There are many lending institutes and mortgage brokers you can contact in person or online to inquire about types of loans available, interest rates, requirements, and penalties for late payments and early payoffs. Unfortunately, with the current housing market and mortgage problems, people who thought they could get a loan, actually cannot. If you don't have a fantastic credit score, you may have your work cut out for you finding a lender who will take a chance. For those who have less than stellar credit scores, you may be able to get an FHA loan package, which may include an added amount to insure your repayment of the loan.

In the best of home hunting worlds, you should already know your credit score and be pre-approved for a loan prior to starting your search for property. That way you won't be disappointed when you find the perfect property for $175,000, only to discover you cannot get a loan for more than $110,000. Not all loans are created equal. Contact several lenders and loan brokers to see what loans are available. Monthly payments on a 15- or 20-year loan are not that much more than payments on a 30-year loan. Which can you afford? Or do you need a 40-year loan? How much higher is the interest rate? I suggest getting a loan with a fixed interest rate. Many people are losing their homes due to no-interest loans or loans with flexible interest rates that have jumped sky high. Do your homework. Be up front and honest with the loan officers or brokers you talk with. Ask about the differences in loans for homes vs. manufactured homes. Ask if there is a charge for their service, or if getting pre-qualified or pre-approved obligates you in any way. Times are hard and rules change, so try to get it in writing. You will need proof of your ability to get a loan once you get into escrow, anyway. And be aware of any time constraints on your loan package.

If you would like to calculate how much your monthly payment would be on a loan, you can usually find a loan calculator online at loan sites. Simply enter the basic information (loan amount, interest rate, length of time to repay the loan) and the program will tell you what your monthly payments will be. If you cannot find an online loan calculator, try this one by clicking here http://www.bretwhissel.net/amortization/amortize.html. Once you calculate your monthly payment, don't forget to add in insurance and property taxes, which may or may not be collected in an impound account.

Using local lenders and brokers is usually the easiest and fastest way to get through an escrow. They know the area. They understand the ins and outs of purchasing manufactured homes. They work with the local appraisers, inspectors, insurance companies, and escrow officers. Any problems that arise can usually be taken care of quickly. And speaking of insurance, you might check with your current home insurer or vehicle insurer for a price quote. But check with other insurance companies, also. Again, local companies are familiar with the Valley, know which areas require flood insurance and which do not. You may even save some of your hard earned money by going local.