1995 manufactured home, 1216 square feet, single wide. 3 bedroom, 2 bath. Laminate "wood" floors through most of the house, with the master bath having actual wood. It has a pretty decent sized deck, and a 2.5 car garage. 3.5 acres, about 2.5 heavily wooded, stretching back to roughly 800 feet from the road, so I have plenty of room for a range. Vinyl siding, cement post foundation. The house appears to be in excellent shape.
Asking price is $72,000, down from 80k, earlier this year. Central air put in in 09, Natural gas
, rather than propane
, washer, dryer, stove/oven, dishwasher, and refrigerator come with it, as does a riding lawnmower
LOL. 30 years is a HELL of a long time to pay for a lawnmower, but if it comes with it, sure, I'll take it. I plan to offer the asking price, with the seller paying ALL closing costs.
I might or might not be able to talk the wife into ponying up a down payment, but with the VA loan, it isn't needed. Apparently it also comes with a "$500 decorating allowance," whatever that is. Is furniture considered decorative? LOL.
The city water is already hooked up, so that saves me about $1500 or so, judging by what other people are paying, for hooking up, and it saves me a few grand in taxes, as the water assessment (as far as I know
) has been paid already. The Township Clerk is on the FD with me, so I will check with him, to make sure. Yearly property taxes total 1700 and change, so not too high for the area.
It's one of the FEW homes in the area, listed as being eligible for a VA loan in my price range (CHEAP, lol.) There are a few decent foreclosures/fixer uppers, for under 50 grand, but not eligible for VA. Hell, earlier this year, there was a house with 10 acres, for 30 grand. Unfortunately, due to it being an old manufactured home, financing was impossible to get, of any sort, from anybody.
It's hard to pass a VA inspection, and get their blessing, from what I understand, so being listed as eligible for a VA loan is nice. It has the most property of the few that are eligible, so this is the one I'm going after. I have great credit (727,) so the lady told me she can for sure get me a fixed rate of 4-4.5%, and she MIGHT be able to get me as low as 3.5%, sure beats what interest rates were like back in 07, LOL
I took the wife to go look at it yesterday, and have her seal of approval. (I don't really give a fuck what she thinks about it, since she's not paying for it, but it definitely makes life easier since she likes it, LOL
) It will put both of us roughly 5 more miles further away from work, but having land, and NO DOUCHEBAG LANDLORD, is well worth it, to both of us. It also puts me within 1 mile of the Township FD, where I am a volunteer; it beats the hell out of driving 8 miles from my current home, with lights and siren at 80mph, to MAYBE make a truck, or wait at the station
.
The monthly payment, (if we don't make a downpayment) will be about $575, so 70 more than what I am paying for about 680 sq feet, in a shitty duplex, with no garage. Fuck yes, the $70 is worth it. I am 26, wifey is 23, and we have no kids. Nor Do (I) want any.
I plan on making one of the spare bedrooms into a man cave/gun room. I did not ask the wife, on this, I told her
"if we get this home, THAT room is going to be for my gun stuff." She grinned
I guess she's thinking She will get the other spare bedroom for HER gun stuff, LOL
Wells Fargo is handling the VA Loan. I suppose, if I cared, I could find some other mortgage company to handle it, but the ones who deal with VA loans, are rather few. I already have my pre-approval letter, and as soon as I can get the fucking VA to send me a copy of my 30% disability award, I can finish up my checklist, make an offer on the home, and apply for the loan. I spent about 2 hours on the phone today, getting dicked around by the computerized VA phone system, and an hour on hold, before finally speaking to somebody for 5 minutes, to get the paperwork I need. FML
It was either that, or drive 4 hours, round trip, to the Regional Office in Detroit. BUT, I did finally get what I needed, so sometime next week, I'll have all the paperwork together.
I know manufactured homes only go down in value. I don't particularly give a fuck, since I have ZERO intention of ever moving, once I buy it. Hell, even if I lose my job, and am unemployed, 575 a month isn't difficult to pay. I intend to pay the house off in WELL under 30 years, and am hoping for 20 or less. I don't plan, like the people who caused the housing bubble (fuck them, btw) to live there for 5 years, and sell it. I have been raised to borrow money only for things that are absolutely needed, and am a firm believer in buying a house.... TO LIVE THERE, lol. Funny idea, ain't it? Seems a LOT of people lost their ass, by not doing exactly that. They borrowed WAY too much, for a house they didn't need, or they tried to flip houses, and make a profit. It worked GREAT... until the bubble collapsed (haha.) with the real estate market being "down" it makes a LOT of decent houses VERY affordable around here.
So, I guess, being "upside down" if it ever happens, doesn't bother me at all. The Loan I agree to is X. The value of the property is Y. I go into the mortgage, knowing full well, that no matter what Y ever changes to, I am going to pay off X, as that is the obligation I am undertaking. Once I have paid off X, then I can sell Y, if I want to, which I don't, for whatever a fair price may be. The monthly payment will be around 575, so only 70 bucks more per month, than what I pay for 680 sq feet, in a shithole duplex, with no garage.
I will update, as time goes on, as to how the process goes for me.
So, what think ye? Anybody ever use a VA loan? Experiences?