FHA has great Loans for Manufactured homes, but not Mobile homes. I would strongly suggest looking into a CALHFA FHA combination loan. Where CALHFA helps you with the down payment assistance, and you are still able to get a great FHA loan.

Good look and feel free to contact me if you need a CALHFA referral.

Hi Annie -

Thank you for taking the time to answer my question.

My concern is the monthly mortgage payment. For what we (because my sister and I will be buying together) feel is a comfortable figure where we don't have to kill ourselves (and hopefully avoid foreclosure), my experience has been that a mobile/manufactured home fits the bill.

We are also open to purchasing a foreclosure or even a short sale property (with an agent's guidance, of course) but are concerned that it will be "unfriendly" - i.e. the soon-to-be former homeowners take appliances, rip fixtures out of the wall, etc and pour cement down the drain before they leave. To be fair, if they paid for the appliances, I feel they should take them because they belong to them. But it would be nice to know if they will be taking them before signing the deal on a place.

Of course, I do realize that lately there have been a few units that were priced below market value but would imagine they get snatched up quickly as everyone likes a good deal. We are not investors, simply occupants.

Also, with the current market figures I've been tracking, it seems to me that all types of properties are losing value.

Am I way off-base here?

I don't believe so. May I ask why you are planning to purchase a mobile home which will loose value overtime while you can get a good real property for a little more?