As some of you know, I have been looking for a new home.  Tired of renting, I thought it was time to get a place of my own.  Now, I am not made out of money, so I started looking at alternatives to traditional houses in a price range I could afford.

After a bit of searching, I found some mobile homes for sale that were in my price range.  They offered the same square footage as a traditional house, but at a lower price.

Before I was going to make any offers, I headed down to the bank to inquire about how a manufactured home mortgage worked.  The loan officer was very good at explaining the reason why I wouldn’t need a traditional mortgage and why there were specialized mortgages for mobile homes.

I filled out a loan application there to get pre-approved for a mortgage – that way I knew what I could look at for mobile home prices.  He also mentioned that depending on the amount I would be putting down as a down payment, I may need to purchase PMI for my loan.

Now that I know what I can afford, I will have a better idea of what to look for.  I have found a couple that I am going to take a look at on the weekend, now, all I need to do is find a realtor….