Interest rate?

[kandigrl2001]

Okay I have filled out the request form for the lenders, but had a question in the mean time.

With so so credit, and a 5% down on a 47,000 loan for a 1995 cavco
can i get a ball park estimate of what the interest rate might be?

[rmurray]

So So Credit?....

The rate will be determined by credit score, equity (down) and collateral ( in park or with land, new or used) .. The higher the credit score and down payment, the better the rate...Stronger collateral will have lower rates.....I am afraid..low credit scores, small down and used home in park or on rented land will be high if available at all..

Be patient and wait for responses...The lenders here all specialize in manufactured housing and will have some of the best terms available

[angelina]

First time home buyer, I put 5000.00 down, they already cashed it.
I am somewhat ignorant on this whole process, and really don't want to be screwed.
So, with that, please help. The home is owner finance, the previous owner paid
it off and the sales manager bought it. I don't know what percent I should ask
for, however I do know I want to have a short term mortgage.
Any suggestions? They are asking my husband and I what payment we want to go
with mthly. I stated 500.00, it will be in park, and our lot rent will be 350.00,
I don't want to go beyond that, and I feel they are trying to put the screws to us.

[rmurray]

It would take more details to answer your quesion...Who would be financing the home? The seller the sales manager? What do you consider as a short term loan..How much is the home with taxes? Do you intend to put more down?

Have you seen the title in the sales managers name?..You might want to consult an attorney to help you through the paperwork process..Candidly a sales manager of a sales center doing a private off the bosses books deal, raises HUGE RED flags to me..The small cost of an attorney now could save tons of heartache later..