My husband and I do not have a lot of money to put down. Plus our credit is rated fair. I am trying to find out if we would even qualify for a loan. We are looking at 3 different houses ranging from K to K. Plus does anyone know the going interest rate in MN. Thanks for the help
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Hey I was wondering if anyone knew the average length of time/and or the max amount of time you can get on a loan for the purchase of a mobile home? Also what’s an average interest rate for fair credit? I’d apprecite the help sooo VERY much!
Thanks
Sophia
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We are moving to a new town and are house shopping. We are going to look at several properties, and the most affordable is a manufactored home. However, I am concerned the interest rate might be higher and the financing more difficult. We will probably move again in 3-5 years so I am concerned about resale value as well. Has anyone had any experience with this or any advice to give?
We hope to move again but don’t know if and when, it depends on whether my husband is transferred. It is a small area without much for rental opportunities.
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Hey I was wondering if anyone knew the average length of time/and or the max amount of time you can get on a loan for the purchase of a mobile home? Also what’s an average interest rate for fair credit? I’d apprecite the help sooo VERY much!
Thanks
Sophia
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My wife and I both have excellent credit, and started a refinance on our home with Countrywide… They wanted to do most of it by fax, so the broker never came out to our house.
She sent an "opening package" that was like 8 pages for us to sign that estimated 00 in closing costs for an interest rate of 6.3 – an exhorbitant sum in closing costs and only an average interest rate. We were going to do it anyway though and she sent a "mobile closer" to our house who was supposed to get everything signed in 15 minutes and be out the door.
They tried to pull a classic bait and switch, and the the notary showed up with paperwork that had 50 in closing costs! The closing was only supposed to take 15 minutes because they were hoping I would not read everything.
I asked them to leave and did not sign the paperwork. Where can I report these folks for pulling a scam like that?
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We own a 2005 manufactured home purchased new from Clayton Homes and financed through Vanderbilt mortgage company. In 2005 we accepted an interest rate of 9.75% due to a slow credit problem. With the current economic slowdown, we are consistently 1 month delinquent and to make our anxiety worse, Vanderbilt sends a local representative to our home once a week to harass us . The man has spoken to my son and others in our absence. We are in communication with Vanderbilt, however they lie and write notes that there is no communication from us. Please advise us how to lower our interest rate with very poor credit and stop the wolves from coming to our house because the anxiety this is causing is fraying my nerves considerably. I shake at the sound of a car in the driveway now.
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We purchased a new mobile home 9 years ago. At that time, we financed approx. ,000, a 30-year mortage, with the fixed interest rate of 9.25%. Our montly payment is only 0. Here it is, nearly 10 years later, we still owe ,000 and no bank will refinance because they say the home is not worth it. SO, I’ve been making add’l payments, usually about an extra a month. My question is, when I apply that add’l pymt. (which is on a separate check and indicates "add’l principal") why does nearly all of my initial 0 pymt. go to interest?
If I only make my 0 payment, more goes towards the principal. I’m not making headway either way it seems. I don’t understand this. We were young & naive when we bought this home, and now we’re stuck.
Currently we do not own the land it is on, but we do own 6 acres that we plan to move the home onto. Would this qualify me for a FHA loan then?
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I have tried to refinance a 9 percent interest rate to a lower one. You see all of this advertising to lower rates but yet no one will do it. When they do they try to mess you over. They wait until you are in forclosure before you can do anything.
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I have a friend going through a financial disaster and she needs your help. She is on disability, going through a divorce (her husband just left her high & dry for a younger woman), and is overwhelmed by her debt. She has a mortgage on a trailer in a trailer park with a 13.5% interest rate. She fits the criteria set forth by the Obama Administration her monthly payment is over 38% of her income. She has contacted many banking institutes inquiring about loan modification or refinancing. The banks all have said the same thing to her that since her home is in a trailer park she can not reorganize her loan (a mobile home in a park is not considered real estate). To me this is an outrage. It’s not like she can move her house it has no axles and is a doublewide; moving it is not an option for her. Just because her socio-economic status is low and she was forced by the state laws to put her trailer in a trailer park (you can’t have a mobile home on land where we live) she is being punished by investors. Is there any help for low-class individuals who find themselves in trouble with a mortgage on a trailer in a trailer park? Any suggestions I can give her? She’s such a nice older lady, I’d love to be able to help her. Thanks a lot.
