a baloon payment is called that because in 5 years it blows up in your face.A lot of people found they could not cover the sudden payment the baloon demanded and lost their home. Do not count on being able to get another loan. It might not happen. Instead get a fixed rate mortgage and never worry about your payment increasing. Over the next 1.5-3 years interest rates WILL increase. When they do you will find it more expensive to get a loan. It may also be a lot harder to find loans.

I would suggest that you look for used and yes, even reposessed double wides. You can buy a repo'd double wide a lot cheaper than one on a lot or from a dealer.

Megan; What property are you talking about. I dont have all of the information.