One that's already in place on land? Real estate agent says it would be harder to finance than a house because of this issue even though they're more in our price range it seems... Advice???
2007-01-31 03:10:26 · 5 answers · asked by Grimm 4 in Business & Finance ➔ Renting & Real Estate
It all depends on the Realtor selling the home. Realtors can get you in with no down if they choose to.
2007-01-31 03:16:56 · answer #1 · answered by Eva 5 · 0⤊ 2⤋
Manufactured Homes are homes made in a factory under
controlled conditions. They are the type you choose, Cape Cod, Ranch, Colonial. The only difference is they are 20-30% less than stick built homes and are built in climate controlled conditions and are tightly built.
Stick built homes are open to the weather but a manufactured home is assembled and delivered to your home site in several pieces and assembled on site.
They are often confused with Mobile homes.
Banks do finance Manufactured Homes on a similar schedule as a construction loan--20% in five payments according to the completion of a certain portion of work.
You are welcome to tour a Manufactured Home warehouse, similar in size to several football fields.
If this is the home you purchased, and it is on site on your own property, then all you need to do is an appraisal and a huge amount of paperwork and you should be good to go. Photos of the home for the Mortgage broker/ or Bank would also help.
Good Luck to you.
2007-02-05 08:39:19 · answer #2 · answered by BELLE3 2 · 0⤊ 0⤋
Manufactured homes tend to decrease in value where a house increases. You would need to find private funding if you want to get around putting a down payment down. This may not prove to be an easy task. Are you buying the land as well, or just the home?
2007-01-31 03:23:34 · answer #3 · answered by lifesajoy 5 · 0⤊ 0⤋
Manufactured homes are poor investments and banks arent always thrilled to lend on these properties as unlike stick built homes manufactured homes actually depreciate similar to a vehicle, therefor not a single bank i know of will do 100% financing as the collateral is just not there
2007-01-31 03:16:48 · answer #4 · answered by Scott K 2 · 0⤊ 0⤋
it somewhat is between the pitfalls of a salesman getting into right into a settlement. They pronounced it became into going to value $X and that's what you agreed to. in the event that they mess something up and finally end up having to incur extra costs, too undesirable. it somewhat is the character of a settlement. You met your responsibilities and owe them no longer something extra effective than what you initially agreed to. when I had my abode reworked some years in the past, the scope of paintings pronounced that each and one and all paintings may well be carried out to conform with present day construction codes. I had further a pair of bogs and larger the water load to the factor the place the a million/2 inch water significant had to get replaced with a three/4 inch significant consistent with code. the final contractor advised me i might might desire to pay an further $3000 to run a clean water significant from the line and in the path of the abode. I advised him that he had to pay the further money, simply by fact the scope of paintings pronounced they might do all paintings to code. And, he might desire to the two do it astounding now, or he may well be changing the plumbing after the actuality when I sue him for breach of settlement. He had the hot plumbing put in and ate the $3000.
2016-12-17 06:26:53 · answer #5 · answered by ? 4 · 0⤊ 0⤋