Modular Homes (Chattanooga, Gallatin, Roan Mountain: mortgage broker, credit, loans)

[mizging]

We are looking into purchasing a modular home from American Freedom Homes. Has anyone had experience with them, and if so, good or bad. We are going this route because of finances and the zero down option. There seem to be tons of them in the Gallatin area, so it appears that many many others have made this same sort of decision. Pros/cons? All opinions welcome. I also wonder how one might go about checking the quality of the product?

[v8eater]

I like to hear from some people that have owned or are owning now a modular home also. This was an option that my wife and I discussed.
James L.

[JMT]

Originally Posted by v8eater

I like to hear from some people that have owned or are owning now a modular home also. This was an option that my wife and I discussed.
James L.

I have an uncle who has lived in a modular home for a few years. He absolutely loves it. It was cheaper and quicker to build, and it's very energy efficient. And it doesn't look like the modular homes of yesteryear--it doesn't look like a glorified mobile home.

[jkmewright]

Ah, another option for you might be a government assistance loan on a house if you feel the only thing you can get is modular because of it's easy financing. I went through Chattanooga Neighborhood Enterprises which works w/Fannie Mae, FHA, etc... I am sure other cities have this kind of thing. I put zero down on my home and had to shell out only for the inspection. The interest rate on that 2nd mortgage is 1/2 of a percent so it's basically a freebie loan to get you started. Please look into second options before you dive into buying a modular home. The resale is terrible and it's hard to get financing if you ever decide to sell so you may have troubles because of that as well. They do have kickbutt bathtubs though lol

[mbmouse]

Question. You are saying "modular". But is it a "modular" or a "mobile" home? There is a huge difference with these when it comes to financing. A true modular has no wheels and usually comes in more than 2 sections and is craned off of a flat bed truck to assemble. These can be financed with a regular mortgage and appreciates in value just as a regular construction build home. A "mobile" has wheels and 2 steel beams down the middle which it is built on. These require special financing, usually at much higher rates and have extra expenses associated and they don't appreciate in value like a construction built home does.
That being said, check with a good mortgage broker (I say broker because they work with more lenders and have access to more options than a bank), there are MANY good loans available that require no money down for a construction built home.
I am not trying to discourage you from a mobile or modular, just informing you that you may have many more options than you think. A house is the largest investment most people make in a life time and I would hate to think you are settling, it is part of the American Dream, make one that you are truly happy with, not settling for.

[MomsTn]

Originally Posted by mbmouse

Question. You are saying "modular". But is it a "modular" or a "mobile" home? There is a huge difference with these when it comes to financing. A true modular has no wheels and usually comes in more than 2 sections and is craned off of a flat bed truck to assemble. These can be financed with a regular mortgage and appreciates in value just as a regular construction build home. A "mobile" has wheels and 2 steel beams down the middle which it is built on. These require special financing, usually at much higher rates and have extra expenses associated and they don't appreciate in value like a construction built home does.
That being said, check with a good mortgage broker (I say broker because they work with more lenders and have access to more options than a bank), there are MANY good loans available that require no money down for a construction built home.
I am not trying to discourage you from a mobile or modular, just informing you that you may have many more options than you think. A house is the largest investment most people make in a life time and I would hate to think you are settling, it is part of the American Dream, make one that you are truly happy with, not settling for.

Mbmouse,
I have a question about the modular.
Let's say there is a really nice piece of property. There is a mobile home already on it. But, the people have totally trashed the place, and the bank just wants to unload it.
Ok, let's say, I would like to put a modular on that property, and get rid of the mobile.
How cost effective would that be?
Would it just be better to build from the ground up?
What about the trashed home, would it be hard to remove it, and where would it go?

thanks,

[mizging]

I really apreciate all th wonderful information provided here. What a great group. I think we are pretty much locked into a mobile or modular because of past credit problems and not being first-time buyers. It sucks when you get to be this age and have to settle. If we don't buy something, Uncle Sam takes all our money in taxes. So it's a win/lose situation no matter how we look at it.

Miz

[dreamofmonterey]

[quote=TNBound;267454]Mbmouse,
I have a question about the modular.
Let's say there is a really nice piece of property. There is a mobile home already on it. But, the people have totally trashed the place, and the bank just wants to unload it.
Ok, let's say, I would like to put a modular on that property, and get rid of the mobile.
How cost effective would that be?
Would it just be better to build from the ground up?
What about the trashed home, would it be hard to remove it, and where would it go?


The only thing from personal experience, is it depends on what you want. A modular home will not appreciate in value as a regular construction built home. If you don't care about appreciation/or resale value, then a modular or mobile is fine.

In the case of a mobile home, I don't know, but you are probably paying for the land. We looked at 6 acres of land in the town of Roan Mountain (not high on the mtn) but the land had a modular home on it. We didn't buy bcs of this.

[tenn or ozark bound]

Does anyone know about the quality of the new modular homes? The older ones had problems with ventilation?? (I forgot exactly what). The newer ones may have fixed this???

[mbmouse]

Originally Posted by TNBound

Mbmouse,
I have a question about the modular.
Let's say there is a really nice piece of property. There is a mobile home already on it. But, the people have totally trashed the place, and the bank just wants to unload it.
Ok, let's say, I would like to put a modular on that property, and get rid of the mobile.
How cost effective would that be?
Would it just be better to build from the ground up?
What about the trashed home, would it be hard to remove it, and where would it go?

thanks,

If it were me, I would make an offer on the land and have one of the conditions be that the trashy trailer be removed. Then build or check out the different options with modular.
Yes it would be hard to move and it needs to be broken up and brought to the land fill? There are companies that can be hired to do this.
You can do both options with one loan in most instances. Check with a good broker BEFORE you make any offers.