Need advice/Help with a house?

ridr4lif · Post by **ridr4lif** » Thu Feb 03, 2005 6:48 pm

there's nothin wrong with trailers. my buddy lives in a double wide and its actually pretty nice. i could live there.
TEDD

Ryan from Ohio · Post by **Ryan from Ohio** » Thu Feb 03, 2005 8:55 pm

The one Im looking at was built in 1997. Its not one of them older POS ones...

As soon as its placed on a permanet foundation it is considered a house and not a trailer/mobile/manufactured home.

Looking to be about $40-$50K area. I almost have the downpayment required (10%)

Dunno for sure. Looking to see if I can find something nice. But the setting is nice. Right on the water...

MobileAudio219 · Post by **MobileAudio219** » Fri Feb 04, 2005 12:54 pm

The new modular homes are a big improvement over the old ones... But still, If I were you I would built a house....

Ryan from Ohio · Post by **Ryan from Ohio** » Fri Feb 04, 2005 2:53 pm

Im not trying to spend to much here.

I qualified for up to $140K but Im only interested in spending 50-70K

Also the downpayment of 10% is killer...

Fri Feb 04, 2005 2:59 pm

I was just going to say make sure you have it on a permanent foundation. Otherwise you'll either have a hard time insuring it, or pay through the nose.

Before I bought my house, I was looking at modular homes, and the main problem was none of them were on real foundations. So either banks won't loan you money, or require you to have alot for a down, and insurance was really expensive.

So that's when I decided to just save more and have my house built.

71buickfreak · Post by **71buickfreak** » Sat Feb 05, 2005 10:23 am

I don't know who you have been talking to, but you're getting screwed. Your basic standard home lona requires 20% down, total B*llsh*t. Any bank that has a minimum home lona is not a bank I would use. DON"T use a mortgage broker, these places typically add points and charge higher interest rates, use a real bank. A true quality lender will offe you an FHA loan (Farm,Home Loan) These require as little as 3% down. Also, call you town's city hall and ask about a Homebuyer's assitance program. These programs usually offer a certain amount of money to pay for your DP and closing costs, while you pay like 1% (our city offers $3500!) SOMETIMES YOU HAVE TO BUY IN CERTAIN AREAS. Save the money you have for repairs and upgrades. You can use your saved up cash to help fix your credit if you have things you need to pay off. you will need around a 650 credit score to get the prime rate and not have points added. Don't let anybody add points to your loan that's total bullshit. Stay away from modulars. The build quality is much better than before, but you will lose all of your money in depreciation. a site-built home will appreciate almost instantly, a modular will drop like a rock. I have a good friend who paid $45000 for his modular until they were ready to build a house on their property. 5 years later, sold it for 7000. I bought my house 2 years ago at 76000, now its worth a little over 100,000. My payment is 740 a month at 7% on a 30 year note. Don't buy a house unless you are planning on staying in it for 3 years or more, as you won't have any equity built up (typically) as the majority of your payment will go to interest for the first few years. Remember, FHA is the way to go. and look into a homebuyers assistance program. good luck.

Sat Feb 05, 2005 3:20 pm

Another thing about the 20% down.

Usually if you put down less then 20%, the lender will require you to have mortage insurance.

Ryan from Ohio · Post by **Ryan from Ohio** » Sat Feb 05, 2005 4:27 pm

Mine is at 10% down.

I will look into what ya mentioned. I need what money I do have to go where its needed :)