My wife and I are talking about purchasing a new mobile home. We have been renting an apartment for 3 years and have a baby on the way. We currently have a 7 year old. She just started working, so we bought a new civic (which was much needed). We started house shopping but found out, since we cannot include her because of her past credit, we cannot finance a house in our area even though we can afford it. We like this area for the school system. We want to be able to afford a home, and for her to go back to school in the future (no more income if we purchase a house). We started shopping mobile homes, but I hate the depreciation. For the m.h. we want, they require $2500 down. We are trying to save that up, but I was thinking we could pay off her debt with that and buy a house, but we still will not be able to afford a home in this area. I do get overtime, raises, and promotions at my job, but I don't want to rely on that. We want invest , while she goes to school. Thank you.
2007-09-09 14:40:31 · 7 answers · asked by tpattcredit 1 in Business & Finance ➔ Renting & Real Estate
So many people are losing their houses because while they could afford to get in it, they didn't allow for major repairs, rising interest, insurance, and taxes. Be prepared before you buy anything. You might do well to get out of debt and save up a nest egg so that you can afford what you want. Patience. . .
2007-09-09 14:44:14 · answer #1 · answered by towanda 7 · 0⤊ 0⤋
As you already stated, a mobile home is a TERRIBLE investment.
Not that your home should necessarily be an investment... it is your home.
But you still dont want to lose on the deal. A mobile home loses value pretty fast.
Pay off the debt and get an FHA loan. You can get approved for an FHA loan even with poor credit, as long as nothing is past due now and your debt to income ratio is low.
You have time before the housing market turns around... just keep renting until you can afford your home. Also, look at townhomes in your area. Stay away from apartment-condo conversions.
Also look into a brand new house or townhome. Builders are desperate, and they might have the perfect house for you at a great deal, and they will usually pay all closing costs.
2007-09-09 14:50:09 · answer #2 · answered by Mike 6 · 1⤊ 0⤋
Renting is simply throwing you money away... Buying a mobile home is not much better !!! Please set your sights higher and look into a small home that is reasonably priced so you can start building equity and work your way up. Some people are just natural born renters but if you want more out of life NOW is the time to make change. Check out neighborhoods where there are many elderly. They sometimes have family who live far away and then when they pass away the families come back home to sell the house quick and get back to their lives. Better yet... buy a duplex, live in one part of it and rent the other half out to pay for the mortgage. You get property simply buy having a renter pay for it. FUN FUN !! : )
2016-05-20 22:54:56 · answer #3 · answered by ? 3 · 0⤊ 0⤋
visit Daveramsey.com for help with what u allready know and why 'moble' homes aren't the way to go.
read '48 days to work u love' for help with wife schooling choice and to help u increase ur job value. 'total money make over' to grasp where ur cash needs to go.
the 7 and baby can share a room it isn't a CPA case to do so. at least till age 14, should be in house by then.
if u do anything now, market is down ,some one like me will visit.
pay your debt off save lots of cash learn how to own ur cash.
2007-09-09 15:27:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There are federal programs to look into and or state for housing. There is a program in Wa. state where you qualify and help build your own house in a housing community. Check into this online in your state. Fix your credit. I've seen the trailer thing work only if your on a diserable amt. of land in a good location.
2007-09-09 14:50:35 · answer #5 · answered by kim 7 · 0⤊ 0⤋
NEVER buy new when you are young.
when you buy a new car it loses 25% of its value the second you become the owner.
same with mobile homes, they LOSE value.
always best to buy slightly used. look for a used mobile 5 years old or so. you will save a LOT of money. the save the difference for a bigger down payment on a home.
2007-09-09 14:45:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Check to see if you can buy a house with just using your credit, and look into the first time buyers program. mobile homes are just as exspenive as a house but not as good.
2007-09-09 14:49:48 · answer #7 · answered by louise 2 · 0⤊ 0⤋