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How much of A down payment would I have to put down for a double wide home?

I have land,but its not surveyed off and other people in my familys name is on it.

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Tia23sb

Asked by Tia23sb at 2:30 PM on May. 10, 2009 in Money & Work

Level 4 (39 Credits)
Answers (11)
  • It would probably depend on your credit, I think,
    ajguinn

    Answer by ajguinn at 2:31 PM on May. 10, 2009

  • In order to qualify, you need to put down 10% of purchase price for 10-30 year loans
    Anonymous

    Answer by Anonymous at 2:36 PM on May. 10, 2009

  • Just keep in mind that mobile homes go down in value. Personally I'd look for something extremely extremely cheap and live there until you can build your own home.
    Anonymous

    Answer by Anonymous at 2:37 PM on May. 10, 2009

  • you could call around and ask...otherwise I have no idea!
    kaysha

    Answer by kaysha at 2:38 PM on May. 10, 2009

  • I think that banks are now looking for 20-40%
    rkoloms

    Answer by rkoloms at 4:00 PM on May. 10, 2009

  • With mobile homes, the loans are like a car loan. I would think about 10%. You really should talk to a bank or lender that finances mobile homes, some places do NOT finance mobile homes. Also, your credit plays a part in it too. Good luck!!
    tyfry7496

    Answer by tyfry7496 at 8:10 PM on May. 10, 2009

  • I would call someone in your area that does mortgage fiance. If its your first home you could get an FHA loan and then the down payment is very minimal. We put down $500 on our first house that was 127000. Our second house required 10% down because of the loan we have choose. We have really good credit though. FHA is the first time home buyer thing. Modular homes have a whole different amount you have to put down. And i am not sure FHA will mortgage a modular home.
    trinnaman123

    Answer by trinnaman123 at 8:37 PM on May. 10, 2009

  • We put down $6000 and pay $420 a month. We will have this paid off in 5 years because we are paying MORE then what our monthly pymt is for.

    SweetKYmom

    Answer by SweetKYmom at 7:57 AM on May. 11, 2009

  • It depends how your credit is and what type of loan you qualify for. When we got our we got an FHA loan so we only had to put down $1500.00 on a $30000 home and out payments are $375.00. I think the reason we qualified is because we did not have a lot of income and we were first time home buyers. And ours is a double wide. But it was used not new. So that will make a difference too. I fyou qualify for an FHA loan the down payments are usually anywhere from 3-10%. At least that is what it was back in 2004. Things may have gone up a bit now.
    Anonymous

    Answer by Anonymous at 12:25 PM on May. 11, 2009

  • I used to work for a builder selling manufactured homes. There are alot of different circumstances if you are planning on putting it on a permanent foundation ( basement, crawlspace) and need to put all utilies in you would need to get a standand construction loan, this is no different than building a stick built home. To do this you would need to have the land surveyed and deeded into your name, you could than use the land as down payment. If the land can not be put into your name you could do a chattel loan and maximun lending on that is 20 yrs with 10% down. If you have excellent credit you can go 5% with a chattel ( home only) With out the land in your name they will not lend to you for any land improvements other than skirting, steps, block, and footers.
    tuesday10

    Answer by tuesday10 at 2:46 PM on May. 11, 2009

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