Yeah I mean not so great credit will bite you in the butt! My husband doesn't have great credit whatsoever so ours isn't super low. But they told us in a year to come back and re finance and you can get it lower. Just anything that's affecting credit or could make sure you make those payments and within a year you should both have better Credit scores. That's what my husband and I are doing.

That makes me feel a bit less nervous lol thank you @charlee12 I was just expecting the traditional rates and almost had a heart attack when the number came back more than double!

My husband and I just got approved as well and ours is 8.9% so not to much higher

Oohh! Nvm, I looked it up. Because the home isn't permanently attached to the land it doesn't qualify for a traditional home loan. Most mobile homes are subject to a chattel loan which carry interest rates of 7-12.5% because they are considered "personal property". If we moved the home later to land we owned and affixed it to an approved foundation, we could then refinance with a traditional home loan with lower rates.

I'm not on the loan at all because i'm a stay at home mom, plus my credit is worse than his so no help there lololol. This was our last resort as far as loan companies as all others have turned us down. I'm trying to convince my husband to wait until we build more credit, but he's stubborn and wants us to be out on our own asap ._.

Nevermind, they may require you to since you guys are married

Oooh that's definitely way high, for any home. I plan on going in to purchase a home without my fiance on the loan since he has horrible credit and I have wonderful credit. Can't afford to pay for his credit mistakes lol. He will still help me with the house payments of course, he just won't be on the loan approval. Maybe this will work for you if you apply elsewhere? I'm purchasing a $200k home in September before house prices go up anymore

That's what I thought! My husband is trying to convince me that a rate that high is normal because it's a mobile home :/ The refinance idea is something to consider... Would it make a difference if we put a few extra grand down each year to pay it off faster? As it sits now it's a 20 year loan. I feel like we don't need 20 years to come up with 20k...

Maybe you could refinance after a year of timely payments? 10% is pretty high

10% is very high. we just bought a home in February. 3.625%
I'd keep looking...