Home Buying in Kilgore>Question Details

Robyn, Home Buyer in Kilgore, TX

Buying a manufactured home here in Texas. I own 7 acres of land plus tiny 50 yo house. Appraised at 31,000.00. will I need to pay 10% down plus land?

Asked by Robyn, Kilgore, TX Tue Mar 8, 2011

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It appears that your buying a new manufactured home off the lot. Manufactured homes are hard to obtain financing right now. There are only a handful of banks that will lend on the homes. Typically, when buying off the lot the lot will finance with a 10% down and a 9-10% interest rate. This is very common for Manufactured homes.

Sometimes in rural areas a local bank that you deal with may finance with an in house loan and you may get better terms depending on your credit score.
0 votes Thank Flag Link Wed Mar 9, 2011
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