{"id":2922,"date":"2014-12-28T14:00:53","date_gmt":"2014-12-28T18:00:53","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=2922"},"modified":"2014-12-26T10:41:07","modified_gmt":"2014-12-26T14:41:07","slug":"can-purchase-modular-home-first-time-buyer","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/can-purchase-modular-home-first-time-buyer.html","title":{"rendered":"How Can to Purchase a Modular Home as a First Time Buyer"},"content":{"rendered":"

\"Modular<\/a>A modular home is built following the environmental concerns. It is typically a residential property. Manufacturers of modular homes construct the \u2018modules\u2019 in an environmentally controlled factory.\u00a0 Modular homes<\/a> are energy- efficient and high quality despite having a lower financing assistance.<\/p>\n

For first time buyers of modular home, it is best to learn what the basic steps in purchasing the property are;<\/p>\n

Eligibility to Purchase<\/h3>\n

As long as you have the cash or can qualify for a loan<\/a>, you can purchase a modular home. They\u2019re offered first of all to people who intend to be owner-occupants rather than investors. In fact, the initial bid period is open only to those who intend to occupy these homes. If they\u2019re not sold at that time, bidding is then opened to investors and any other interested persons who are eligible.<\/p>\n

Bidding for Modular Home<\/h3>\n

For home buyers, including first-timers, the bidding process on a modular home<\/strong> is fairly straightforward. HUD offers its home inventories through Internet listing websites<\/a>. A number of large property management companies maintain the sites. Real estate brokers must first register with HUD. They\u2019re then allowed to submit bid offers and purchase contracts on behalf of their clients. HUD will also pay the commission for the broker if it accepts her client\u2019s bid and purchase offer.<\/p>\n

Modular Home Financing<\/h3>\n

HUD doesn\u2019t directly finance the purchase of its modular homes. Winning bidders pay either through their own savings or through mortgage financing. For first-time modular home buyers, the government offers many different kinds of federally insured (FHA<\/a>) or guaranteed (Veterans Affairs<\/a>, for eligible military veterans and their families) mortgage programs. Some even feature assistance with down payments, plus there are no-down payment programs as well. It\u2019s also not necessary to have an approved mortgage in order to bid.<\/p>\n

Considerations When Buying a Modular Home<\/h3>\n

HUD homes aren\u2019t warranted or guaranteed. The agency recommends that a professional home inspection be done before bidding. HUD also has its properties appraised before it puts them on the market. Once that\u2019s done, they\u2019re offered at fair market value based on those appraisals. That doesn\u2019t mean a low bid won\u2019t be accepted, though. If it gives HUD an expected return on investment, there\u2019s a good chance the agency could approve it.<\/p>\n

In case you still have question about modular homes, you may contact\u00a0Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our\u00a0modular home price sheets<\/a>\u00a0by signing up to our\u00a0blog<\/a><\/p>\n

Topic: Modular Home<\/h2>\n