Buying mobile home trailers or also known as manufactured home, may be more difficult for, not only your realtor, but you as well. As a realtor myself, I will explain what I have learned so far when buying a mobile home trailers. First of all, most lenders, banks, mortgage companies got out of mobile home trailers due to the fact that the depreciate in value rather than appreciate in value. What this means, is that all mobile home trailers will not be worth what you paid for it when you decide to sell it. They lose value like a car. Being a single wide or double wide does make a difference when buying your mobile home trailers. With it being a single wide, you will have to find a lender that does do financing on mobile homes. There are only a few that I have come across and not only that, the down payment is higher. I'm talking about a minimum down payment of 20%. Some may require more! Example being a $100,000 sales price would be a $20,000 down payment or more. A double wide does make it a little easier. Double wide mobile home trailers may qualify for a FHA loan. I believe you still need a mobile home trailers lender, however, the down payment will be a lot less. FHA loans require a 3.5% down payment. So that $100,000 sales price would only require a $3,500 down payment. Not to mention that FHA usually has better interest rates. One thing to consider as well, is to make sure the mobile home trailers you are thinking about buying are considered as "real property". Most of them, since they are hauled to that location, are not properly mounted and are considered "personal property". They must be "real property" before you can purchase it as real estate. In order to check, find the serial number of the mobile home trailers and check it at www.tdhca.state.tx.us. Here it will show if it is considered real or personal. If personal, the seller will have to get it to "real property" requirements and have an engineer check it off as ok. Another option is to lease/rent it from the owner. This may be easier, faster, and the better option for you if your credit is not quite good enough for a loan. Your real estate agent will be able to do this with no problem. A common down payment here is 10%. Interest rates may be higher, however, it would only take a couple of weeks to call it your own. Please note that the closing time on mobile home trailers may take longer, especially if it not considered as "real property". I would at least plan for a 60 day/2 month waiting time frame to close. Also note, that this is what I have learned so far and my information might not be 100% correct. View mobile home trailers around Lubbock for sale here. By Wendell Burris-Realtor
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