Well after yesterdays little panic attack, today seems to be going better. Been on the phone and computer dealing with finanacing this manufactured home. Got a hold of our BofA loan rep and she informed me that BofA can do a loan for a manufactured home but it's not a conventional one. Instead it's something called FHA Loan. In short it's the same kind of loan as a conventional one except you have to pay mortgage insurance regardless of the amount you put down. The good news is you only pay for five years and then you can drop it. So if we go this route will be paying roughly $10,000 more dollars then we would with a conventional loan which we will not get if we want this house.
The other option that Marie came up with was to do several loans, she found someone who will loan our a large chunk of the money but not all. So we would have to find a second person to loan the rest of the money and of course a second home loan always has a higher percentage rate.
Need to talk with Harry but I think we are going with the FHA loan... I'll keep you posted.
|
|---|
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment