Tips For First-Time Manufactured Home Buyers
There’s plenty of information out there for first-time home buyers when it comes to traditional site-built homes. But if you want to buy a manufactured home, you may feel like you’re in the dark. We’re here to offer you some useful advice as you begin your home-buying journey, from finding the right manufactured home and location to financing the purchase.
Know Your Credit Score
Before you buy, it’s a good idea to know where you stand with your credit score. A credit score predicts how likely you are to pay back a loan on time. Your score may impact the interest rate you receive in order to finance your purchase. Remember, the higher your score, the more attractive your interest rate may be. Your credit card company may share a credit score with you for free. Some companies will include credit scores on your monthly credit card statements.
Before you start looking for the right home, make sure you know how much “house” you can afford. Contact Priority Funding, a respected and professional lender, and we’ll help you get started. We’ll take a look at your income, expenses, and debts, and then calculate the amount we’ll lend to you. With that amount in hand, you can narrow down your price range and focus your search. Having that pre-approval directly from Priority Funding lets the seller know you’re serious about making a purchase. This may also speed up the buying process. Click here and apply for a pre-approval today!
Factor in Lot Rent
When you buy a manufactured home (either new or existing), you’re often buying just the home, not the land it sits on. That means you’ll pay a monthly lot rent to the community to cover utilities and maintenance. If your purchase does include the land, there may still be a homeowner’s association that looks after the property. Either way, consider these additional costs when you’re budgeting.
Choose the Right Site
If you plan to buy a new manufactured home, be sure you have a place to put it first! That can be a rental community or a piece of land that you own, but the location must be secured and ready before you buy the home. Research your local requirements and regulations so that you properly prepare the site. If you’re buying an existing home, know the rules of your new community or location before you finalize the purchase.
Decide On Your Priorities
The easiest way to narrow down your search is to decide what matters to you. Where do you want the home to be located? How many square feet of space do you need? What amenities do you want the home to have? Whether you’re buying an existing home or one that’s new from the factory, knowing what you want will help you to eliminate homes that don’t meet your needs.
When you’re ready to buy your first manufactured home, the team at Priority Funding can help. We’ve guided thousands of first-time buyers through the process, finding them loans that fit their needs. Contact us today, and we’ll work with you to make your homeownership dreams, a reality.