Financing and home Q's

[Miller]

Seems like the lenders in my area are a little high on the intrest rates. I can go from 8.99% variable to 10.5% 30 year fixed. I am trying to keep my payments @ $300-325 per month.

My idea of how I want it to work is like this.

$51,000 for home and park package
$8,000 down
Finance $43,000

I am figuring $8000 for the park package, as I will be hooked up to well water.

My home choice is a Golden West Estate Model GE401F. 3brd, 2bth, 1080sq.
Anyone had any experince with Golden West?

I live in Oregon if it matters.

[Ron]

Based on your info, you are buying a home and placing in a park on rented land. In that situation, your MH is personal property, similar to a car, as far as finance companies are concerned, and your interest rates will be higher than with a land home package. The rates you mentioned are right in the ball park for this type of loan.

Stick built homes and MH land/home package rates would be in the 7% plus range, depending on credit records of buyers.

Here is a site which may provide you some options. I doubt you will get a better rate than 8.99% though.
www.mh-quote.com/

Based on your payments of 300-325 per month, at 8.99%, will allow you to carry a balance of about $27,000 to $29,250. You would have to significantly increase your down payment or scale down the size of the home you are considering to meet your payment needs.

[Miller]

Thanks Ron, for the feedback.

I think I now have an understanding of what I can NOT do, lol. I looked into the 8.99% and it was at a variable rate, that would not be good for me unless the bank wants the house back after 10 years or so.

I will be now looking at single wides I think. I have one last double wide to look at today its the smallest anyone has and it's well built, just need to get a price tag on it.