some general questions from potential 1st time buyer...

[John]

I am posting this again, as I don't think I got all my questions answered... Got some info for question 1, but nothing on the remaining questions...

Thanks again



I am in research state now and have already found a lot of (overwhelming) amount of information online. I have some specific questions:

1) Is there a directory of Mobile Home parks that are resident owned and not 55+ anywhere? I ask because I live near a resident owned park that is a 55+ community. I would like to find a community that I do not have to pay a monthly rent for the land my home is on. This way, securing financing might be easier. The VA does not guarantee loans for manufactured homes on rented land. I would also prefer a community that does not prohibit motorcycles within the community, which I have seen.
2) In the event that I cannot find a resident owned park, can I request financing to include a 5 year or more lot lease?
3) I would be interested in learning more about purchasing a home that has been repossessed/foreclosed. At about what year did the product quality due to materials and processes really begin to improve? How old is the oldest home I should really consider? I am not necessarily against a NEW home, I just don't like the wait time and if I can get something similar at a substantial savings, even if it is a little older, then I say what the hell....

The reading I have done leads me to conclude that manufactured housing lends itself to many of the same priveliges of site built homes; they increase in value on the same variables, they are at least equivalent to, if not better in quality to a site built home due to processes and materials used; at the same time they do not have the same level of cost. The cost factor of a site built home in our market scares us, as new and resale homes in our area are simply pricing themselves out of our budget. All things considered, a manufactured home seems to be exactly what we need at this time. I just need a little advice

[rmurray]

I did my best answering your question 1..

2)I am not sure if I understand your question...I think you are asking can you finance 5 years of rent with the home..If that is the question..the answer is no...

3)..Most repossessed homes are sold by dealers or parks..You will have to search the area you live in...

The HUD code came into effect in the 1977 Model year..There have been a few modifications over the years...but basically it has remained unchanged since then..The basic code is just that...basic..there are many homes built well beyond the basic code...

A well maintained home should last 50 or more years...so the year model is more your feelings than any special rule of thumb..

[John]

Yes you understood question 2 properly, I was afraid of that, I might ask for enough $ on the loan to cover the lot lease(cost of home + cost of lot for 5 years).

OK on the repossessed info

My question regarding the HUD code was more to give me a general idea of how old the oldest home I should really consider would be. Since I am looking at homes primarily as old as 1995, I should be okay?

Thanks

[rmurray]

No problem...But just like any used home purchase..you should do a very thorough inspection...For most..a professional home inspection is the best route to go..