*The Commerce Journal>>>Renting & Real Estate

What is the going down payment rate on a mobile home?

Me and my fiance are looking at mobile homes and have found some nice ones. We both have what I call mediocre credit. Nothing to bad nothing great either. We were thinking 15% I mean the ones were looking at are not that expensive. Some as low as 40,000. Just curious what we should be thinking about for a down

In my area, most lenders will not loan for more than 75% - 80% of LTV, so you will need at least 20% down, maybe more, plus closing costs.

I have a client with great credit looking at MHs, and 20% down is the best (with a decent interest rate, which is going to be around 8% on a MH).

If the credit is not to good that 15% might be your interest rate. They may expect a higher down payment too. There are fewer and fewer companies that are financing them these days too so you might be at the mercy of the dealers finance Co.

Just know they depreciate very rapidly just like a car.

Tags

　　Germany Taxes 　　Canada Taxes 　　Australia Taxes 　　Small Business 　　Renting & Real Estate 　　Personal Finance 　　Investing 　　Insurance

Related information

Can they sell the second phase of homes for less than the first phase?

The developer can sell 2nd phase homes cheaper than he can 1st phase for any reason or no reason at all. Most of the time , he may be in an economic crunch, where he has to raise funds to keep goin...

Does California law allow for military families to break a lease if they get orders to ship out?

All states including California will allow a military man to break a lease. But it will not release anyone else that is on the lease. Including a spouse.

...

Rent/Lease Question?

Any agreement you make should be in writing and your lease agreement says the "rent can be adjusted reasonably depending on increases in costs for the landlord." Your landlord is asking y...

Whats the cheapest apartments are about?

Just remember, you get what you pay for. The cheapest apts are in the worst neighborhoods where crime is worse. If you are looking for the cheapest. Don't park a car there and buy a can...

What are some things we should know before leasing out our home?

It's best to hire a reputable property management company that does full-service management. Interview and check their references. Check out their website to see if it is comprehensive, provid...

Buying houses?

Hi, the common way to buy a house is to get a mortgage. You can also buy a house other ways such as: 1. Seller Financing: you give the seller a note for the purchase price with a certain time to p...

What is the difference between ERNEST MONEY and Escrow??

An earnest payment (sometimes called earnest money or simply Earnest, or alternatively a Good-faith deposit) is a deposit towards the purchase of real estate made by a buyer to demonstrate that he/...

Old FASHIONED, COLONIAL, any type of old apartments for rent...?

Craigslist is good for this so I think you are smart to start there. They will have the best rates but, they aren't laid out well for your searching! Try www.realtor.com and click on renting...