2004 southern esate home question

[kim]

We are wanting to purchase a 2004 Southern Estate home. These are made by Southern Energy and I take it they are a new line of homes that came out 2004. My question is, we have great credit but the interest rate they are giving us still seems high for a new home. We are getting 7.74% for 20 yrs. but if we go 30 yrs. they said 8.25%. Is this about the rate now or is this high? We are putting this on family land and not putting the land with the home! This is a 32x58 home for $62,900. Thanks for any info or imput. Also are these homes any good? We loved this model THE MAXWELL as soon as we walked in we wanted it! It has stone fireplace, counter top flat stove and lots of built ins. The kitchen has all the lazy susans, pull out trash bins and all the extras too.

Thanks,
Kim........who is gun shy about trying to buy another home after last experience with CROOKED DEALERS!

[paul]

I'm going to go w/ a conventional loan...go to a mortgage bank and see...some can do mfr'd homes, some can't. i'm looking for less than 6% and have been assured by my banker(friend) no problem.

[Threnody]

Check with a mortgage broker - that still sounds high, especially for a 30 year.

[rmurray]

The rate seems reasonable for home only finance...Rates in home only are credit and down payment sensitive..The best rates out there are from a company called Triad and are 7.25% with 20% down..

Think a little about what you are doing..putting a home on family land for the long term is very risky..That is why rates are higher..But the risk is also for you...If someone passe3s away..or there is a divorce...family relations can get very sticky...Also..there is NO resale value for the future...This home as any will depreciate by tens of thousands that day it is moved onto the family site..That means you will be much upside down on your loan for over 15 years on a 20 yr note...25 years on a 30 yr note..

If you buy a small piece of property..maybe in the neighborhood to be close to relatives..you can get interest as low as 5.75%...The interest savings would pay for about $15,000 in property...Of course...now if the location is good..you will get the same appreciation as any home in that neighborhood..and resale would be much easier..Most likely you will never be upside down..Only you can decide..

[Charlie L]

Why not sub-divide the property and then do a land/home package? If the family is willing, you could have an acre or two (or whatever) divided and deeded over to you and your spouse. This would allow you to avoid the above problems in the future.

[kim]

Well, we do own some of the land and it is deeded over to us, but my husband and his siblings have all agreed to never use the land against or with any purchase incase someone ran into problems and lost the land that has been in their family for years. Our land is divided into 10 acres each so we will never have to be that close to family so that isn't a problem. ) Not to mention we are the only ones that live out here on any of the land in the first place.