If you are thinking about purchasing a "manufactured home," there are a few things you should know.
We purchased a repo manufactured home in 2009. We purchased it at a really good price and were able to get a pretty low interest rate.
Maybe it is your dream, as it was ours, to own a ranch style home in the country with a couple of acres.
Although we bought our home at a fairly reasonable price, we put a lot of money into it to make it livable. At the time of our purchase, our lender told us in a year or two, with the equity we had in the house, due to a rather high appraisal of our property at the time of our closing, we could refinance, or take out a home equity loan.
This past month both of our vehicles started giving us problems, so my husband and I decided it was time to look into buying a couple of newer vehicles. And refinancing our home and paying off a couple of our bills and having enough left over to buy a couple of newer vehicles seemed to be the answer to our dilemma.
We were rather surprised and very disappointed to find out that no one would refinance our home, because it was a "manufactured home!"
Although we are very happy with our home and property, it is like having a "gold mine" but not being able to do anything with it. Also, the higher the appraisal of the property, the more taxes one has to pay.
I am just glad when my husband and I bought this property we had already decided we would live here for the rest of our life, because as far as we understand, it is almost impossible to even get a mortgage for a manufactured home anymore, so we probably would never be able to sell it, unless someone paid cash for it. It makes one feel like the word manufactured is a dirty word!
I don't think our lender lied to us, it's just how much things have changed since that time. Sometimes it doesn't even pay to have excellent credit!
