Question for anyone who has bought a

[KanoasDestiny]

My husband and I are wanting to buy a "triple wide" this summer, but I have a few questions for anyone who has bought one.

1. Is it better to get a home loan through the dealership or through an actual bank? We're looking for the cheapest way to go.

2. If you went through the dealership for a loan, was there a set amount that you had to put down as a down payment? (1%, 5%, 10%)

My husband and I want to go into the deal with putting down as little as possible, even if it means we have to pay more monthly.

Please share your experience or advice, it would be greatly appreciated.

 

[Miniv]

We bought a brand new triple wide from a dealership about 20 years ago, so things may have changed. Back then, the only way you could get a standard bank loan was under their classification of "AUTO LOAN". They didn't put mobile homes under "real estate".

Your best bet is to visit your bank and pick their brains. Find out what their rates are first, then compare them to what the mobile home finance company offers. Be sure to ask if there is a difference in percentage with either how much of a downpayment OR how long of a loan you want to make -- ie, 15 years vs 30 yrs.

Also, find out if either have a Pay Off Penalty, incase you find another loan down the road that is better.

Oh, and if you are planning on puting the mobile home on a piece of property instead of mobile home lot, that can sometimes make a difference......to YOUR benefit.

MA

 

[minimule]

Most banks won't loan on a "mobile home". When we bought our "Manufactured House" in '99, we had to go through Greentree Financing because the banks wouldn't carry the loan. Even Ditech won't carry a modular home loan.

The house next to us a 20+ yr old double wide that has been added on and on and on...., stucco'd and metal roof added. The folks walked out and abandoned it a few years back. The bank foreclosed on it. They can't get a bank to finance it now because there is no proof of manufacture date so whomever buys it is going to have to pay cash. It isn't worth what they are asking for it (or needing to get out of it) so I think it's going to be vacant for a LOOOOONNNNNNGGGGGG time!

: Sorry....a little off topic there.......

 

[Pepipony]

If you go to large enough of a dealer, they should have several finance places lined out. When we bought ours in '96 our app went to 5 places and then we chose the best one. My biggest suggestion would be to make sure they dont apply your one year insurance on the loan. Ours did , we didnt know better, and kinda sorry to have to pay that out over 20 year with interest LOL Good luck!

 

[ClickMini]

Don't forget to check with your local credit unions. I have a double-wide manufactured home on 12 acres. We bought in 96, and are very happy with our purchase.

The main thing is shop around your loan. Make sure you are getting the best deal possible. If you are veterans, you can get a zero down loan through the VA. That is what we did.

 

[Marty]

I love those mobile homes. Geesh, they are really nice inside. I can fit my whole house in one!!!!! You get big bathrooms with garden tubs and big old walk in closets. What's not to love ???

We had a deposit on one but we backed out.

We found that

1. insurance was very hard to acquire

2. most banks are not interested in financing them, so that is why dealers have

their own companies that will do the financing and watch those numbers, you may get screwed

3. are we allowed to say "screwed?" :new_shocked: :new_shocked: :new_shocked:

4. Sometimes in some states they may want title to your land before they float you a loan

You may not have much or any choice of what kind of deposit to put down. I never heard of 1-5%. Most finance companies will dictate to you what they will accept as a minium

It was much cheaper all around for us to buy a cheap house and worry about it caving in later

:

Get on the horn and start calling around to banks and insurance companies and run the numbers before you make too many plans

 

[OhHorsePee]

We are presently looking at a modular. We found a double wide we liked and can have upgraded into a modular. Modulars are spec'd out to be just like a stick built home here. It is only $10,000 more and you get so much more for your money and your value doesn't decrease like it does with a double or triple wide, as I am told. Our bank doesn't handle construction loans but they have a mortgage company that does. Our will go through National City Mortgage and the constuction loan is 8% until it is completed. Then it will drop to 6.5% interest. They frown on "trailers" but will do the modulars. Becareful if you use financers from the place you are going to. I would hunt independently for the finance first as I am sure you can get a better deal on interest rates.

Fran

 

[anita]

You got pm

Anita

 

[anita]

Can't go through " send message.

Anyhow, I have a Silver Crest for sale. Its not far from Barstow.

If you like you can email or call anytime

Anita

 

[TracyS]

You should contact your local banks, and if you put the double wide on a Permanent Foundation, they should make a loan. Usually, you will have to own the land where the home is to be situated, and a ratio is calculated such as 20:80. You can get up to a certain amount of the total value of the property.

Contact a mortgage broker and see what they tell you. Best way to go in my opinion , they are working to find you the best loan available.

Usually, coming from a RE salesmans perspective, bank's interest will almost always be less than the finance companies, or through a dealership.

 

[KanoasDestiny]

Mark and I will be going to talk to the salesman on Saterday. I feel really comfortable when we talk to him because he is really open and is willing to answer all of our questions. We'll be trying to find out as much info as possible.

We called our credit union, and they said that they would finance the one we want if it was newer than 1990, and was on permanent foundation. But she said that we would have to come in with 10%, or we could go for two loans (one to pay for 80% of the loan, and the second to pay the remaining 20% - along with down payment) and only worry about closing costs. That's probably the way we'll go, because we don't want to spend thousands upon thousands of dollars just to get into the place. If we didn't have animals to worry about, then it would be a totally different story, but you just never know when something will come up.

I guess the next step if to call our other bank and see what they can and can't do, and then check with a mortgage company.

 

[Miniv]

I guess the next step if to call our other bank and see what they can and can't do, and then check with a mortgage company.

Yep, it's called doing your homework.

MA