"vacation" home financing

[Kevin]

My wife and I are planning to purchase a MH in a couple of years and put it on some family owned land in Alabama. When I retire in about five years the home in Ala. will be our retirement home. The plan is to purchase the MH in two to three years paying 20-25% down and pay cash for any property grading and utilities. Once the home is set up we plan to put our stick home in Oklahoma up for sale and use the equity to pay off the MH. If our house sells prior to my retirement date, my wife can move to Ala. and I'll get an apartment in OK.
My question is, will I have any problems getting financing and insurance for the MH as it will be a second home. Our credit is good.
Thanks in advance for you input.

[kurt]

That is exactly what we have done here in Wa. state. We live on the west side and have a manufactured home on property on the east side of the state. The bank and my insurance company have no problems with this setup. I too will sell my first home and move into the second home when I retire in a couple of years.

[rmurray]

You will have no problem...Home only finance has gotten harder to get in the last couple of years...but...you said the magic words...GOOD credit and large down payments..over 20%...There are many lenders who offer second home finance under these terms...Good Luck

[jgn]

What I found with Wells Fargo is there is a 1/2% upcharge over stick built because it is a MH otherwise same terms.

[rmurray]

You might be right about the up charge...but could that be becuase the average loan is smaller...yet servicing costs are the same..It costs just as much to send a payment coupon for a $500 payment as it does to send one for a $1300 payment..

[jgn]

It was just a blanket statement from the mortgage person who I have used three times in the past. She said it is current rate plus 1/2% because it is a MH. I was going to replace the DW I have and total cost was in the 100K range.