Palm Harbor Gotham

[Anne]

Hi!

I pop in here periodically and have learned a great deal from you folks. Thank you so much for such a great forum! I'd like to get some additional information if it's available to anyone here.

My husband and I are strongly considering purchasing a Palm Harbor -- Gotham. We would like several upgrades including the sheetrock walls and possibly increasing the roof pitch (unsure about that one right now -- it may be cost prohibitive -- I just think it will look more site built and be cosmetically prettier that way, but I can live with the low pitch if I have to).

We're in SC and we plan on taking a factory tour soon. We were told that there is a factory in NC, so we would very much like to do that. Our purchase will be in 9-12 months at most.

Anyway, I have a few questions -- first and foremost, how much is a Gotham in this area? I'm guessing $125,000 or so, but 'm kind of guessing here. I'd like to have a more knowledgeable answer. Even a range per square foot number would be ok if anyone knows that.

Also, does anyone know anything about their mortgage lending unit? What kind of interest rates can you get a mortgage for (current credit scores are 675-710, depending on the Credit Reporting Agency used, and that should improve as we are paying everything off before applying for the home).

And one more question -- I think that's it, our land is in a pasture a good ways from the road -- probably 1/4 - 1/2 mile. About how much does site prep run? There is water and possibly sewer available (no well needed, but possibly a septic tank -- I've got to find out for sure on that). The land has a little bit of slope, but not much, so it's close to level -- we're not building on the side of a mountain or anything!

Oh, there is one more thing -- sorry about the many questions! We currently own a site built home that we'll sell when the Palm Harbor home is ready to move in. I'm assuming you close on the PH when it's ready to move in? I'd definitely like to only pay two mortgage payments for as short a time period as possible!

If you need more information, just let me know. And thank you so much in advance for your help!

[rmurray]

The Gotham is quite an impressive floor plan...3100 sq ft of delux home...
You asked "Anyway, I have a few questions -- first and foremost, how much is a Gotham in this area? I'm guessing $125,000 or so, but 'm kind of guessing here. I'd like to have a more knowledgeable answer. Even a range per square foot number would be ok if anyone knows that."

You seem to be in the right neighborhood....The NC built home is nice...You can also buy a Boaz Al. built version...At the Augusta, GA location...Augusta handles both products...There are some important difference..Even the floor plan is slightly different...
You also sked "Also, does anyone know anything about their mortgage lending unit? What kind of interest rates can you get a mortgage for (current credit scores are 675-710, depending on the Credit Reporting Agency used, and that should improve as we are paying everything off before applying for the home). "
Youe crdit score are indeed great..you will be offered the mostr attactive finance plans in the market..currently in the 5.75% range...NO one can tell you what rates will be in 9 months...

You also asked "And one more question -- I think that's it, our land is in a pasture a good ways from the road -- probably 1/4 - 1/2 mile. About how much does site prep run? There is water and possibly sewer available (no well needed, but possibly a septic tank -- I've got to find out for sure on that). The land has a little bit of slope, but not much, so it's close to level -- we're not building on the side of a mountain or anything"

It will require a visit from a construction manager to give you good advice...My first observation...1/2 mile of water line to the road where the water meter will be is rather expensive..About $2700...more than a well..you migh want o condsider a well..Sewer would be much higher to run that far....Depending on what you want..1/2 mile long driveway can be rather expensive..You should check with the local power company abvout the cost of bringing the power from the road..I recently had a cusromer get charged over $10,000 to run to his home in GA..The run was abvout 1/2 mile...Consult with a sales asociate about a site visit.....

Closing of a loan is before a home is delivereed...Construction loans will be closed prior to building th home...they will be for 3 to 5 months...no payments will be due until about 30 to 45 days after the home is complete..Ifd you home sells in a smooth fashion..You should not have 2 payments at once....

Good choice of homes...

[Anne]

Thank you so much for answering my questions. But of course, the answers made me think of a few more!

Do you know what the differences are in the floor plans of the different versions? Also is there a quality difference between homes built in those particular factories? We want the home to be of the best quality possible as this is going on family land and we intend for it to be our final home (Well, prior to the cemetary, anyway!)

Good to know I'm in the right ballpark as far as price goes -- we're essentially hoarding all of our extra pennies for the downpayment and I wanted to have an idea of what that might be.

I do realize the interest rates will change (and likely go up in the next 9 months), but did want to get some kind of ball park rate as of now to kind of track over the next months to see where we might end up falling in the rate spectrum when we're ready. I just saw on the PH site where their example has a 9% rate and wanted to make sure that wasn't their 'standard' rate or anything.

Yikes on the site prep! I may see about getting my husband to change his dream location just a bit closer to the road. I'll definitely have to do some more research in that area.

Okay, one more thing I want to make sure I understand. The construction loan will be for the site prep? We've never done this before, so I just want to make sure I understand things correctly.

You said they would be for 3-5 months and then they would need to be paid off or would they be rolled over into the home loan?

And would we be responsible for obtaining the construction loan separately or would that be handled through the dealer? Sorry I may sound ignorant about this, but I am essentially ignorant about this! I'd rather have a good understanding of things prior to my purchase.

Again thank you so much for your help and for your patience with my multitude of questions!

[TanyaF]

Word to the wise...not all loans work as above. I assumed we wouldn't have to pay on our loan until after the home was done, but our loan turned out to be a different kind of loan, and we had to start paying almost immediately (45 days after closing, I think). So we've been paying two house payments throughout the site build and will continue to do so until we sell the home we're in. We also wanted to wait until our current home was empty to sell it. Luckily, we are financially able to carry the two payments at once for the moment, but I wish we hadn't just assumed we'd have more time.

[rmurray]

"Do you know what the differences are in the floor plans of the different versions? Also is there a quality difference between homes built in those particular factories? We want the home to be of the best quality possible as this is going on family land and we intend for it to be our final home (Well, prior to the cemetary, anyway!)"

Go to Palm Harbor webv site..check outthe Gotham floor plan at a SC location..print it..Check ths Augusta, GA location and chedck out the Gotham print it and compare..The AL built is a little more open floor plan...Std features are differnt beteen the 2 plants...Both build very high quality home both with the only in the industry..5 year buyer protection program..both eill havce factoery personel doing all final finish...
"I just saw on the PH site where their example has a 9% rate and wanted to make sure that wasn't their 'standard' rate or anything. "

This is at the Country Place Morgage web site..This is a home only finance program...Mortgage loan programs will be much lower rates..but higher closing costs..You must compare both to see which is best for you..The mortgage loan program involves the land in the loan..Any PH associate will be able to compare for you and lead you to the best plan...Downpayment depends on the kind of loan you chose..The mortage plan will require less cash..AS aLWAYS..THE MORE YOU INVEST THEW BETTER OFF YOU ARE

"You said they would be for 3-5 months and then they would need to be paid off or would they be rolled over into the home loan? "

In most cases the construction loan rolls over to the permanent loan...Almost always help custromers obtain the loan...The construction loan pays off the property balance if any...improvements when in...Deposit to PH..and staged payments to PH as the home is delivered..Substancial money is held back untill the home is complete and the home inspected by the lender...

Iw ould be happy to discuss all this..The toll free number to Augusta is 1-866-866-4758..Ask for Bob Murray..