Should I buy new or used for first home?

[mazdaman]

Hello, all. I live in Northeast Arkansas. I am looking for a first home of my own. I am trying to determine wether to buy new or used. It seems that I can find nice used singlewides on private property for sale by owner for around what a new singlewide cost alone without land. I am looking to not spend anymore than $20k to $30k. All input and advice welcome.

[rmurray]

With your budget, you will probably have to consider used..When you do, remember this IS a house, treat it like one...Be sure to involve a professional home inspector and real estate attorney..The few hundred these will cost could be a bargain in compared to losing your whole $ 20 to 30 thousand...Read these forums and stop back often and ask all the questions you can think of...

[David Oxhandler]

Here are three paths to follow if your looking for pre-owned or repoed manufactured housing. There is a Repo Liquidation In Progress on line..AND THEY ARE OFFERING FINANCING! These pre-owned homes are newer models with many of the same amenities found in a new home but the price is significantly less. Now, shopping for a home can be fun and exciting! We want you to find the house of your dreams right here...... Click Here and bid on the home of your choice today. The MANUFACTURED HOME FINDER at www.mobilehomeowners.net is the newest and easiest way to locate the BEST BUYS on NEW USED and REPO manufactured homes in your local area.   Instead of spending your day driving from one retail center to the next, you can know before you leave home which local sellers have the inventory and finance programs that best suit your needs.. GO THERE NOW! The MANUFACTURED HOUSING MULTIPLE LISTING SERVICE   Listings from private owners, dealers and BANK REPOS -As many as five photos of each home listed. Instant maps to each home for sale.   Financing and Insurance quotes available for each home in the listing. The most comprehensive collection of MH of all types sizes and locations on the World Wide Web.   Great for browsing thousands of photos of manufactured homes.

[mazdaman]

Hello again. I have found a 1987 fleetwood 2 bedroom 1 bath home on land for sale by owner. It is on about a half an acre, nicely landscaped, with a 32x32 shop. It is a one owner, never smoked in, and in excellent condition. It is about 5-7 miles from my location. Asking price is $30k. I'm interested in it. Would a mortgage company consider it as a site built home as far as financing terms?

[David Oxhandler]

Some local banks are still stuck in the 1950's and discriminate against manufactured homes but there are well established national lenders that will be happy to offer folks with good credit a traditional mortgage on a manufactured home and land homestead. You can get more details from the Manufactured Housing Finance Solutions section of this site

[rmurray]

Be sure to check out the link above..There are many lenders who will finance this package...

To directly answer your question a mortgage company will NOT consider this package as a site built home. The link above will get you info from national lenders who specialize in manufactured homes and manufactured homew with land.

Remember this is a 15 year old home and you will want to still involve a professional home inspector..There are many problems that can be hidden.

If that comes out fine the deal sounds good...

GO FOR IT