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anyone have experience with mobil home loans?
Im appylying for a mobil home loan. But I keep hearing how difficult it is. It seems my negative is: I do not have an installment loan on my record. I have high FICO scores 750+ across the board. One lender told me putting down 35% might help my chances since I do not have an any installment loans to my credit. Anyone with expereince with this? I mean if I put down 35%... DO you think I could still get turned down?
Its not that I want a mobil home.... But it is really nice, it is really Cheap, and it is on School property, not a trailer park. In exchange for checking the doors. There is no lot fee, and all utilities, including phone, internet, electricity is free.... So really good deal for a starter home. I know they have issues... But... still a good starter home.
Well it is a good starter cos there will be no utilities, payment will be like 350 a month, allowing me to save a lot monththly toward the purchase of a real home. Even if it does depreciate.
4 Answers
- Go with the flowLv 71 decade agoFavorite Answer
You don't want to live in a mobile home for the next 20 or 30 years do you?
They are bitter cold in the winter and like an oven in the summer.
The utility bills could be extreme.
They lose value quickly.
If anything buy an used one - never new.
What I would do:
Keep saving and see if you can afford to buy a house in a couple of years.
Nothing wrong with renting until you do.
Note: Never make a mortgage unless you think you will stay in the home for more than 5 to 7 years.
This is the break even point after paying all the mortgage closing costs.
What if you decide you don't like mobile homes and then move?
You'll lose a lot of money...
- Anonymous1 decade ago
Buying a mobil home is much like purchasing a car, both have titles instead of deeds, and usually the loans are much easier to get than an ordinary home loan.
Shop around for the best rates.
Common sense:
Why not purchase one? if you have not owned one or lived in one for any time, don't try to give false advise based on "what you heard" from someone else.
My wife and I have owned and lived in one for almost 25 years now, and cost was not a factor, we like it for the low maintenance, comfort and all on one floor living, plus, very low taxes..
We could have paid cash for a house in the city,but chose this instead, and not sorry.
I see some still try to use the "build equity" excuse as a reason not to buy a mobil home. After living in mine for so many years, I can today sell it for about $5000.00 more than the purchase price, now just how many homes have depreciated over the last twenty years where they cannot even bring what is owed on the mortgage.
My utilities are no more than a home of the same sq, ft, and much better insulated than most homes.
Exterior walls, 6" floor and ceilings, 12" with vapor barrier, and has central air.
- Ryan MLv 71 decade ago
Its actually NOT a good starter home. You need to remember the largest difference between a mobile home and a real home......a mobile home will ALWAYS depreciate in value over time....houses APPRECIATE over time. A good starter home is a place that you buy and build EQUITY....that will take 15-20 years with a mobile home.
