Posted by Dr. Craig Whisler CA NV on October 21, 2003 at 19:50:08:
Mayre, if you have been reading this board for a while, I wonder why you are even considering buying a new mobile home when you could probably get an exellent, late model, used one for about 1/3 the price of a new one.
I would think that if you don’t have money for a downpayment, you don’t have money to waste on quadrupple sized monthly payments (when the loan interest is figured in).
This board is primarily for investors in mobile homes. Investors are people more skilled than the average person at handling money and making it grow. We generally do not advise paying retail price for a new mobile home. For the same money you could buy 3 used ones, on private land, and rent out the other two for enough money to make the payments on all three. You could practically live free instead of worrying about monthly payments. In a few short years they would all be paid for and you would be well on your way to financial freedom, and never needing lenders again.
Are you in the right place? If so we are all happy to help you. Please rethink your plans.