What to look out for if I want to borrow money for a Mobile Home?

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I am trying to weigh the benefit and the drawback of borrowing money for a mobile home. Right now I have enough income to support a loan of approx 100k. This doesn't buy much real estate anywhere so I am thinking of buying a mobile home. The prices are lower (I know I will need to pay lot fees) and the place could be paid for quicker. Any information you could share would be appreciated. For instance.. does it make sense to do this? What would payments for say a $75k mobile home be without lot fees but with prop tax & ins etc etc/

What to look out for if I want to borrow money for a Mobile Home?

All i can tell you is that i was almost in the same boat as you are and i was just about to get a mobile home when the REALTOR stopped me. He advised me that it is'nt a good investment since the mobile home will depreciate like a car rather than appreciate like a house. If i were you, i would talk to a few more lenders, look at your credit, and reconsider your options for right now. Also consider that it is a buyers market right now and a really good time to buy a house, even if its for a flip to make more money and buy the home you really want down the line.

What to look out for if I want to borrow money for a Mobile Home?

How much property tax would be determined by how much land you have. If you are in a mobile home park its not much and in some states you pay no property tax separate from your lot rent or mobile home parks service fees.

If you own a lot or an acre of land and put it on there it will be more valuable than in a park but more maintenance -not the money kind but the working kind of maintenance..Then you will pay separate taxes but that is determined by where you live and what school district you are in.

I think payments on that high of a mobile home would be around $600 a month plus insurance and mobile home park fees.

What to look out for if I want to borrow money for a Mobile Home?

Plus keep in mind that interest is higher on a mobile home than on a house we qualified for 16% interest on a mobile home but only 5%interest on a house BIG difference!!

What to look out for if I want to borrow money for a Mobile Home?

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