When we start our careers, we are in a struggling phase. We compete with our colleagues, opt for promotions, give our best and save money for future planning.
Everybody has a different dream. But one objective that is common among all is having your own manufactured home.
Buying a manufactured home is not an easy task, and it takes lots of effort, time, and money as well. But if you plan your purchase, it could be an easy and smooth process for you.
How to Start Your Journey?
Budget is an essential part of the journey. Knowing the range you can spend on your new manufactured home is vital. It’s also crucial to keep some extra space in your budget for some emergency expenses that might come up.
If you’re planning to buy a manufactured home, you need to keep certain things in mind.
- Your Current Bills: the first and foremost thing is to sit down and make a list of the current bills you have. Make different categories for the bills. Some of these bills will continue in your new manufactured home. Some will increase if you’re shifting to a spacious home. And some bills might change according to the new surroundings and situations.
- Your Income: While making the budget, it is essential to focus on a steady income. Don’t plan to buy a manufactured home based on the cost of your inflated income. For example, if you’re paying your debts by doing overtime and you think to make that overtime income your budget, you’re probably going to land in danger. Instead, focus on reliable income sources.
- Creating Your Budget: Now, what should be your budget? Well, subtract all your current bills from your income and see what amount is left with you. If you think that you can pay the same rent per month, you will face financial issues as manufactured homes have extra expenses as well such as repair bills, homeowners insurance, etc. So keep that extra space and then fix the monthly budget. There are plenty of options in the market for manufactured homes. So you’ll get your dream house on that low budget as well.
- Financing: Another thing to follow is the financing guidelines. Many lenders don’t allow more than 30% of your income in housing. So to keep your options broad, you need to document all sources of income, so you don’t get a hurdle there. We offer hassle free Mobile Home Financing at affordable rates and complete consultation for all your finance needs.
Know your credit score and improve it if you find it poor
Another critical step to buying a manufactured home has a good credit score. It is a deciding factor for the eligibility of a loan. Draw your credit report beforehand to make sure there are no errors.
If you find your credit to be low and there might be a risk while applying for the loan, try to make your credits better.
- Build a secured credit card.
- Pay all your bills on time and make full payments.
- Keep all your monthly billing history.
- Monitor your report.
If still you are not meeting the guidelines, get in touch with us for the FICO Score Improvement Program. We offer a complete program to repair your credit score.
Know your current debt
Debts like credit cards, personal loans; monthly EMIs are factors to be mindful of while buying a manufactured home. Paying all the installments on time is essential to maintaining a credit report. You can set reminders on your phone to don’t miss any payment. You can use different reminder apps for this purpose which are free and easily available on Play Store and App Store.
Choose the best place to buy a home
Once you have fixed your budget, look forward to a perfect location. Factors to consider while deciding the place are:-
- Accessibility to your workplace.
- In or near the city to avail all the necessary facilities.
- Delivery options are available.
- Budget-friendly.
- Good water and electricity supply.
Creating a budget plan and keeping notes of your credits are the essential steps to follow to fulfill your dream. Plan accordingly, save money and explore your favorite manufactured home. Play smart and be financially secured.