My husband wants to stop renting and own a home right now we are paying honestly way too much for rent and it is finally making us hit rock bottom, we just can't do it anymore. So instead of renting he wants to own but our credit is terrible!! Due to him just not realizing what his was doing in the past before we got married so we are even lucky we were able to get the house we are in because we talked to the owner and he agreed to take a chance and let us rent. So my husbands solution is manufacterd homes because he was told they are easy to get into the prices are cheaper and we can get it on some land. So pros and cons! Does anyone live in one now? Do you like it? What don't you like? I don't know much about them I have lived in houses all my life so I am a bit nervous about this! Please help!
Just a example you buy a $25,000 double wide home in 5 years you will owe 22,000 and the home will only be worth $8,000. It's almost like living in your car...I would say they are lousy to put your money. (The Tptel Money Makeover by Dave Ramsey)
I can definitely understand wanting to get away from high rent; however, I would suggest really thinking about waiting until you can qualify for a site built home. Mobile homes tend to depreciate in value very quickly, where site built (in a normal market) hold value or gain value. There are a lot of mobile home owners now who owe far more than they can sell their homes for. Also, the foreclosure rate on mobiles are fairly high right now bringing the values even further down.
I would suggest finding a good mortgage banker or broker (maybe talk to the loan officer at your bank) and ask what you need to do to bring up your credit score. It may take some time, but I think you'll be better off than buying a mobile now. You could also look for a lease with option to buy situation. They are not real common, but you occasionally run into them.
In the mean time, maybe you could locate somewhere with less expensive rent (using your present landlord as a reference).
I hope this helps. Good luck!!!
I would agree with all previous posts. I have a friend who thought the same thing and 11 years later still doesn't have enough equity to get rid of it, and is forever trying to rent it or find someone that wants to trade something for.
I am a real estate broker and we have a great network of people I work with... I recently had one of my tenants raise her FICO score over 100 points in less than 9 months. She rented a house from us in December of 2007 with a very low credit score, and by October 2008 she had raised her score over 100 points and we closed on a house in January of 2009. She was also able to refinance her car and reduced the rate by 12%.
If you have any questions, or if I can help, please let me know.
Good luck!
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C. King- Broker/Owner
TyBrion Realty
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I personally havent ever lived in one but my mom use to sell them. They arent as easy to get into unles you already own land. When purchasing a home like that you also have to pay for where you are putting it. Whether it be land or a maf. home location. So you have the home payment and lot payment.
