Interest Rates

["Ann Marie"]

I'm finally going to purchase and built a new Silvercrest and place it in a beautiful park. I'm struggling with the interest rate. Trying to get it down so that I can afford the mortgage payment plus the pad rent. So far I've been offered 8.7%. I live in California. What is the going rate and can I do better anywhere? Need to know ASAP. Thanks for your help.

[Good neighbor]

Of course, your credit profile has a major influence on the types of loan products for which you can qualify. But with that said, the going rate right now is 6.25% - 6.75% on FHA 30-yr. fixed here in Nevada.

[Good neighbor]

Oh, sorry. If you are renting a pad in a park, you can't get an FHA loan; you need to be purchasing land to do that.

[JDL]

That rate is really not that bad for your home only on a pad in a park.

But here's something to think about, with the pad rent calculated in, you are really at between 2% to 3% higher than the 8.7% rate. So you really are paying around 11%, now what do you think about that.

["Ann Marie"]

Well, JDL, that really blows my mind. Never figured it that way. I have excellent credit...22 yrs on the job....will probably put 20% down. I love manufactured homes but its been a bear all through my process. I guess I have to re-think whether I can really afford to do this. Thanks for your comment.