Does anyone know anything about purchasing a Manufactured home in California??

Question

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

Answer 1

FHA lends on manufactured homes. the house must be on a permanent foundation. you should be able to get at least 97% financing (3% down). also, the seller can bump the purchase price up just a tad and then you apply for down payment assistance to help you with the 3% (talk to a mortgage broker, they know about all this). your interest rate will be a market rate, it should not be higher than average since it's insured by FHA. You will be able to get a 30 year mortgage but no more than that.

Answer 2

hiya Sophia, at the start and that i'm no longer attempting to be grotesque....yet, why could you go with for a manufactued residing house? they do no longer improve in fee as a common residing house could. no longer a actual stable investment. you will get a 30 year own loan yet, no person will do a hundred% financing on a synthetic residing house (double extensive in basic terms). you will ought to place funds down. regular interest fee for stable credit is approximately 7%. that could improve slightly for own loan on a synthetic residing house.

Answer 3

I can't give you prices or rates, but you might do some reading on the Ca. government site that talks about your rights and responsibilities concerning manufactured homes.

Some good info on that site.

Answer 4

If the foundation is on wheels then it is just like you are buying a car.

Answer 5

So you WANT to be called trailer trash?

Answer 6

juh

Answer 7

ALL I KNOW ITS EXPENSIVE