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Understanding Your Budget for a Manufactured Home

Understanding Your Budget for a Manufactured Home. Total Cost of an Unsited Manufactured Home. Home Land Site preparation Installation Transportation. Cost of Home Ownership. Financing costs Homeowners insurance costs Maintenance and repair costs Utility and service costs Taxes

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Understanding Your Budget for a Manufactured Home

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  1. Understanding Your Budget for a Manufactured Home

  2. Total Cost of an Unsited Manufactured Home • Home • Land • Site preparation • Installation • Transportation

  3. Cost of Home Ownership • Financing costs • Homeowners insurance costs • Maintenance and repair costs • Utility and service costs • Taxes • Resale value

  4. Considerations for Building Equity • Good location • Blending in • Quality • Land ownership • House-like foundation • Real estate financing

  5. 4 Cs of Credit • Capital • Capacity • Credit history • Collateral

  6. Credit Reporting Agencies • Experian www.experian.com(888) EXPERIAN (397-3742) • TransUnion www.transunion.com(800) 916-8800 • Equifax www.equifax.com(800) 685-1111

  7. Credit Scores

  8. Nontraditional Credit • Rent payments • Gas, electric and other utility payments • Child care or child support payments • Any other large, recurring expense

  9. Qualifying Ratios • Housing Ratio = maximum % of gross monthly income that can be used for a monthly mortgage payment • Debt-to-Income Ratio = maximum %of gross monthly that can be used for the house payment plus all other debts

  10. Qualifying Ratios Debt-to-Income 38%

  11. Qualifying Ratios Debt-to-Income 38%

  12. Calculations using qualifying ratios: How much money the lender will loan you What price home you should consider based on the loan amount How much down payment you need How much your monthly payments will be Prequalification This is not a guarantee

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