Northpoint lending will not finance anything inside a park.
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We bought our house in Oct. 2007. Our interest rate is 6.5%. Would it be good to refinance if the rate got down to 5.75%? We need to lower our payments if need be. We are so strapped right now with rising gas prices, food prices, daycare for summer, etc.
Right now we are financed through Wells Fargo and have been on time with every payment. We filed bankruptcy in 2004 on a mobile home that had water damage so I was wondering if this might hinder us in refinancing? Any advice would be appreciated!!!!!!!!!!
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I found a buyer for my mobile home, & found a new home supposed to close on the 27th. Well the buyers financing fell through because they want to have the mobile home moved to their land, & the lender will not allow this. The buyer has asked me to help find financing, & so far not soo good. They’re credit score is about 587, & they want to have it moved to their own land, with out having to have it put on slab. I would have moved it then sold it, only I just found out my financing will not allow me to move it frm the mobile home park until it is paid. Did not know this. Because of the lot rent being so high, & the interest rate Im paying is high so no one will lease it. So now I feel Im stuck. Does anyone know anyone who will finance and let it be moved with a low credit score. Or is there a way for me to refinance it at a lower interest rate and rent it out and still purchase my new home???? In order 4 my finance to go through on my house, the mh must be sold or contracted for lease.
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My parents own an older mobile home (1972) in California. They owe about ,000 & their interest rate is at about 11%.
They are unable to refinance to a lower rate because the mobile home is an older mobile home & they technically don’t have a mortgage bc it is considered "Personal Property". It is detached from the land & they rent the land in a mobil home park….so they do not own the land.
Is there a certain type of loan they can get to pay off their current loan? They would like to lower their interest rate & monthly payment.
Any advice?
Thanks!
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We were looking for a little info on this and are having trouble finding some of it.
- Safety of the homes?
- Do they handle interest & length of loan as they do trailers? (With trailers/mobile homes they increase your interest rate and must shorten the length of the loan) or are they handled as typical home loans (30 yr 6-7 etc % interest)??
- Pro’s and Con’s in general.
I guess this could be extra helpful if you or someone close to you has or does own one and has come across positives or negatives since they’ve lived there. Any info will help! Thanks! 
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My husband and I have a credit score of 599, both have same score so we are choosing owner financing. We found a cute property for 95,000 but it is a manufactured home. Owner wants to finance but when we speak with him he says that the note is at 12% interest rate. and the note is not transferrable. He wants us to move in feb 1st and give a 10,000 down pmt and 1000.00 for the first payment. He is then going to try and refinance for us and give us a lower monthly pmt. But then not having the note and also saying he can't have our name on the insurance. He has printed some forms from the internet to sign to act as a contract but this feels so uncomfortable but I really love the home. He is willing to sell but with our credit score I don't know who will finance a manufactured home for us. Know anyone who will finance or what should we do cause I really love this home.
Please someone help.
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My interest rate is 17.5% and my mortgage payment and lot rent is so hard to keep up with. I have never been 30 days late. But I don't want the house anymore and really don't care about my credit either. Does anyone know what will happen if I just stop making the payments and let the house go into foreclosure? If my husband and I both have jobs paying us under the table, will they be able to garnish our wages still? Any advice would help. Like I said i don't want the house, it depreciates it value, and I owe about ,000 more than it is actually worth, so there is no sense in selling it or refinancing because no one will buy something that isn't worh the money they have to pay for it.
Trust me, I know about my credit. I work in the mortgage industry. And I can't help myself get a better loan. I owe ,000 on this house, and after FIVE YEARS, I still owe ,000. It is only worthg maybe ,000. How can I sell this house? There are 30 or so homes in the community that are for sale. They are bigger, look better, and are selling for a lot less. Like I said, I have never been 30 days late thinking I can save my credit, but I give up and will seek help from family members with getting into another house. I know about still having to owe the difference, but if I have no money they can't take it from me right?
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