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Manufactured homes.
How does this board feel about them?
My situation is my husband and I have bad credit, his is in the mid 600's, mine is even worse. His credit is bad because of his Grandmother (long story), and we have been trying our best to build both of them up. We bought a car, which we have paid on time every single time for almost a year and half now, few more to go, I am paying off the one student loan I borrowed last year.. luckily I do not need any more student loans cause I get scholarships. So that is a plus on my credit. Also, I never knew about this but apparently renting a place counts towards your credit? Like the cable/electric/water bills too? If so, we have paid them off all on time for the last year now. (The lease was for a year then we moved)
Right now, we are living with his parents while saving up money, but we are looking for a place and he has about 20 acres of land for himself on his family farm... which in total consists of about 300+ acres of land. His goal has always been he wanted to build his house to his own specifications... I was totally on board cause that sounds like fun, and he used to be a contractor so he knew what to do... but now I am 36 weeks pregnant and have been pressuring him to renting a place or doing something soon so I am not living in a house with his parents and his brothers... just I want my own place.
I kinda argued with him that his house idea, while great, would take years to build and wondered what me and our son would do in the meantime? Live at his parents? No freaking way. So he scrapped his idea, and it kinda made me sad cause I knew he has wanted to do that for a while... and we looked at manufactured houses (Clayton) to put on his land.
I have just been reading reviews for these types of places and mortgage places such as Vanderbilt, and have not heard really good reviews.. I do not think we are able to get a personal loan, and I have looked at FHA but I do not fully understand how it works.
Any advice on this would be much appreciated. Thank you for your time.
Re: Manufactured homes.
Thanks you two, I know I am probably being all rushy with the whole situation, I am now slowing down and looking at the long term goal. My husband who is his normal self also came to the realization that he won't be able to build the house before the little one gets into school, so we are probably going to build the house he wants next to it.. the basement part, we thought about that, but he doesn't want to do it because he thinks the manufactured homes aren't built well.
I am looking long and hard at the types of homes they are offering, and if we do go through with it, we both will be there making sure it is done right. He built houses for many years so he knows what to look for better than I do, but I do not want something made "half assed", so to speak.
My aunt was in a similar situation with the family land. What they ended up doing was putting in the well septic etc and living in a mobile home. They then built a giant garage (her hubby works on vehicles) and then built their dream home a few years later. It took awhile, but it got them out of her parent's house and helped to better establish her credit so they could get their dream home.
My parents actually live in a manufactured home. I'm not terribly impressed. They've had issues with settling and the gas line not being hooked up properly. It's nice for them because my mother is handicapped and it's a big open rancher. Theirs was built by Haven Homes which I think is in the process of going out of business.
Yeah! That is exactly what we were going to do.. live in his camper on the lot and build the house from the ground up... but the camper has since fallen apart literally.. and now it is junk.
I have heard both good and bad reviews with Clayton, and with the mortgage company Vanderbilt... I heard certain types of homes gain value, while mobile homes lose value. While we do not plan to sell the house since it is in the middle of family land, we don't want a complete junker. Did they ever get the gas line fixed? Ours is going to run a long way from the gas well.