is an older home always a bad idea?

[terrie]

Hello,

I am trying to purchase a mobile home but have been turned down for financing from Forward Financial, due to a high debt percent( my credit itself is excellent)

I dont make tons of money, but to buy a mobile would actually be ALOT cheaper than any rent I could find in my area- even with park rent included in the mobile and making repairs, I thik i would still save money per month. would it be an absolutely aweful move to buy an older home- say 30 years old- and do some upgrades? I can easily afford an older home and am considering contacting my credit card company to see if they will help me make the purchase through my card, ( I thinnk that they will). I would then make very low payments- about $150 a month- and then use my income and some savings to put some work into it.

I am not looking for an investment at all, i am looking for a place to live! I would probably only live there for a few years, pay off whatever loan i owed, and then either keep it for a second, summer home or sell it for whatever I can get.

Thanks

[Randy Eaton]

Hello Terrie,

My first apartment the only furniture I had were two lawn chairs and I slept on the floor for three months before I could afford a bed. Those where the days. I am all for you trying to save a down payment for a home. Just don't spend more then 8k for a 30-year old mobile home. Good luck.

Randy Eaton
www.buymfghome.com