Space rent is high in the Bay Area. You will have to pay $700-$1400 a month rent at the local parks. You will certainly be able to afford the payments on a manufactured home if it is in the $200,000-$300,000 range, but without a small down payment and poor credit it will be up to the individual park if you can purchase a new home there. You should contact the parks individually and see what their financing policies are.
Keller Williams Realty Palo Alto
Feel free to visit http://www.MHBLoans.com for more information.
Sunnyvale real estate information at http://julianalee.com/sunnyvale.htm
Top 3 agent nationwide at Keller Williams Realty
Over 20 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo Counties
However, if you are going to build your own home, you will need to buy a building lot and then over a period of at least 1yr possibly 2yrs pay for permits, foundation, utilities, home, etc... So you will need a land loan AND then a construction loan. Hurdle #1, we'd need to talk with a lender, but land loans typically require at least 35 to 40% down. Some $'s have to go toward the lot/land and some toward the home/construction/permits and remember there will be interest payments along the way, even though there for many month won't be a home you can live in, so you will be paying rent and mortgage while building.
Let's make a few educated guesses. You will not find a building parcel that you can build on without running into permit, water, septic, utilities or some other obstacle for less than $350,000 in the Bay Area. In fact, that price will be hard to find. That leaves you with $220,000 to do EVERY thing else.
A safe assumption is $200/sqft to build, that mean the home will be less than 1200sqft ASSUMING you don't run into major permitting or building issues. Yes, I know the manufactured home might be $75k to $150k+ but even at $75k that's just the materials, you still need a foundation, carpentry, permits, possibly a well and septic, a driveway, a garage, landscaping, connection to utilities, etc...
Honestly, you will be hard pressed to build for $575k, and if you can't afford cost over runs... don't start the project. By the way, my math is based upon 3.75% but the loans on the land and during the construction period are at a significantly higher % rate, because the risk is so high for the lender if you start the project and don't finish.
So, now perhaps you have a sense for why my Blog is the GetRealReator http://www.GetRealRealtor.com. But better to be well informed up front an make an informed decision.
If you'd like to talk more call or email me!