financing

[smm]

Should you go through the dealer with financing or find your own?

[Bill Fry]

If its land & home and you are wanting a regular morgtage find your own.
If its a home alone sale you may have better
luck with the dealer finding someone.Financing for home alone is getting scarce.

[Cassie]

Obtaining your own financing will (in most cases) save you a ton of money. In-house financing is where these guys make a great deal of money. They'll either get a kick-back from whoever they forward your loan onto (usually in the form of an interest rate increase), or if they do their own funding they'll get you on the points and/or closing costs and/or rate.

[rmurray]

You should shop both...Most dealers have a keen idea of which mortgage companies are better with manufactured homes...and have originators that are specialists in manufactured homes..If the price is the same...you will have a much better experience with the dealer located financing..

It is true that you should shop....1% in interest is tens of thousands of dollars..closing costs can very by thousands from lender to lender...Shopping finance is only second to shopping quality..

Good Luck...

[Bill]

Financing isn't what it used to be, and it's getting harder and harder to find financing on a home & land package from traditional sources. Many lenders simply do not loan on manufactured housing. The stigma of the high default rate of park housing has adversely affected the land/home package market as well. I'm in the process of trying to unlock my equity, but I'm running into nothing but dead-ends. I just got off the phone with one mtg. co. that will only loan up to 65% of the value, even on a home/land package.

[Bill Fry]

There is no such thing as equity with a home on rented or leased land.Is you have a home on your own land and isn't a single wide?If so find a morgtage broker to help you.They can found you a lender who will give you a second or refinace providing you have decent credit and your property appraises
as you expect.

[rmurray]

Bill....



This is the new REFI rules of FANNIE MAE...They do not want to do cash out refis..

It might be possible to do a 2nd mortgage...then refi both into 1..A little more expense to you but would meet the rules..

95% finance is still plenty available on purchases...FHA will finance 97%,,,

[Bill]

Hmmm... that's a good angle to approach it, getting a 2nd and then refi both into 1. I just financed FHA on my home (existing MH on land), but had to go 20% AND 15 years to dodge the PMI bullet. If I had gone 30 yrs, even with 20% down, they would have hit me with PMI. I don't know if being a MH had anything to do with that or not.