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is the interest rate the same for a double wide mobile home and a traditional built home?

we cannot seem to find a clear answer as to whether the interest rates and/or mortgage rates are the same for mobile homes, (double or other wise) as they are for a regular home loan. we have been trying to calculate a payment for a double wide mobile home, new, on land my sister owns. 53,900 with 20,000 down. she is buying us the home, her credit score is pretty good I think, she said around 720 but she is not positive. we have seen interest rates online for South Carolina (Greenville county) any where form 9.99% to 6.50 to 3.33 % for mobile home loans. any help we would be very thankful for.( I don't think she needs a lender she wants to finance through the mobile home dealership.) . again thank you:) by crazyh_179_608 from , . Apr 7th 2013 Reply


Charlie Sparks (CharlieSparks)
#1 ranked lender in New Mexico - 401 contributions

Rates on MH loans are usually a little higher than non-MH. If she is going through the dealer the disadvantage is that they probably don't have the best rate vs. other local lenders. You say she is buying the MH for you so that would mean it would be treated as a non-owner-occuped loan and those rates are higher yet and would also require at least 20% equity. If you go on the loan with her there is a possibility that it would be treated as owner-occupied. I would strongly recommend that you speak with a LOCAL mortgage professional with experience in MH financing. At least one should respond here shortly. Good luck to you!

Apr 7th 2013
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thank you all so much for your response. I truly appreciate the fact that you all took time out of your day to answer my question. I am hopeful that we can over come some of the issues you all have pointed out. now we are aware of some things to look out for that we may otherwise may not have known. again, thank you.

Apr 8th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 314 contributions

No you need a specialized lendar

Apr 7th 2013
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Kiernan Brown (KiernanBrown)
#50 ranked lender in Michigan - 149 contributions

In mortgage lending rates are decided using a number of variables. Credit score, Loan to Value, type of home, use of home are just some of the factors that need to be considered. It seems that your situation has your sister buying a new home and having it placed on land. You did not state whether or not there was construction of a foundation would be needed. There is then the situation of your sister buying the home, if she owns a home currently this would have to be considered an investment property. Lastly this is a manufactured home. All of these factors mentioned can effect your rate. As you search online you are going to see a number of rates. The higher rates you are seeing are most likely from specialized mobile home lenders that lend at a higher rate on properties that cannot find conventional or FHA financing. The mid range rates are most likely conventional rates factoring in your unique situation on a conventional mortgage, and the lowest rates are most likely assuming an FHA loan on an adjustable rate or 15 year term. If your sister chooses to work through the mobile home dealership, you will want to make sure exactly what type of mortgage they are using and its term. I hope this information helps.

Apr 7th 2013
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

If she wants to finance through the dealership, does it really matter what rates other places offer?

Apr 7th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

rates for mobile homes tend to be a bit higher

Apr 7th 2013
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- - (Voted.Best.Rates.and.Service)
#11 ranked lender in New York - 374 contributions

Usually higher....

Apr 7th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,166 contributions

Higher

Apr 7th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

higher rates on mobile homes

Apr 7th 2013
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Leah Tove (leahtove)
#51 ranked lender in North Carolina - 13 contributions

If you were purchasing a new DW for your own use the interest rate would be about 1% higher than for a stick built or off-frame modular home. Maybe around 4.5%. The DW rate takes credit scores into account. I think your biggest problem is that your sister wants to purchase for you so it's considered an investment property since she's not going to live in it herself; there is no loan I know of that lends on an investment DW. You're best bet is to take the offer from the dealership if you want the DW. Check with an off-frame modular dealer (like Clayton Homes) and see the price difference between the DW and the same floor plan constructed as an off-frame modular. Your sister could purchase for you but it would still be an investment property.

Apr 7th 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

I used to be able to offer the same interest rate, but nowadays each Investor seems to have an overlay, with higher interest rates. However, if she's financing through the dealership, it is what it is. They're going to offer you an interest rate, and you'll have to agree to it - or find another Lender.

Apr 7th 2013
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Apr 9th 2013
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