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Buyer Beware

Many people today are looking at the option of home ownership. Interest rates are lower than they have ever been in 40 years. Many financial institutions are very aggressive with their purchasing tactics. These two combined allow many Americans today to fulfill their American dream of becoming homeowners. However, I say to you buyer beware!!!!
Manufactured housing has excelled and pioneered many new standards in the housing industry over the past 10 years. However, that does not mean that all manufactured homes are built alike. Also, it does not mean all manufacturers offer the same warranty. Take heed and know your construction of the home you wish to purchase. Do not purchase a home with poor construction. An example of quality construction is 2X6 floors and exterior walls, 2X4 interior walls, plywood floors, insulated windows, 1 piece fiberglass tubs and showers, porcelain sinks, oak cabinets, good cents home package, and an energy efficient heat pump. These are just a few things that comprise a well built solidly constructed manufactured home. If a home does not have these standard features I ask you is it truly worth a 20 or even 30 year investment?
Second, be cautious about the many financing options. Many lenders charge excessive fees and finance charges that increases your monthly payment. I have actually seen some of these fees and charges in excess of $10,000.00 dollars for a loan. As a rule of thumb your closing costs on your Hud 1 (closing statement) should not exceed $4,000.00 dollars for an average loan. Closing costs include appraisal fees, title insurance, title exam, surveys, underwriting fees, and prepaids. Make sure your retailer has an arsenal of lenders that will work for you and your families needs. Don’t just accept the first one that delivers and approval. Make sure it is the loan and the right program for your budget.
Brian K. Duck
Vice President, HMH