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Originally Posted On: https://txktoday.com/technology/4-things-to-look-for-when-buying-a-mobile-home-in-texas/

Investing in a mobile home comes with multiple rewards. The properties are more affordable for those looking to save money or unable to afford conventional homes. Modern manufactured housing options are constructed to be energy-efficient, attaining or exceeding strict energy standards and building codes. Unlike traditional homes, which can take months or even years to complete, mobile homes may be ready for occupancy within weeks.

While manufactured homes have many benefits, knowing what to consider can help you find the right property. Outlined below are four things to look for when buying a mobile home in Texas.

1. Licensed mobile home sellers

When buying a mobile home, purchasing from licensed dealers is best. Once you find prospective sellers, visit the Texas Department of Housing and Community Affairs, Manufactured Housing Division, to search the Manufactured Housing Database to determine if they’re licensed. If they are, visit several before deciding on your new manufactured home.

If you’re looking for an existing property, consider touring several houses to know what you require and what you can find within your price range. Some dealers, like Top Notch Homes, have ready-made options for sale, which lets you see what you’ll be getting. Once you find the right seller, ask questions about what’s included in the unit and what isn’t. This will help you find a home that suits your needs.

2. Mobile home laws

Mobile homes in Texas are subject to various laws and regulations. Their manufacture, setup, and sale are regulated. The regulations and laws in place safeguard manufactured or mobile home consumers. The Department of Housing and Community Affairs in Texas, in collaboration with the Manufactured Housing Division, is liable for supervising these regulations to ascertain mobile homebuyers like yourself are investing properly and wisely. Take time to understand these rules and reach out to a rightful government body for legal-related concerns. You can consult a real estate attorney if you don’t understand these mobile housing laws.

3. Mobile home financing

While manufactured homes provide affordable, flexible living, financing them can be challenging if you aren’t conversant with what’s available. You have multiple mobile home financing options to select from, including:

• Texas FHA loans: They’re government-supported mortgages via the Federal Housing Administration that provide flexible credit requirements. the down payment you qualify for depends on your FICO score
• VA loans: The Veterans Affairs Department loans are government-backed for military service members plus their families

Leveraging Texas USDA, conventional, and personal loans can help you finance your mobile home. To qualify for a mobile home loan, consider:

• Checking your credit score: It’s a significant element that lenders consider when determining whether to approve your manufactured home loan. A good credit score will ensure you qualify for better terms and low-interest rates
• Looking for the right lender: Upon deciding on the loan type you want, researching every lender’s reputation when looking for a manufactured home loan is critical. The best lender can affect essential elements like the loan’s interest rate and fees. Compare potential lenders to find the one offering the most favorable loan terms
• Saving for a down payment: While it isn’t always needed, you may want to save for your manufactured home down payment. Some mortgage providers may require a specific down payment percentage of the loan

Endnote

Investing in a mobile property can be quite rewarding. However, familiarizing yourself with the things to look for when buying a mobile home can help you find a suitable unit.

-In collaboration with VUHA