Pre-qualify for a loan or not?

[Kevin C]

Should I hunt for a lender and get pre-qualified before I buy a MH, or just let the dealership handle the financing? If I should prequalify, how long is the qualification good for? If it helps, I have good credit (725, 733, 734), no lates in the past two years, and plan on a minimum of 20% down.
Thanks in advance for the advice.

[Mark]

You can hunt for a lender, but understand that most 'traditional' lenders (ie, major name banks) do NOT lend money for manufactured housing, and they have to be convinced into lending it for modulars. This limits your financing options greatly as far as 'mainstream' financing goes (read, lower interest rates). With your credit rating (which unless you got those numbers from the bank, will be different from where you got them from), you shouldn't be paying more than 7%, If you can't find less than that, I'd seriously look into stick built.

Things change a little if you go for a modular home, cost will go up quite a bit for the initial purchase, but you'll be better off in the long term.

[Kevin C]

PS I forgot I'll be looking for a home only loan and the MH will be going on family owned property.

[David Oxhandler]

ManufacturedHomeLender.com Matches Home Buyers and Lenders. They have several lenders that offer financing for you MH on leased or family land. Submit the form on their home page and let them do the rest..


With ManufacturedHomeLender.com , you'll save time and money. You will discover which participating lenders offer the best programs and rates to meet your exact needs.

Starting out with the right loan can add up to substantial savings over the years. The best part.... the service is always FREE for anyone looking for a MH loan


Click HERE to go there NOW!

[rmurray]

The very best home only lenders will be available from the dealers...OR from this site...With your credit scores and cash...you will be considered the most preferred of all consumers...if you shop lenders..tell them your scores..approximate total obligations..gross income..cash commitment and ask for the best deal possible...Be sure to try the find a lender program on this site...

For home only..with $0 closing costs..you should expect rates about 7 to 8% for 20 year term...NO more..

This is a buyers market in the business right now..be sure you have shopped the price of the home as well...most dealers would kill to have you as a customer now...almost better than all cash..

Good Luck...and GO FOR IT

[Debra]

Kevin,

If you are unsure about your price range and, especially, if you are a first-time buyer, pre-qualifying for a loan can help smooth the purchase process. You will know exactly what you can afford and avoid the disappointment of being unable to buy the home you thought you could afford. With your good credit score and 20 % down you should get a great rate. I would definitely do check with several lenders to see who can get you the best rate. If you need financing for your new home you can contact me at 1-800-959-0245. We have several great programs for manufactured homes.


Thank you,
Debra Plennert
Indemae Home Loan
Cell: 727-808-5372
Fax: 727-944-3944
[email protected]