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How To... in Derry : Real Estate Advice

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Wed Sep 28, 2011
Amy Mclaughlin answered:
The reality is, manufactured homes depreciate like vehicles so their value decreases over time. That means you will likely lose money when selling it. The other answers all touch on important things to consider (age of your home, etc). Since your unit is in a park, I do not believe it would qualify for FHA status, as I believe it must be on its own land even with an engineer's report. Regardless, you'll definitely want to get a CMA to see what the market value is on your home. That will remove some of your guesswork regarding whether you'll lose your shirt. If you own the property outright, then you can use the proceeds as a down payment on a small traditional home. If you walk away from the sale without a down payment, you'll have a couple of options as a buyer. Step 1 is definitely to speak with a mortgage broker to see what you can afford based on your income and debt ratio. If you can be flexible about the town in which you move, you may qualify for a 0% down Rural Development mortgage. Some other excellent programs for buyers are called HomePath and HomePath Renovation. ... more
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