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Buying your first home can be exciting, but also a bit stressful. One of the largest hurdles for many first-time buyers is the financing process. The good news is you can have a smoother and less stressful experience by working with professionals in the manufactured home industry, and keeping these tips in mind:

  1. Understand the full cost of homeownership
    As a first-time home buyer, you’re probably accustomed to the monthly cost of renting, which usually includes your rent payment, utilities, and your internet and cable bills. As a homeowner in a manufactured home community, you’ll also be responsible for any maintenance and the cost to lease your homesite. You can save money on maintenance with a brand-new manufactured home which will include a warranty, new refrigerator, range and fixtures. Although your site-lease is a new expense, it may also come with amenities such as a community pool, playground and exercise room.
  2. Find out how much you can afford
    Many renters think they can’t afford to buy a home. But you might be surprised to see what kind of home you could potentially buy based on the amount you spend every month on rent. Try plugging some numbers into an affordability calculator to get a better sense of what you need, and how much you have. Or, you can talk to a lender or manufactured home retailer to find out what you might qualify for.
  3. Consider getting pre-qualified
    Many first-time buyers wait until they’ve found a home they want to buy before taking to a lender, but there are many benefits to getting pre-qualified before starting your house hunt. Pre-qualification can help you shop in your price range, act fast when you find a house you want to make an offer on, and correct any errors on your credit report before they cause a problem with your loan.
  4. Shop around for the best lender
    Many home shoppers use a lender who was recommended by a friend or family member, and they don’t bother shopping around. But that doesn’t guarantee you’ll get the best rate, or even get a lender who is experienced with manufactured home loans. Most home shoppers end up getting a loan through the bank, credit union or specialty lender who pre-approved them, so it’s a good idea to do your research early, at the pre-approval stage.
  5. Don’t spend your entire budget
    When a lender provides a pre-approval or pre-qualification letter, they’ll typically include the maximum amount they will lend you. But just because a lender will let you borrow a certain amount doesn’t mean you should spend it. Buying a home also comes with some upfront costs, such as the down payment and closing costs, so you’ll want to make sure you have savings left for unexpected expenses after you close on your new home.
  6. Research down payment options
    Saving for a down payment is often cited as the biggest hurdle to homeownership for first-time buyers. Ask your lender about potential down payment assistant programs. Your desired manufactured home community may also offer options such as a “lease to own” program that will allow you to live in your desired home, apply a portion of your lease payment to build up a down payment, and then complete the purchase at a later date.

    Buying a home for the first time can be daunting, but it doesn’t have to be. Just get your financial home in order, shop around, compare your options, and don’t be afraid to ask for help.
Sources: Zillow, The Balance



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