We are thinking of buying a new 16X76 in Tennessee.
Then I go and look at a used Mobile home website, and they are going for nothing!
I sure would like a new one, but is it worth it?
What is the going interest rate, and do you need any down?>
Getting ready to buy, is new worth it?
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David Oxhandler
- Posts: 1459
- Joined: Tue Oct 02, 2007 8:37 am
Re: Getting ready to buy, is new worth it?
You need to do some homework and factor in the following:
The interest rate and down payment will depend on your credit history and where you will be placing the home. Get pre-qualified for a MH loan. Submit the form at http://mfdhousing.com/loanfinder.php Several lending offices will contact you and you can get competitive loan pricing. Getting pre-qualified before you shop is always a great idea. Once you have that lenders acceptance letter in your hands will give you the ability to shop and negotiate like a cash buyer
If you are handy and can make the repairs and replacements needed to make a used home acceptable you may just find that the previously owned home is a great deal. With foreclosures at an all time high this is true of any home today... factory or site built. We are seeing a buyers market across the country. Now is the best time in recent history to be home shopping.
While the price of used homes is quiet low at this time, most sales are quoted "as is, where is", They DO NOT include repairs, renovation, transportation or installation. When you add that to the low price of the used home the cost starts to zoom upward. Contact a state licensed MH Installer and find out what delivery and full set up will cost. Be sure to include the price to install and hookup all utilities as well as the site work that may be required by your local building permit authority.
You also need to decide what the value of the factory warranty is to you. Many new homes come with ten year warranties or warranties that are extendable for long time periods. For some home shoppers that alone is valued greater than the difference in price
The interest rate and down payment will depend on your credit history and where you will be placing the home. Get pre-qualified for a MH loan. Submit the form at http://mfdhousing.com/loanfinder.php Several lending offices will contact you and you can get competitive loan pricing. Getting pre-qualified before you shop is always a great idea. Once you have that lenders acceptance letter in your hands will give you the ability to shop and negotiate like a cash buyer
If you are handy and can make the repairs and replacements needed to make a used home acceptable you may just find that the previously owned home is a great deal. With foreclosures at an all time high this is true of any home today... factory or site built. We are seeing a buyers market across the country. Now is the best time in recent history to be home shopping.
While the price of used homes is quiet low at this time, most sales are quoted "as is, where is", They DO NOT include repairs, renovation, transportation or installation. When you add that to the low price of the used home the cost starts to zoom upward. Contact a state licensed MH Installer and find out what delivery and full set up will cost. Be sure to include the price to install and hookup all utilities as well as the site work that may be required by your local building permit authority.
You also need to decide what the value of the factory warranty is to you. Many new homes come with ten year warranties or warranties that are extendable for long time periods. For some home shoppers that alone is valued greater than the difference in price
David Oxhandler
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