ROFLMAO!!!!!!!!!!!!!!!!!!!!!!!!!! BTW - we are living in my Dad's now until I close out his estate. He bought it in 98 with 10% down and 7% interest--no points. Once you buy the land FHA will do a land+home package on the same terms as a stick built.
You didn't know what points were, and you say you didn't walk into it blind? Your DH is a "seasoned investor" who struggles to put 10% down on a mobile home? Please, spare us the BS. When you get the chance, read your HUD-1. You might learn a thing or two about exactly what you paid to the lender and broker. Otherwise, spare everyone the pat on your own back.
Is there a problem with that? Cre8 - I don't know what state you are in, or what planet too much is from, but if you are buying the manufactured home only you probably won't have a HUD-1. When you refinance into the land-home package deal, then it becomes real property, and subject to RESPA. You will probably have a retail installment contract/security agreement, much like an auto purchase--there are no points.
Thanks jlynn. Like I said I don't deal with the details. I trust my hubby to do that and I am learning along the way. I would truly love to see too much's real life situation. I was brought up believing the phrase "hurt people hurt people." With as much destruction as he's done on this board, I am thinking... maybe he just needs a hug. Aw.... come here too much... I'll give you a hug.
Re: Re: Woohoo!! We got a home!! I guess you cannot go wrong at any interest rate. After all, you'll make it up on the depreciation, right? too much ================== How do you make it up on the depreciation? I don't think I understand your statement. Could you clarify it for me please?
Re: Re: Woohoo!! We got a home!! 1*I wonder if the original poster would care to share the interest rate and points charged on the mortgage??? 2*Ok, I can think of Arson, 3*I cannot believe that the "experts" here are congratulating the original poster without first asking what the interest rate and points are on the mortgage. 2 Much ------------------------------------- 1*What dose this have to do with anything? 2*Wrong 3*Why
Re: Re: Woohoo!! We got a home!! Does everyone on this board live in a double-wide? too much ================ So what's wrong in that.? THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
We got a home!! Your DH is a "seasoned investor" who struggles to put 10% down on a mobile home? Please, spare us the BS. too much ============ Nope: he's a smart man who knows how to manage his money and recognizes value when he sees it. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
We got a home!! We were told that manufactured home lenders charge a higher percentage rate yet when we tried to pre-qualify for a stick built in May they told us they couldn't get us in for under 11.5%. cre8ivegrl =============== There are two types of financing for Factory homes VS one type for sticks.
Re: Re: Woohoo!! We got a home!! 1*You might want to get everything in writing before you proceed. Mobile home lenders are notorious for lying to customers about their interest rate, points, closing costs, etc. 2*Ask the lender for a 'Good Faith Estimate." If they won't give you one, RUN away from the deal. 3*I have seen mobile home loans with 5 points. Some of the sleazy lenders will even bury the points in the loan, since most borrowers don't have the 5 points in cash up front. 4*You are going to want to know these things before you commit yourself to buying the house, putting down a deposit, etc 5*The good faith estimate will spell everything out for you. Also, bring it to the closing. If the good faith estimate doesn't match your actual closing statement, refuse to sign the documents until it does. TO MUCH. =============== 1*And other lenders never do rite? 2*Unless it's on a site built home correct? 3*But it you buy conventional this will never happen am I rite? 4*This isn't necessary when buying a site built home - correct me if I'm wrong? 5*This don't apply to conventional homes does it?
