financing

[Jean]

I know I have read a lot about financing and how people with "good" credit have a hard time getting loans on manufactured homes. We have "less than" perfect credit and that is another story - but am wondering if anyone can give me advise about financing w/credit scores below 550 - that does not have a huge interest rate. Looking for any suggestions!!!

[rmurray]

FHA...does not consider credit scores..rates are as good as you can get...FHA does consider credit...especially your credit in the last 12 months....they do not want to see problems in the last year...Collections that are not medical might have to be paid...all tax liens and judgments will have to be paid...Downpayment is only 3%..Good luck

By the way...those with good credit have no problem getting finance on manufactured homes..

[Linda]

We spoke with a salesman at the manufactured home place and we explained we owned our land and would the rates on financing the home be higher? He said that it would be slightly higher. He said rates have gone up and they are about 7.5 percent. With a down payment and good credit does anyone know of banks that can give a better interest rate?

[rmurray]

Shop around for your finance a little...mortgage rates have been rising rapidly...and most lenders on new quotes are now quoting about 7% fixed...Loans are actually closing today for about 6.5 to 7%....Most lender expect more rises in the next few weeks and are over quoting new loans a little just so you will not be surprised later..

Remember...over a 15 year average...mortgages have been close to 9%..and 7.5% is a historically low rate...There are many other types of loans out there now...be careful with variable rates..be sure you understand them well..they are quoting as low as 5.5% now...Good Luck

[Steve]

Found a site with several lenders willing to give quotes, even bad credit lenders.
www.2appylforloan.com

[David Oxhandler]

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[Amber]

I definately recommend shopping around. I am purchasing a land/home package, which likely has better rates than a chattel mortgage. However, depending on the lender, the rates quoted varied from 5.08 to 6.5 for a 30 year FRM (again, for a land/home mortgage, not a chattel mortgage). I found one of the lenders by filling out the form on this site.

[Walt Marlow]

hi everyone, i bought a use doublewide last march with cash it is chandler 1999 i payed 14'000, and put 5'000 into it its in very good shape looking new, the only thing is i am on rented land, does anyone outthere know where i can get a loan on it, i have been trying for 6 months now, with no luck, help help help. thank Walt Marlow. i don't owe anything on it. and havae the title.

[rmurray]

There are many companies that will do these loans...Like the other post here mentioned...try the lender links on this web site..you will get info and offers from specialists in the business...Good Luck

[Laura Kelly]

I tried this form about a month ago and have yet to hear a word.