How does the 2% rule work in Southern California?

If I'm wrong on #3 I'd love to be corrected (not a fan of this rule)

I never stated that manufactured homes are built to higher standards than modular homes as a general rule.

Our board made that against the rules

Let’s be honest; statistics can be found and twisted to support any point of view and argument.

@Brandon Motuk one reason there is no one resource for this information is the rules vary so much from state to state.

We bought at a great time (2011-2013) and at prices that equated to a "2% to 3% rule." 10% was way too high and a couple of years later he brought it down to 7%. 10% was unsustainable and 7% made it more break even.I am sitting on a substantial equity position but I would not do this again.

HERE is an article of the rules and time limits you must follow.

My rule of thumb, estimate 10% of the total purchase price as closing costs.

A commercial bank would be able to support a loan like this and they don’t care where the down payment comes from.