some general questions from potential 1st time buyer...
Posted: Mon Jan 05, 2004 10:10 am
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
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