Are There Good Mortgages for Mobile Homes and Manufactured Housing?

Why do so many mobile home and manufactured housing buyers settle for
what ever mortgage the dealer throws in front of them?

Do they really think they deserve to pay 9-12% interest just because
they are not buying traditional housing?

There is no reason to pay those rates just because you are financing
under $100,000.00.

Fannie Mae, HUD, and FHA all have programs with rates between 7.125 and
8.5% interest on mortgages below 60,000.00 and 6.125-7.5% on Mortgages
below 100,000.00.

They do have common sense conditions as to the construction, anchoring
and foundation.
Many of these conditions are based on location and safety but again
they are common sense and can be rolled into the mortgage as a
construction to permanent loan (also known as a C/P). By going with one
of these programs you automatically qualify for reduced insurance
premiums because your house will conform to Fannie Mae, HUD, or FHA
standards. You also have the piece of mind of knowing your home is as
safe and weather resistant as possible.

Compare the above rates to what you pay now. And realize that there is
no good reason to pay more. If you have a credit rating of over 485 you
can qualify for one of the rates above. There are other factors like
Loan to Value, Debt to Income Ratio, Primary Residence, that can affect
the rate. However there is no reason to pay higher then the highest
rate mentioned above.

Let me know if you found this article useful.


Kevin Hidden

http://www.mortgageseeker.biz