Posted on: 15th Jun, 2010 03:19 pm
I have been checking loan prices. Currently have a bare land loan. 9.25% Want to put a home, well and solar system on the 20 acre property. Already have a septic system in. Manufactured homes the interest rate is high 8% Can I get the better rates offered now on mortgages if I go with a modular - kit house? Our credit score is about 760.
Hi leslieblack,
With a credit score of 760, I hope you will get better rates. You can contact the local lenders who offer modular home loans. If you meet the other required criteria of the lenders, you will be able to qualify for a loan with better rates. Also, speaking to some of the lenders will give you an idea about the prevailing market rates. If you can afford to pay that rate, then only you should go ahead with the loan.
Thanks
With a credit score of 760, I hope you will get better rates. You can contact the local lenders who offer modular home loans. If you meet the other required criteria of the lenders, you will be able to qualify for a loan with better rates. Also, speaking to some of the lenders will give you an idea about the prevailing market rates. If you can afford to pay that rate, then only you should go ahead with the loan.
Thanks
Yes modular homes (if permanently afixed to the property) and meet other guidelins, qualify for FHA financing which is now offering some of the best rates out there.
Where are you looking to secure financing?
Where are you looking to secure financing?