. thread hijack, sorry
Yeah my credit score on all three is around the mid 700's, sup B2B, and that isn't helping at all. You really need to evaluate your debt to income ratio like the dude with a lower credit score than me said and you should really consider tightening the ol' belt and trying to pay off as much debt as possible. Getting rid of the higher payments really helps get you that much closer.
Also Wells Fargo was looking at around 50% and under D2I last I checked which was about a week ago.
How soon are you looking to buy?
If it's within the next few months or so, I'd say start meeting with different lenders and get hooked up with one as soon as possible, even if you're not looking right away. They'll be able to let you know what your options are, let you know what you need to do to improve those options, and it always helps strengthen your eventual offer if you've already got financing lined up and a loan pre-approval (not just pre-qualified) letter typed up and ready to present with the offer.
If it's a more general, at-some-point-in-the-undetermined-future plan, pay down debt and save as much as you can. Exact programs and rates will likely change between now and when you start looking seriously, but having as little debt and as much cash in the bank as possible is always a good starting point.
Yeah, it probably will be within 12 months, I'm just not familiar at all with all the mumbo jumbo and what it means, which has me seriously considering going to a FTHB class like Ashbeigh suggested.
Don't do it. Last summer when I was house shopping, I gave it a thought for a millisecond, when I saw the low prices.
They can call it a manufactured home, a modular home, a sweet pad, whatever. No matter what they tell you, if it had wheels and axles, it's a trailer. And if I can see a gap in your ceiling running the length of your hallway-less house, you have yourself a double wide.
I only know this because my father worked for a modular home company for a brief few months in Wisconsin..manufactured and modular are different. Modular homes are homes on a foundation that come in pieces (modules if you'd like). Manufactured homes aren't built on slabs.
I'm well aware they're "doublewides". They do go on foundations though. They've come a long way from what I can tell but yeah it'd be a tough cookie to swallow.
Home building is soooo god damn expensive though. 10 years ago you could find a builder to put a nice 2k sqft 4 BR 2 Bath on existing land for 115k. Forget it now.
Minor correction. Modular homes are build on location (from pieces like you said) manufactured homes are pre-built in a factory and are shipped in halves and assembled by joining the two sides. Both go on slabs and qualify for homestead exemptions so neither would be considered a "trailer".
After having a family member work in the industry (and be screwed by it at the same time) I'll pass on both of them, and not even for the obvious stigma associated with them.
go find you a good builder on a side of town you like and stay within your budget!
my ma in law is an agent if you need one...she'll be on the builders ass like stink on which is a good thing no matter who you choose...
the builder's usually do their own financing and then sell off the loans after you close...so they'll want to get the sale done...you'll only need like a 1000 to secure your lot and get them building...you can take the 6 months from that point on and save for closing...you'll need about 5k. good luck!
Why dont you just buy a home that someone cbf destroying, for 1 dollar on ebay or some , and pay for transportation and fitting costs on ur slab of land.....it cost about 10-20k all up.....instead of spending 120k+ on a new house.....
I'm not sure on purchase since I only used to deal with refinancing...but there are a couple of things in TX to remember.
RATES CHANGE DAILY. Remember these companies are business', they make their own rates that don't necessarily HAVE to be attached to the market.
Once you pay 20% off, you are not responsible for PMI which can be anywhere from $100 to $500 depending on your property.
If you are in TX, once you go below 20%, you can only borrow more money UP TO that 20%. We are very lucky to have this law here in TX, otherwise we'd prolly be like CA, FL, and AZ. People in these states borrowed up to 120% on their property.
Try to get into a loan that makes sense for you. Right now everyone wants a 30 year fixed, but that won't get you the lowest payments. See what type of options they have for ARMs. If you only plan to be in your current job for a short while, or see yourself moving soon, def look into a 5, 7, 10 year ARM in which IT IS locked for that time period. Just make sure you know what the payments are WITH amortization. YOU DO NOT WANT A NEGATIVE AMORTIZATION loan. Mortgage companies have anywhere from 100-300 loan types, everyone is on a different plan in life.
