive and parking and hooking up utilities will be about $14,000.00. So, the whole package came in at about $134,000.00. There is no we could purchase a 2240 sq ft, four bedroom with a huge kitchen and a "live in closet" in Benton, LA for anywhere close to that price.

Now, we are waiting for the final price on the home from the factory and the final price from the dealership. We will see if they will accept my offer of $95,000.00.

My humble advice to anyone considering purchasing a MH. First, get Mr. Grissom's books and read them twice. Second, know your credit scores and what you can afford to pay for a home. Third, start looking at homes and take your time. Don't be pressured into signing anything before you find the home you want. Shop for a mortgage. Even if you end up using a referral from the dealership at least you will know you are getting a fair deal. Last check out the dealership and the contractor they use for the land prep thoroughly. The first contractor the dealership sent out to give a bid was the same one that did the prep on my son's property and it took me about one minute to call the dealership to fire him and get a different contractor.

Again, thanks to all for the help. Good hunting to those looking to buy. I'll keep y'all posted and let you know when we close.

Kevin C

rmurray
Posts: 1086
Joined: Thu May 25, 2006 6:49 pm

Re: Finally almost there and thank you.

Post by rmurray » Mon Sep 08, 2008 10:15 pm

Thank you for keeping us informed..It is gratifying to know that someone has gained some insight here. I wish you the best of luck with the rest of the process. Sounds like you will have a very nice home indeed. Good Luck

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