Used MH interest Rates??

[Davin]

hope this is the right forem to ask this, but on a used MH loan land only what is the best interest rate I should expect and where with a 703 risk score. Also the home does not have a permenent foundation.
thanks for any help you could give me, Davin

[rmurray]

A 703 score deserves the best...Congradulations on good credit...

You have not mentioned the year of the home...I assume that it is newer than 1976 model..

The best rates are about 5.65% for 15 years on fixed rates...6.25% for 30 year fixed rates...There are some libor varible rates as low as 3%....But thses adjust monthly with no caps..I do not recommend them at all..If you finance more than 80% of the appraised value...there will be PMI insurance which can cost as much as 1/2%,,,,

Most of these will require a "permanent" foundation....but this definition is far less than you think...Right now this menas set to local code, skirted with any material accepted by the local government and the wheels, axles and hiches are removed...That is it...Sometimes we have to fasten the steps down to the ground...not hard to do though..

Post your finance request here in the find a loan section of this web site and you will get knowledgeable replies and good offers from those that understand manufactured homes...

[rmurray]

Sorry..I think I misunderstood...Home only fiance will be slightly higher in rate,,,About 8.5 to 10% depending on the maount of the downpayment...If you are in an area where you can buy land...this wouold be a much better way to go...You could buy this home and have it moved to a lot and take advantage of the much lower mortgage rates..The saving in intere4st would pay for a substancial amount of land in most areas..

[Davin]

Thanks for getting back so quickly. Could you please list some of these banks with rates under 10%, they are very hard to find and slow to respond.
Thanks Davin