When people think of foreclosed homes, they think of larger homes that people have been unable to pay for. They think of expensive, more extravagant homes that individuals were simply unable to afford.
While there are many foreclosed homes that follow this pattern, they are not the only foreclosed homes on the market. There are plenty of home types, both big and small, that have gone through foreclosure. Mobile homes are simply the latest homes to be featured in the foreclosure market.
At first, many will stay away from these foreclosed mobile homes. If you are looking to buy your first home, or are looking to find temporary living, you should consider these 6 benefits of the foreclosed mobile home.
Mobile homes are not worth as much as other homes. The value of the home is low, helping to make for a low final cost. This helps you to keep your loan small, making it easier for you to afford your home.
Low Monthly Cost
This low cost also helps the monthly cost that you will pay to live in the home. The lower the value of the home, the lower the overall cost of the mortgage. The lower your mortgage, the lower your monthly payment.
Easier to Get Accepted For
The lower value of mobile homes helps those who are struggling to find a place to buy because of their credit score. It is easier to get accepted for a loan for a mobile home, as you are more likely to be accepted for a loan that is smaller in size.
Good Starter Home
A mobile home can be a perfect starter home for any individual or family that is trying to purchase their first home. Those who see mobile homes as Òstarter homesÓ instead of Òpermanent homesÓ are more likely to get an emotional benefit from purchasing a foreclosed mobile home.
Mobile homes are small in size. This is perfect for those who want to live in a smaller, apartment-style home.
Mobile homes are generally in mobile home parks, helping to give a community feel to the purchase of the home. Those who are looking for a strong and well-connected community should consider foreclosed mobile homes.
There are some who have negative connotations attached to mobile homes. They do not think that they can live in a mobile home community, and do not expect to see mobile homes on the list. This is unfortunate, as many fail to miss out on these cheap opportunities. If you are looking for a foreclosed home, but want to make sure that you choose a home that you can afford, look to a mobile home foreclosure. Mobile homes are low cost, reliable, and can be a great starter home for many.