Due to the costly price of a house, some people decide to buy a mobile home. The price of this house is cheaper compared to a single or family home. Nowadays, you can look for mobile homes for sale under $2000. The facilities are also as comfortable as a regular house. Check the information below before buying a mobile home under $2000.
Choose the Right Financing Options
Banks classify a mobile home as personal property. That’s why you will get a personal loan offer when you need a mortgage. The process will be a bit easier if you can show that the home is permanently attached to a foundation.
Credit unions are another alternative to get money for buying a mobile home. Due to the popularity of a mobile house, some mobile home dealers are also ready to help you to get a personal loan. Ensure that the home meets the U.S Department of Housing and Urban Development or HUD requirements to accomplish the process immediately.
Buy a Land
Since you have to attach the house to a foundation, you can buy the land first. By having land, it is easy for you to do anything, including attaching your mobile house there. The price of land is more affordable instead of buying a regular home.
Buying a mobile home park is a good option because the design includes hooks. Putting your mobile home in your land can be a priority because it gives privacy. You only have to spend money on the utilities.
Buy Mobile Home in A Park
Mobile homes for sale under $2000 in a park are also a good option. The price is cheaper than buying land. You only have to pay the site fee of about $300 per month. The fee often includes the cost of garbage pickup, water, sewage, and grounds maintenance. In this case, you are only the owner of the mobile home and not the land. Check first the terms and conditions because some parks also offer the land.
Types of Mobile Homes
Knowing the types of the mobile home is also crucial before looking for mobile homes for sale under $2000. For example, you can buy a single-wide mobile home with a narrower frame. This model often has several rooms that are connected. The double-wide mobile homes are similar to two single-wide units that attach and a single-family residence.
Down Payment of a Mobile Home
The down payment of a mobile home is lower than a manufactured home. Banks often offer a minimum down payment of 5 percent. The down payment percentage is even lower when taking governmental loan programs.
Choosing living in a rural area can be a good area, especially if joining the USDA Rural Development program. You may get a 100 percent mortgage, along with fewer expenses. On the other hand, the interest rate is higher than the single-family home rates.
Despite searching for mobile homes for sale under $2000, you still have to consider the information above. It is even more crucial if you want to borrow money from lenders. They classify mobile homes as a high-risk product, so there are a lot of requirements you should complete.