How likely is it that I’ll get approved for financing?
I’m currently renting but once my apartment lease is up, I’d like to buy a manufactured home, but with the economy the way it is, I’m worried that will affect me negatively. I do have good credit, but only being 19 years old, there isn’t very much of it. So, what are my chances of getting approved for a mortgage? Also, if anyone knows, about how much do manufactured homes run for (2 or 3 bedroom, 2 bath)?
How thoughtful of you to seem so concerned, but nonetheless, I AM buying one, so screw off, eh?
I’ve had my job for a year and a half, and I’ve been working since I was 16. What both of you don’t understand is buying a house, lot and all, right now is NOT an option for me – but I’m sick of renting apartments, especially with how expensive they are. I know manufactured homes are cheap (I want new – not used) and I’m well aware that mobile home parks rent the lot – and guess what. The lot rent is A LOT less than half the amount I pay for rent at an apartment. I know someone who is paying for a manufactured home and renting the lot for it – and both payments combined is a good 300 dollars less then my rent.
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2 comments
John C on November 18, 2009 at 11:42 am
How long have you held your current job? what is your income? those are the largest factors. to buy a home of any sort you will be expected to have 2 years of W2s and 2 months of check stubs.
As mentioned above, manufactured homes are usually an unwise investment. Instead of stand alone homes, they depreciate in value overtime, rather than appreciate, Additionally if you buy a trailer in a trailer park you have to pay lot rent on the trailer which consistently increases.
I would recommend saving up 20% for a modest house in a lower cost market. It really is easier to wait to buy a house until you have a steady permanent job and have a degree. I bought my house at 20, and In retrospect I could have done better.
It all depends on the area you are buying in. For example, a 1977 trailer in Benton Harbor will sell for $3K, a brand new double wide might go for $50K.
Dont_taze_me_bro on November 18, 2009 at 11:42 am
Do not buy a manufacrurer home. EVER
EVER EVER
EVER
Period. I hope I wasn’t unclear.