08/30/2023
Affordable housing matters! Here’s an example…
A home built in 1910 which presumably has quite a bit of work to do costs $175,000. A similar sized manufactured home we sell is $89,900 and it was built this year, loaded with brand new appliances.
But here is the cost many don’t consider until it’s time to purchase…
Typically, traditional home lenders require a 20% down payment + closing costs. Realtor.com estimates that $42,000 would be your up front cost to own a 1910 home.
Meanwhile, manufactured home loans are typically around 10% down payment (all of these figures depend on the lender and your credit score/income, these are just average ranges).
This means, to step into a brand new home with all closing costs + 1st month lot rent, you may be spending under $10,000. To step into a much older traditional home, you have to have at least $42,000 in your pocket.
So many people become renters because they see the huge price tag and extraordinary closing costs and believe home ownership is forever out of reach. But that doesn’t have to be the case. A brand new manufactured home may be within your reach!
