Mobile Home Loans

Many first time homebuyers choose manufactured homes over traditional homes. With the steep rise in housing prices, these have emerged as the homes of choice for many Americans.

A decade ago buying a manufactured home meant compromising quality. Today the situation is very different. Today one and two story manufactured homes are available with fireplaces and cathedral ceilings, undistinguishable from traditional homes.

These homes appreciate or depreciate in value depending on where they stand. Homes that are situated in trailer parks may not appreciate in value. If your home is on your own land, it appreciates like a traditional home and you enjoy tax benefits as well.

When factoring in a home’s cost, include taxes, insurance and utilities in addition to lot rent. When compounded with monthly mortgages these can be quite a high figure and may mean that your home is unaffordable to you.

When purchasing a manufactured home check for plumbing issues. Also see that the fixtures are good quality even if they cost a little more. The windows and flooring are other areas that need your attention. Also check that the electrical system is as per your requirements with enough electrical outlets.