another newbie question on homes

[daisysun]

Hi,
We are just starting out on our journey of buying a home. We have the land (dh's grandpa owns the land) and there is a single wide mobile on it that will need to be torn down (it has water damage and very, very bad cat urine odor/stains).

We are looking to buy a mobile and are considering various options:
1) buy a used mobile for around $6k cash (maybe later look into replacing it with a higher end mobile)
2) get a loan (but we just went through Chapter 7 bankruptcy, finalized in Jan, so I don't know how that will affect getting a loan)
3) get a loan on a modular home

Where do I start my research? We're not in a hurry so I have time. Will we have to make the foundation bigger since we're looking into double wides? It's poured concrete now. What other sites/books are useful to learning about manufactured homes?

[Greg]

I know of no lender that will give you a mortgage until you have been discharged from ch. 7 bankruptcy for two years with reestablished credit and no late payments what so ever. You should probably wait for a while before doing anything and work on establishing good credit

[daisysun]

Yes I realize we won't get financed due to our bankruptcy now but in the meantime I would like to educate myself on buying a home.

Does anybody have advice on books, sites or other info on buying a manufactured home?

[LAURACDPS]

There ARE companies that will finance a home, 1 day out of a BK. They are Subprime loans. They may have a 2 year perpaid penility. Which means you pay for 2 years on your home while improving your credit by paying on time. Then in 2 yr you would want to refinance,again.

[John]

Do you have any knowledge of these companies, or is there a directory of those that would be willing to work with people with credit problems? Where would one start to look?

[Bruce]

OK. My 2 cents.

Anyone targeting fresh BK folks for financing is going to pummel you senseless on the interest rate.

Also, why go manufactured, which are titled beasts that lose value, when you can go modular, with deed and appreciation?

Another thought, why not get into a single family house or even duplex w/cash flow from renting one side and not go MH at all? Just cause grammpa has the land, doesn't make it the best choice. Creatve financing exists out there. Don't sell yourselves short.

There is an awesome new article, fresh off the presses, on the subject of first time home buying and addresses the things to look out for.

http://www.neodemesne.com/WIF.html

Take a good look around the site while you are there. Lots of resources for Sellers, Buyers and Investors and remember folks, the only thing that distinguishes the first two from the latter is the approach to RE.

Take a look at the Q and A at http://www.neodemesne.com/ask.html while you there and browse through the forum. Don't be afraid to jump right in.

hth

Bruce

[rmurray]

I think it takes a lot of brass to come here..advertise a competing commercial web site..denigrate the product sold here...WITH NO KNOWLEDGE OF THE FACTS ABOUT MANUFACTURED HOMES I MIGHT ADD...and your answer has NOTHING to do with the question asked...

[Mrs Graham]

Could you please provide the names of these companies?
Thanks.