Home Buying in 99336>Question Details

Lindsey Nash, Home Buyer in Kennewick, WA

Me and my fiancee are looking to buy, however neither one of us have great credit, We're looking at a $55K MFH at the moment. Any advice?

Asked by Lindsey Nash, Kennewick, WA Wed Apr 27, 2011

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Jeannie Erickson’s answer
Lindsey, the six answers you have gotten are all good advice and I don't have anything new or different to add. Just to stress that for anyone buying the first thing they need to do is get financing. Other wise you will waste a lot of time for yourself. Either you can buy or can't buy right now. Working with a Lender and they can help in getting your credit issues cleaned up and maybe later on get better financing. Don't rush the process and be in a hurry. You can make a mistake and it can effect your life for a long time. MFH financing is really steep and hard. Protect your money & investment. Be smart in the investment and research the pros & cons on buying a MFH vs stick built homes. You need to think about the future too. As this might be a stepping stone to move up into a bigger better house later on. Call me if you need help in this process. But first call a Lender and get started with the financing process. Thanks for contacting me and asking your question.
0 votes Thank Flag Link Thu May 5, 2011
I am a loan officer & real estate broker. I agree with Dan that MFH's are not a good investment. You will lose more money then you will on a regular rental. Only land & regular homes go up in value. Also, the interest rate and the down payment will be higher. Your best bet is to restore your credit & then buy a MFH or regular home on owned land. If you want help with the credit restoration process, send me a direct email, & I will send you some information on how to do that.
Web Reference: http://www.metromgi.com
1 vote Thank Flag Link Wed Apr 27, 2011
Lindsey,
In general, I'm not a fan of MFH's. Values do not keep up with conventional stick built homes no matter how nice they look and the market for resale is much smaller than conventional stick built homes.
Financing for them is also more difficult for these and other reasons. My advice would be the same as HLR, start by fixing your credit. Order copies of your reports directly from Experian, Equifax and Transunion, they are free once a year.
Review and get any errors off the report. Set up a budget so you don't have future late payments and save some money for a down payment. If you take these steps chances are you'll be much better off in the future than if you find a way to buy the MFH.
1 vote Thank Flag Link Wed Apr 27, 2011
Have you tried to get approved by any lending institution? If not, that would be my first stop. Some lenders are offering good programs for folks who have a lower credit score, yet they still have enough cash for a sizable downpayment.

It is my understanding that it's more difficult to get financing on a MFH than a regular house. Were you planning on paying cash, or getting some kind of financing? Even if it's a cash transaction, GET AN INSPECTION!

Remember the cost of maintenance and repairs on any home you settle on. Also, If you are busy person it may not benefit you to invest in a fixer unless you have extra time and money.

Best of luck!

Gayla Mettler Adkins, SL Nuxall Real Estate Services, LLC
1 vote Thank Flag Link Wed Apr 27, 2011
First step is to contact a local lender and go through the approval process. This will determine if your credit needs to be higher to get a loan and most will give you tips on how to improve your credit score. It will also determine what price you should be shopping in and how much money you will need at closing time. It will also help you know what your monthly payment will be. Then when your ready to start looking contact a Realtor. A professional agent will send you listings, set up appointments to see homes, run comps on properties your interested in and negotiate with the seller to get you a good price. They will also help you with any questions you have along the way. Best of luck and hopefully you will be in the market soon to buy.

Michelle Bouchey / Smart Realtors 509-378-0695
Web Reference: http://michellebouchey.com
0 votes Thank Flag Link Wed Apr 27, 2011
Hi Lindsey!
I would need to know a lot more about your situation and about the MFH before I could advise you. Facts like if it is in a park or on it's own land are very important when making the shoice to purchase. The year of construction and condition are also very important.
Feel free to give me a call and with your help I can advise you on what may be the best route to take. It is just not possible to give a good solid answer with so little information :-)
0 votes Thank Flag Link Wed Apr 27, 2011
Take the time to improve your credit first, it will cost you a lot less in the long run.

HLR
0 votes Thank Flag Link Wed Apr 27, 2011
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