The Manufactured Housing Forums

Dear Homebuyers,

I tired of seeing my $$$ go w/o return to apts and so I think I can afford a humble home or condo. But I heard that home buying can easily turn to a nightmare.

First off, if I need a preapproval letter do I "HAVE" to lend from the company/bank that issues me the pre-approval?

I understand there are several other costs/mistakes an well-informed home buyer can avoid, but what some of the most talked about?

Many thanks for any help you can provide.

Nee

To answer the first question, no, you do not. You should shop around. One of the best places to look at is Jack Guttentag's website about mortgages - google on it to find it. You will want to consider how long you want to stay in the area, how handy you are (to save money buying something fixable, perhaps), what the general area is like. Some things that come to mind:
1. Pull your credit score - free in California, $15 otherwise (http://www.myfico.com). Good credit should get you a lower interest rate, and you should know your credit score before you buy.
2. Get a professional inspection of the property you are considering. The $300-400 you spend on this could save you thousands, or give you leverage on the price of the property.
3. Don't get emotionally attached to the property. A house is a house is a house. Emotional attachments cost money!
4. Have fun! Home ownership is worth doing for almost everyone.

Hello Mac,

Thanks for the post-back. I truly appreciate it.
Have a great evening,

Nee

Many buyers spend a great deal of time shopping for a manufactured home but don't have a clue on how to bring the whole process together for their best advantage. Randy Eaton guides you through the complicated maze of MH buying and site preparation. He has a separate book about modular. His How To Buy A Manufactured Home And Save Thousands Of Dollars has become the standard text on the subject

You can get a free credit report once a year no matter what state you live in.
https://www.annualcreditreport.com/cra/index.jsp

Kevin...you are right but Mac was talking about FICO scores..the free reports do not include the FICO score..you will be offer the score for an option of $ 6.00 from each credit agency...