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<blockquote data-quote="Ponyroper" data-source="post: 188537" data-attributes="member: 423"><p>Mort, when I got my new double wide home loan in 2002 I didn't have money for a down payment either.&nbsp; I told the loan officer at the bank (Dakota Community Bank)&nbsp; that I didn't have the money and she said no problem.&nbsp; She got me a no interest 10 year loan from the Lewis and Clark Foundation for the down payment and away we went.&nbsp; She did all the paperwork and all I did was put my John Henry on the applications.&nbsp; I don't know anything about that program or if it is still available.&nbsp; I paid off the loan quite a while ago so I don't know where my paperwork is anymore.&nbsp; You could check around to see if there still is a program like that, it's worth a shot.&nbsp; The bank sold my loan to the North Dakota Housing Finance Agency after everything was done and I had a 30 year loan with them.&nbsp; When interest rates dropped a few years later I used the equity in my house to refinance the loan to 15 years at an interest rate half of the original loan.&nbsp; Monthly payment was lower and by my calculations I saved about $42,000 in interest charges over keeping the original loan rates.&nbsp; It's incredible how much interest you actually pay over the course of a 30 year loan at 6.3% interest if you don't refinance or make any early payments.&nbsp; Just for perspective my original loan was for $107,000 so saving $42,000 can give you an idea of how much I would have to have paid in total.&nbsp; The total interest I would have had to pay would have been way more than the total amount of the loan.</p></blockquote><p></p>

[QUOTE="Ponyroper, post: 188537, member: 423"] Mort, when I got my new double wide home loan in 2002 I didn't have money for a down payment either. I told the loan officer at the bank (Dakota Community Bank) that I didn't have the money and she said no problem. She got me a no interest 10 year loan from the Lewis and Clark Foundation for the down payment and away we went. She did all the paperwork and all I did was put my John Henry on the applications. I don't know anything about that program or if it is still available. I paid off the loan quite a while ago so I don't know where my paperwork is anymore. You could check around to see if there still is a program like that, it's worth a shot. The bank sold my loan to the North Dakota Housing Finance Agency after everything was done and I had a 30 year loan with them. When interest rates dropped a few years later I used the equity in my house to refinance the loan to 15 years at an interest rate half of the original loan. Monthly payment was lower and by my calculations I saved about $42,000 in interest charges over keeping the original loan rates. It's incredible how much interest you actually pay over the course of a 30 year loan at 6.3% interest if you don't refinance or make any early payments. Just for perspective my original loan was for $107,000 so saving $42,000 can give you an idea of how much I would have to have paid in total. The total interest I would have had to pay would have been way more than the total amount of the loan. [/QUOTE]

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