Prepayment Penalties are sometimes a good thing, but probably not right now in this economy. They will make your payment even lower, but you can't sell or refi your home in a defined time period, usually 2-5 years. Once again everyone is different. Since everyone is potentially on the chopping block here in the US I wouldnt go too high on the years if you do have one.
Remember who ever you speak to the rest of your life in mortgage IS A SALES PERSON. You can haggle, but not by a lot. Put them on the hot seat. Get them to talk to their manager.
If you chose a mom and pop shop or online service, keep in mind mostly all of these companies end up selling your loan to another company within 1-3 years. Sometimes it happens multiple times. I've heard horrible horror stories about billing uncertainties and late payments as the end results.
Educate yourself.....Dummies books are a great start......
I assume that you are only going to consider fixed-rate loans.
HA...do they even allow ARMs any more?
They're still available. If you know what you're getting in to there are situation where its beneficial.
From the companies I had seen, they offered both modular and manufactured homes. Same floorplans, just depended on if the thing came with axles or not. I'm not one to keep up with the Jones', but I wanted to feel proud of providing a safe home for my family. And seeing the paper thin walls on those things made me think twice quick! Add that to the awful smell of the model homes I saw, must be the formaldehyde or something, I was done.
I feel comfortable skimping on some things, like getting generic groceries sometimes. But when it comes to a house, I felt "you get what you pay for" is something I wanted to keep in mind. I'd rather pay alot more to feel more secure.
Add that to the fact that the companies I had talked wouldn't dare try to build within 1604, unless it was in a trailer park. uh, no thanks.
Note to modular/manufactured home salesman:
You might want to rethink mentioning that you supplied the homes for Katrina as a selling point.
seriously you get what you pay for
buying a house property is the biggest investment and commitment in your life, shop around wisely and spend on what fits criteria....
so if ur lookin at buyin a house when looking at the price remember to take off the first home buyers rebate grant, see if it fits ur budget...
ps. dont try to impress or compete with the jones cause you will end up spending more than what you can afford or worst not being able to meet ur debts when due......
I have yet to find a budget builder, contractor or architect. Seems like anyone who builds on acreage outside of cookie cutter neighborhoods is in the 140k and up range. Even for small homes under 2000 sqft. If someone knows someone let me know.
I wasn't interested in staying awake at night during a thunderstorm wondering if my roof would fly off at any minute.
Plus, I have a wife and kid and I think they deserved something a little better than a modular home.
And to tell you the truth, the low prices of the modular option made me question the whole idea further. They priced a 2800 sqft house at 40k less than what I paid for my 2000sqft site built home.
It gave me that "flea market subwoofer" feeling about the whole thing. I just felt more secure in paying more for peace of mind. I didn't like the cheap feeling of the model home I saw. The countertops were cheap looking, you could hear through the walls. And since I'm a tech geek, I was mentioning about mounting a tv on one of the walls. The salesman said it wasn't recommended that I do that and it would void the warranty.
hey 140k does that include land?
and how far from the metro cbd area is this?
That was about 2 years ago when I was first looking around, so I don't know if their prices have fluctuated or not. And thats not including land, they had a person that would look for land for you. But they would absolutely not look inside 1604.
The price per sqft was nice, but seriously, it was not safe looking. And this was their Model Home, something they use to SHOW OFF their product.
display homes are good if you dont mind the s who have inspected them, try bargain down the price or get them to include the furniture freeThe price per sqft was nice, but seriously, it was not safe looking. And this was their Model Home, something they use to SHOW OFF their product.with the house......
display homes are good if you dont mind the s who have inspected them, try bargain down the price or get them to include the furniture free
You do understand that i'm talking about a glorified double wide trailer, right?
lol might as well go buy a bus commuter and do it up.....
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