How does this work???

**SilentPen** · 01-09-2009, 09:37 AM

My husband and I (never bought a home before) are interested in buying a manuf. home, and putting it on a piece of land (which we'll also be buying). How do we get mortgages to cover both, as well as the cost of septic, well, and power installs? Any advice would be greatly appreciated. If it helps any, we're active military and can use VA.

**jpoey** · 01-09-2009, 11:10 AM

You need to talk to a bank, mortgage co., etc. Generally speaking if you buy a manufactured home with deed you may get financing for the home + costs itself, all other things being equal (credit score, down payment, etc); however, in my experience most land must be purchased with cash (or some other loan,equity, etc, but this is your first house). Good Luck!

**SilentPen** · 01-09-2009, 11:17 AM

Ugh... I was afraid you'd say that. Looks like we might be waiting a few years then, unless what a friend of mine is telling me is true. She wants me to go to a home auction with her, buy a house, then sell it within 30 days.

Does anyone have any advice and/or warnings about doing such a thing?

**jpoey** · 01-09-2009, 01:04 PM

Your talking about "flipping" and without having much experience I regretfully advise against it, not sure about your market but if its like most all across the country these people are going bankrupt. Go ahead and go to the auction, get a list of homes and then keep track of them, see what they sold at auction for, what they look like (many of these homes need lots of work and most investors these days are holding,renting, and plan on keeping for 10 years) what they go on the market for and see if they sell. Do your homework, you'll get knowledge of your local market. There are no shortcuts, magical "deals" or instant money. Save your money (go to a bank,etc and see what you do qualify for), pay down your bills and make a plan and stick to it. If anybody says you have to "ACT NOW", run the other way. When you do purchase your first home, it will be worth it all and you will feel proud you did it the right way.

**jpoey** · 01-09-2009, 01:08 PM

Forgot to say "Thank You!!" for your service to our country, I really mean that!!!

**donrock** · 01-09-2009, 01:10 PM

You need to find a mortgage company that specializes in manufactured homes. There is a good one in the Portland, Oregon area but I can't think of their names. You can go on google and find them I imagine or at least ones that do specialize so you can get straight answers.
As far as going to an auction, buying a house and selling it in 30 days. This is not as easy as it sounds. Do a whole lot of fact finding before you try it. It can be done but you need to know what you're doing.
Don

**SilentPen** · 01-09-2009, 07:26 PM

Thanks so much for the info you guys have given me so far - I really appreciate it! I'll definitely check with one of those specialists... I know it's probably going to be a while before we can buy a home, as there are some credit issues that need to be fixed first. In the meantime, I'll look more into whether it's cheaper to buy a manuf. home, or to build a starter home. Honestly, we'd much rather build... but the way the market has been (and from what I hear, going to be for a while...) I just don't see how it's possible. Not to mention, I've got a LOT to learn about funding for both options.

No need to thanks us for his service =)... He loves his job, but his command is AWFUL.

**ACER9103** · 01-10-2009, 10:12 PM

Honestly I would think the whole Manufactured thing through. I used to own a mobile home, grant it I rented the land which was a nightmare, but the home kept falling apart. walls turned yellow easily and quickly. once you place it on land, it is not a good idea to move it after that, even though its called a modular home. Leaks easily happen if it is not always to the best shape...just a lot of maintenance not to mention if the panels at the bottom come loose or off, getting them back in is work.Not to mention that now a days it is really hard to find anyone that will finance a mobile home & land deal not saying there are none out there, but it is difficult, also you have to worry about the zoning, a lot of areas are transitioning to the "no mobile home zone" thing, so you can find a piece of land, but if the zoning says only site built can be there you can't put a manufactured there. I would contact the manufactured specialist like Palm Harbor, and Champion...here try this site it tells you the builders, and gives you the link to their web pages.

I am actually not allowed to post the link, but you can use this for the link (you know just take out the spaces) hope it works-

MOBILE HOME . NET / INDEX .HTM

Again I would think it through thoroughly, when I owned a manufactured home which was a 1997 built, it was a nightmare, everything kept breaking, and then selling it was a mess not very many people want to get mobile/manufactured homes anymore because even though the builders swear they are built better an better they are not the same as site built, also if you are doing it for cost reasons, you are better off finding a site built home for less of the hassle compared to a modular. I mean these homes run a lot if they are built new, not including the land, and the impacting of the land.Also insuring the home is another nightmare finding companies that will ensure a manufactured home is another bad bad dream, when I got rid of mine it was a dream come true, now I am trying, and about to buy a 3/2 with in ground pool for $120k, so good Luck! Hope all works out!!!