- This topic has 10 replies, 5 voices, and was last updated 9 years ago by Anonymous.
- May 5, 2011 at 6:43 am #203434AnonymousInactive
to keep from getting taken by the salesmen?
- May 5, 2011 at 11:06 am #258673Nathan FriendMember
Don’t do it, if you want something like that go for a modular they are much nicer and more stable and keep their resale value as long as they are taken care of. The difference between them is that they are set permantly in the foundation and not just set on cement blocks. Which is what I would prefer anyways?
- May 8, 2011 at 10:45 am #266866AnonymousInactive
The best tip I can give you is don’t do it. They depreciate too fast, and I believe you will regret the purchase.
- May 12, 2011 at 2:43 am #272960AnonymousInactive
best thing to do is avoid buying a mobil home all together. they loose thier value to quickly and have little if any resale value. try renting if you cant buy a home or if you are looking to purchase something to put on land that you own try jim walter homes they will work with you
- May 16, 2011 at 4:46 am #427716AnonymousInactive
On face value I would say no. What they say is that if more than 30% of your salary is used for your house (payment, interest, & taxes) then it’s not a good time to buy. Your student loans will make it more difficult when they do kick in. The only good thing is the first time home buyers 8k which is from ther government.
- May 16, 2011 at 4:47 am #427717AnonymousInactive
It sounds like you have a good head for finances. If you were pre-approved, then you should be good to go. Good Luck!
- May 16, 2011 at 5:43 am #427718AnonymousInactive
UM FIRST..CAN I MARRY YOU??..IM ATTRACTIVE..NOT BECAUSE IM A GOLD DIGGER BUT BECAUSE YOU SEEM PRETTY ORGANIZED FOR 22…BUT ANYWAY DONT RUSH ANYTHING..WAIT AND SAVE MORE MONEY TIL YOU FINISH SCHOOL..WAITING CAN’T HURT ANYTHING IT WILL JUST GIVE YOU MORE MONEY TO GET WHAT YOU REALLY WANT PLUS THE MARKET IS GETTING BETTER ..GUDLUCK HUN..
- May 16, 2011 at 5:44 am #427719AnonymousInactive
You will have to get qualified as if your making full payments on your student loan. So minus your payments from your take home pay along with the taxes and insurance and you want your payment to be no more then a third of what you bring home.
You may also want to save up some additional money. You will have to pay for the first year of insurance up front and anywhere from 3 months to a years worth of taxes.
Might want to save up a bit more as well
- May 16, 2011 at 6:42 am #427720AnonymousInactive
You seem to be right on the edge…the P&M on $ 120,000 mortgage is about $ 650…add in another $ 125 a month for taxes, another $ 50 for homeowners and another $ 40 a month for PMI (all rough estimates), and your payment is now almost $ 900 a month, or almost one full paycheck.
You are banking on the owner accepting the offer and paying $ 5,000 towards closing – however, you didn’t mention the original price – if the $ 125,000 offer is a good discount from the original asking price, the owner may not agree to the closing help, and closing will wipe out your savings (expect closing to be between $ 4,000 and $ 7,500).
If it was me, unless the job you have now is going to be your permanent job after graduation and you expect a raise with the diploma, I would wait until you have graduated and secured a better job. You will need the extra money for house expenses (don’t forget that houses come with utilities, maintenance, etc.).
- May 16, 2011 at 6:43 am #427721AnonymousInactive
Shane – Just be careful on what you spend..Even though your approved for 120K doesn’t mean you have to spend that much..With your income i would truly stay under the 100K mark and pocket the extra cash your not spending.
As far as waiting or buying now…DEFINITELY BUY NOW !! I have been flipping houses for many years and now is one of the best opportunities to Buy a Home that i have ever seen…The Market has been stabilizing and the chances of really finding great deal are still huge , and with the Government Tax Rebate you cant go wrong !!
Also…Nice job for putting yourself in such great financial position !! More Youth should follow your example !!
- May 16, 2011 at 7:27 am #427722AnonymousInactive
it you hope to close by 11/30 to get the $ 8k credit, you better have mortgage approval and a signed sales agreement by 10/1.
I don;t see how you could come up with another $ 5-10k in 8 weeks. how long did it take you to save the $ 5000 you already have for downpayment – there are still some closing costs the seller will not be allowed to pay – he says he will pay $ 5000, but there may not be $ 5000 worth that he will be allowed to pay.
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