I own a piece of land and want to purchase a manufactured home. My credit is OK now, not great, not bad. I have been working at my job a little over a year now. I want to buy the home in about 6 months or so (next Spring)... Has anyone had any luck with lenders without the 2 years on the job. Before I was just unemployed for a year (no school, my wife had problems that made me stay at home.)... Haven't posted in a while. Glad to see the same people here! And all the new ones!!!
www.motleyfools.com has a good mortgage related forum. Also a broker called david dunhoff hangs out there and has helped a lot of people out..
Housings best kept secret: But be careful how lenders & insurers treat you. Also check out how it's taxed!
Can you elaborate a little? How differently will they treat me, and what about the taxes? Thanks for the replies!
Double wide. 1700+ Square feet, probably add a full basement, also. And a nice deck. And a nice TV...
Started to answer your ? Hit the wrong button and deleated my reply.Have to give it another try later:
Ok, the suspense is killing me! What is the secret and what kind of tax and other info are they going to try and get me on? Thanks!
================================== TAXES There are 2 ways the home could be taxed. Some taxing districts tax them as personal property others as regular-real estate taxes.and in still other districts it could be taxed either way depending on how you set it up on your land.You need to check your county auditors office to see what their requirements are! You need it taxed as Real Estate to get the best deal on Financing,Insurance and resale value:! FINANCING Home can be financed with an installment type loan or a regular home mortgage.You want a regular mortgage because installment loans carry a much higher Inst.rate and are financed for a much shorter period of time which makes the monthly payment substantially higher than a mortgage payment. Most lenders require the home to be setup a certain way to qualify it for a mortgage.Most likely any lender offering a mortage will require the home to be taxed as real-estate.Check these things out with lenders! INSURANCE Home can be insured as a mobile home or as reale state. A mobile home policy is much more costly than a real estate home owners policy, perhaps twice as much or more I'd guess. Again Insurers require certain things as to how you set it up on your lot to approve it for a home owners policy.Like lenders they also require the home to be taxed as real-estate.Check this out with insurers.! ************************* Sorry for the delay in getting back to you.but I hope you find this Info. helpful LB. The seceret is Manf. housing is the best home value on the market: ================================== ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
