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Buying a mobile home -- good idea for first home?

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    #31
    I must confess that I haven't read your entire thread, but I did want to ask if you are set on buying a manufactured home have you been able to compare different manufacturers? Getting a couple of acres of land given to you is great, so I can understand why buying a ready made home is appealing to you. Prepare the site, put in your utilities, and septic, then roll your home in.

    Just consider that borrowed money is cheaper now than it has ever been. Interest rates this low aren't going to happen again, for a long, long, time. But, if your going to be tied into the financing of some home manufacturer, just make sure their rates are competitive. Getting your home furnished and basically ready to move in is a big selling point for a lot of people, especially folks like you who are going to have a family pretty soon. Just realize that your buying furniture from a home manufacturer, not a furniture store. Manufactured homes tend to depreciate over time rather than gain value. Your advantage is that you will own the land. But if you want to make it really nice, barrow enough money to put in a foundation with a basement. Right away that mobile home is no longer mobile and won't be considered as such when you get ready to move.

    You've gotten a lot of good info here. I think the main point is, "Buyer Beware". I would advise you to take your time, even though it sounds like you don't have much! I would also sayto check with the government and see exactly what programs are out there for first time home buyers, other than the rebate. Good Luck!

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      #32
      I live in a college town where many of the students live in trailers (or have historically) and the biggest piece of advice I have is to buy a used trailer.

      They lose a TON of value after being lived in, but you can often find really nice gently used trailers that are about 4-5 years old for literally 1/3 of the price of a new one than pay about $500-$100 depending on distance to have it moved.
      sigpic

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        #33
        I used to do customer service for mortgages back about 4 - 5 years ago and most areas required at least a 20% down payment if you didn't want PMI.....if you didn't have it then they put it on until the loan reached 80% LTV ratio....escrow can be a pain in the mik'ta too....seemed like the tax and insurance depts (responsible for disbursing payments from escrow for taxes and insurance) were always messing up somehow....

        if you can find a lender whose escrow accounts don't screw up nearly as much as PHH's does (the company I did cust. service for) then they can be a huge help since you only have to send one check for your mortgage and taxes and insurance

        now...mobile home vs. conventional home.....yes mobile homes generally cost a lot less and are perfect if you're the type of person who likes to be ready to be "on the move".....but their one major drawback is that they don't provide much protection against natural disasters....one tornado and your home could be obliterated.....possibly with you still in it....

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          #34
          yes and if you have a family then my opinion is that a mobile home is better than the cramped confines of a mobile home as if I'm not mistaken most mobile homes aren't much bigger than a 1-bedroom apartment

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