New Home

[Susan]

I am a single parent who is just beginning my search for a manufactured home in Central Texas. I would like to hear from anyone who can recommend a quality home from a reputable dealer. I am also interested in dealers who work with finance companies that may offer special incentives to first time buyers or single parents.

[Randy Eaton]

Hello Susan,

Here is an excerpt from my book called "First Things First"

For many, the main attraction to owning a manufactured home is the price, but if you’re not careful you could end up spending more then you bargained for. By working with a lender in advance, you can determine how much you can afford and focus your search within that price range. This is an important step, one that is overlooked by many. Suggestion, know what you can afford before you spend countless hours looking at manufactured homes only to find out, the home you decided on is out of your budget.

The best advice I can give you is, spend some time talking with local lenders in your area before you head out the door to look at manufactured homes. I recommend you contact a loan officer or two and ask questions like… How much is required for a down payment? What are the current interest rates? What is the difference between variable or fixed rate? Questions like these will help you understand your financial situation and you will be more knowledgeable when dealing with a retail sales center. Find a lender you feel comfortable with, one who listens to you and offers practical alternatives for your particular situation.

Suggestion, most people depend too much on the retailer. Once the retailer has gained your trust with finding a home, you let your guard down and accept the terms of financing without shopping around. Manufactured housing retailers have relationships with lenders and can arrange financing for you. Most will have higher fees, so remember you want to shop for a lender, just as you shopped for a home. I know what some retailers are saying right now, that’s not fair we work hard to find the best financing for our customers. And some do a very good job, but others do not. So, do your homework and be informed. If your retailer can secure the best financing for you, take advantage of it. In A. M. Watkins book, Manufactured Houses Finding And Buying Your Dream Home For Less. He states, “No matter what kind of financing you seek, the importance of shopping for a good loan at the lowest cost cannot be overstated. You will generally save by obtaining your own loan direct from a lender, rather than financing the deal with your friendly mobile-home dealer who will be delighted to handle the details for you. It’s convenient, all right, but it can also cost you extra money. After all, the dealer must do extra work, so why shouldn’t he or she be paid extra.”

Look at Palm Harbor's and Marlette's and possibly Fuqua's. Hope this helps.

Randy Eaton

[Terry]

Susan, If you live in the Central Texas area, go take a look at the Solitaire homes. This company deals directly with the customers. They own their own dealers in that area. They market their homes below what the normal price was suppose to be. You could contact them at their factory in Waurika, Oklahoma or Duncan, Oklahoma and ask them where the nearest dealer is to you. Solitaire homes are tape and textured thru out, one piece tubs, plywood floors, they load their homes up and sell it for a resonable price. Companies been around for over 45 years. Good luck