 What happens if a co-signor wants to remove their name from a mortgage loan and not be responsible any longer? |
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 Home Buying for the first time..? |
I take home $45,000 a year and have a student loan of $30,000 to pay off. My monthly payment for it is $340. What is my debt to income ratio? Will it be held against me?
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Heather M | My husband and I want to buy a new trailer home but are both first time home buyers.? |
We are in our early twenties but own our own one acre piece of land that his father gave to us as a gift. One salesman told us that we should ask if the frame is fitted to the floor plan layout, and if the insulation was blown into the walls or just layed out in the sheets. And other such questions. What other things do we need to ask so that we may buy the best quality home for ourselves.
Additional Details
We are in our early twenties but own our own one acre piece of land that his father gave to us as a gift. One salesman told us that we should ask if the frame is fitted to the floor plan layout, and if the insulation was blown into the walls or just layed out in the sheets. And other such questions. What other things do we need to ask so that we may buy the best quality home for ourselves. We are both college with not much money yet. We dont have the monatary sources for a stick and brick house yet. we already have septic and wells adn electricity hookups. |
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bdancer222
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Manufactured housing is built to HUD standards. They all have to meet these minimums. Some may have more insulation or fancier finishes.
Frankly I have no idea what they guy was talking about with the frame fitted to the floor plan. Sounds like BS to me. Modular frames don't work that way. Think of all the mobile home salesmen just like used car salesmen.
Find something you like and ask for detailed specs. You can look at the building materials and compare them with what you would find in a stick built house. Things like insulation R factors, spacing of floor joists, spacing of wall studs, carpet quality, cabinetry and other built-ins, etc.
You also may want to check with a bank for your own financing. You might get a better deal than what the dealer will offer (just like with cars). |
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AnOrdinaryGuy
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All the above advice is good, especially bdancer's. I'll just add:
1. make sure you get a written warranty.
2. if you're hooking up to public water and sewer, what will it cost? If you're not hooking up, then you have to make sure the land passes a "perk" (percolation) test and that the well water also passes county health standards. The septic field and the well have to be figured into your costs.
3. Contact the zoning office and make sure local laws allow you to install a mobile home; and if they do, what restrictions are imposed?
4. The home must be properly installed and tied down; a government inspection may be required.
5. Get insurance on the home and everything in it. |
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Michael F
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Things you need to deal wit include the fact that you need better credit to buy a mobile than a conventional home. How is your credit. Don't let dealerships shot gun your app. until you are ready to make a move.
All homes are built to different specs. Most don't have blown, most have the bagged insulation, ask if it is energy efficent.
Don't selttle on a Mobile. Talk to a builder, he might be able to put you in a conventional bricks and sticks home. You can also talk to Jim Walters homes about their land/home packages. |
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godged
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First and foremost, you need to know if you can put a manufactured home on this acre. Do not assume you can, even if there are other MHs in the area. Check with your local planning department.
Next, that salesman is not knowledgable. He is just firing off worthless salesman jargon.
Third, MHs are a horrible investment, especially new ones. While being on its own land is a better investment than a park home, MHs do not appreciate in value. Buying a new MH is like buying a new car, it will never be worth what you paid for it once you take it off the lot.
You may be better off to move a used MH on the acre now to live in, then put a stick built home on it later when you are in a better financial position. |
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Craig D
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I would suggest that you go talk to a construction loan professional. The value in the land could very well put you in position to build a decent stick built home and leave you equity left over when its done. Talk to a national home builder, like TK homes, and see what they can do for you. They might have really good deals going on now to keep their men working. Best of Luck! |
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BamaGreenBack
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Don't buy a trailer, waste of money and they are dangerous. Trailers are depreciating assets, meaning you build zero equity. You might as well be renting. Buy a real home. You can afford it, people buy homes every day. |
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bahkalahka
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why put a trailer on it? by the time you do that with a well, septic, electric, permits, fees, ect.. you could have borrowed a little more money and had a permanent structure built that will increase in value instead of decrease. |
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IG64
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First off realize that a trailer house isn't like a real house. It is more like a car. As soon as you buy it the value of it will fall and it will continue to fall until it is blown away or you've had it hauled off.
If I was going to have a trailer house I think I would just find the cheapest one I could to live in while I saved up enough to have a real house built on the land and the trailer hauled off. |
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KingKobe824
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You should get a better profesional help. |
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CT
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No offense,, if you can afford the internet, why dont you save your money for a house, or a better education? |
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