I need to get a loan for a modular house kit for abuot 50,000.00 cuold you please tell me where i could get 1.
Answers:
Yep, you may need to stay away from banks and go to a "finance company" (see later in the answer for a community bank alternative). You will be charged a higher rate for the money. The fact is that a modular house kit is not the same as purchasing real property. First you have to have the land to build upon. If you have the land and just want the kit, you are not buying a house in the mind of a bank, so there is nothing to collateralize (the process the bank uses to take your home should you not pay back your debt as agreed-that's what a mortgage is, actually). That's why you are running into this problem.
Wells Fargo Financial is reputable and has decent rates for a finance company.
If you have a community bank in your area, they are good for that type of loan too if you have a credit rating over or equal to 660.
You also may be able to talk your way into doing this as a construction loan if you are using a contractor to put the modular home together. Those too, come with higher rates, yet can be converted to a permanent loan after the home is substantially built and can be collateralized by the bank. Regular banks always do permanent financing they just don't always do construction loans.
You have options, yet they all require some research.
KRISTA has some great information in her answer, and she looks to be on top of this in her answer so use some of those sites she was kind enough to send your way; it's great that she did some of the research for you! That rocks, eh?
Good Luck and when it happens, congratulations on your new home.
Other answers:
Try any bank or mortgage company.
Try any bank or mortgage company.
Depends on what the issues are with your credit.
NLC is a good one.
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