Home Buying in Santa Clarita>Question Details

Kelsie, Home Buyer in

Is purchasing a manufactured home in Lily of the Valley park in Saugus a good investment? What is a fair?

Asked by Kelsie, Fri Mar 14, 2008

price for a 3 2? Anything else to consider before purchasing or even looking. As a college student, purchasing a manufactured home seems more affordable than say renting for a few years and then purchasing a home.

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Answers

2
Buying a manufactured home in a mobile home park is not real estate but sure beats renting an apartment. Personally, I really do like Lily of the Valley and there are also several other parks in the Santa Clarita Valley. Parklane, Canyon Country, Sierra Heights, Cordova, Royal Oaks, just to name a few. Depending on your credit, my broker is actually direct with one lender that if your credit score is 660 or higher, financing is available with as little as 5%. It also depends on your work history.

If you have any other questions, I'll be happy to help, take care, Eva
0 votes Thank Flag Link Wed May 21, 2008
The first thing you have to consider is qualifying for the loan. Manufactured homes/mobile homes are usually on leased land, and the banks require 10-30% down depending on credit,the interest rate is higher because they are really considered personal property and not real estate, and thirdly, the land leases can be upwards of 1000 dollars a month on top of your utilities, bank payment, food, gas, etc. If you have money to put down, the chances of you qualifying for a condo are going to be much higher because it is real estate, the interest rate would be lower, the HOA fees are much lower than land lease payments, and you would be able to rent rooms to other friends/college attendees to assist with the payments. I would love the opportunity to discuss this further with you, so please feel free to contact me as there are lots of ways to get you into something you can call your OWN.
Terra Bruns
661.373.0151
Web Reference: http://www.TerraBruns.com
0 votes Thank Flag Link Sat Mar 15, 2008
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