Interest Rates

[kathy]

What are the typical interest rates that lenders are loaning on manufactured homes at this time?

[Sandy]

It varies from bank to bank, and your own individual circumstances will also dictate what rate you get. You need to call your local banks and credit unions to see what is offered in your area. Keep in mind, these can change daily.

As for the circumstances that can affect the rate you get, there are quite a few. Some of the things that can affect the rate you get is: 1) the market or area you live in, 2) the bank you choose to deal with, 3) your credit score or credit history, 4) the amount of your downpayment, 5) the age of the manufactured home, 5) you always get better rates if the house is affixed on a permanent foundation versus putting it on a rental lot. (each bank has different requirements), and more.

From what I see, the rates in my area are averaging 4.75% to 5.25% for a 30 year fixed mortgage. Again, it depends on a lot of variables and particularly who you go through to get your loan. There are many governmental and state programs out there that are a great benefit to the consumer right now as well.

[jgn]

I checked with Wells Fargo which has a MH section and it is 1/2% over site built so, if you go conventional with at least 20% down you are around 5 1/4 for 15 and 5 1/2 for 30 because the rates are 4.75 and 5%. Like Sandy says a lot depends on a lot. Permanent fixed home is treated much like stick built and non permanent on rented land, park, is much like a car loan because than it becomes a depreciating asset

[kathy]

Great answers, thanks to both of you. So in other words, it does pay to shop around. I am going today to a dealer here in Florida about purchasing a home, and if Im not happy with what he can offer, I will shop around. Thanks again.

[P. Gaita]

I was told that the rates on my manufactored home was 10yr-15-20yr only. With the 20 yr at 6%. There are not that many banks in MA that will deal with Mfr homes especially if you don't own the land. You buy the house but rent the land and the Real Estate taxes are paid by the development as part of your maintenance fee.