interest rates

[LC]

What kind of interest rate should I expect? I have been watching the interest rates on the internet for home loans, but are rates for mobile homes different?

[r murray]

If you package your home with some property and mortgage them all togather....the rates should be the same..

If you want to finance independent of real estate..rates can be as low as 8.99% with 20% down and very good credit...

[David Oxhandler]

Most financial institutions today finance MH and land under the conventional mortgage programs. MH and land packages qualify for most federally backed mortgage programs. You can find 30 Yr Fixed Mortgage today for as low as 6.38%

Try the Manufactured Home Loan Finder, on line at www.ManufacturedHomeLoan.com/

Submit the fast, easy form , select your loan preferences and they will forward your request for loan information to several participating manufactured housing finance offices. Let the Banks Compete for your loan business

[Dee]

If you are looking at a home in a park, home only loans do have a higher interest rate than if you are purchasing home and land.

I am a second time manufactured home owner. When I purchased the first home in 1991 my loan rate was 13.25%. I purchased brand new and put 30% down at that point. With the lot rent, my total monthly payment still was a better deal than renting an apartment. At that time my loan was through Green Tree (now Conseco).

There are not a lot of banks that like to do this type of loan, but if you ask a dealer or perhaps ask at banks in the local area where you are thinking of purchasing, you just may be able to come up with a lower rate than some of the companies that deal in manufactured home loans. Also, being able to discuss the loan and do the paperwork face to face is a definite advantage.

I just closed on a home and I have an excellent rate on my home. I financed through a local bank. The bank does not sell their manufactured home loan portfolio and I can walk in and make my payments. I have a loan officer to deal with and can go in and speak to him anytime. My rate is 8.9%. So check around locally.