Why is pre-approval so important?
All financial institutions, banks, lenders, and investors determine how much they will lend to a borrower; based (primarily) upon credit score, credit report, and verifiable income (i.e. 2 yrs. tax returns, w-2’s, 24 months bank statements).
What is a modular home?
Modular Home construction is more exacting than that found in “Site-built” homes and it incorporates the efficiencies and quality control developed for “offsite” home construction.
Modular homes are perfect for city or country living because they can be constructed so quickly. Remote rural homesites pose no problems for modular home construction as they might for a site-built home. With modular construction, crews of carpenters, electricians, plumbers and pointers that move from job to job are not needed, and therefore do not delay your move-in date.
Description provided by – Oakcreek Homes
Are manufactured homes worth it?
Manufactured homes appreciate in value the same way conventional homes do. … That is good news for millennial home buyers. Since building equity is one of the most important parts of home ownership, opting for an affordable manufactured home that appreciates in value over time is a great way to build wealth.
Description provided by – https://www.triadfs.com/news/5-reasons-why-millennials-are-buying-manufactured-homes
Should I find my land before I buy a manufactured home?
Step 1) Consult with a Housing Specialist.
You’re going to have questions. LOTS of questions. Seeking the advice of a housing specialist you trust can really work wonders. A good housing specialist will be knowledgeable about houses for sale, and have some insight into land costs in the area you are looking.
The housing consultant will also talk with you about your budget, to ensure you are getting the most house for your money.
Step 2) Find a house that fits ALL of your needs.
Your housing consultant will take into account your housing needs, including your budget, and show you a list of homes that may work for you. You may see a large number of homes, so find the one that fits your family the best.
Tip: Resist the urge to ask for customization to your floor plan. When you ask for a special change from the manufacturer, you are basically asking for a home that is a prototype. And prototypes are always riddled with problems. The builder engineered that floor plan for a reason, so stay within the options list available.
Step 3) Get an approval from a lender.
This is where most people mistakenly start shopping for land, and it’s a common misstep. Before looking for land, have your housing consultant submit your offer to buy your home to a lender for approval. This is wise for several reasons:
a) You now have a land budget: The lender will tell you how much they are willing to lend you for your land purchase up front. It will look something like this:
Land / Home Loan Value: $150,000
Home Price: $109,000
Land Allowance: $41,000 Now that you know you have $41,000 available to buy land, your land search has become much easier!
b) You now have buying leverage: Land owner get offers to buy their land all the time from people with no real ability to buy. When buyers show up with an approval from a lender proving their ability to buy, land owners take them more seriously, and are far more likely to cut a deal to get their land sold!
c) You are not locked into anything: An approval from a lender is not a binding agreement just yet. The lender is merely giving you their terms to issue you a loan for the house you have chosen. You are not required to accept those terms if they are not attractive enough to you, and any deposit money you have made to start the buying process is fully refundable.
Is it cheaper to build a house or buy a manufactured home?
Manufactured homes can cost an average of $62,600, compared with $272,200 for a single-family site-built home [source: U.S. Census Bureau, U.S. Census Bureau]. … Not only are manufactured homes cheaper to own than site-built homes, they’re cheaper to build and maintain.
Description provided by – https://home.howstuffworks.com/real-estate/buying-home/are-manufactured-homes-cheaper.htm