Answers by Richard Macmillan

Good morning, I’m not sure if the question is related to purchasing or refinancing. I will answer based on purchasing. When you write up the offer ask for closing costs and allocate them towards a rate buy down. If the property is in high demand offer over asking with a credit back for the amount needed for a rate reduction. I have done this several times successfully as this reduces your mortgage payment monthly even with the higher loan amount. Speak with your lender they should be able to assist (if not find another lender) the most you can get back is 6% of total. Thanka

Good morning, Several things you will need to know when considering a mobile home. 1. Purchase with land? 2. Purchase on space rent? 3. 55+ park? 4. All age park? When purchasing (with a loan) a mobile with land you will want to make sure it has a permanent foundation (attaching the mobile to the land. This is called a 433 certificate (older versions are 413). Not needed if paying cash When purchasing on space rent (with loan) You will need to have 2 1/2 to 3 times space rent to qualify with the park. Some parks will allow you to prepay the space rent 6 months in advance if you don’t qualify with income. If obtaining a loan the space rent amount will be in addition to your mortgage payment. I have found that 55 plus parks are usually much nicer than all age parks which relates to the holding of value. Holding of value depends on the quality of the property and neighborhood Thanks