More home, less money!
Here is a comparison of purchasing a condo and a manufacture home we did a few months ago for a buyer, both properties were available on the MLS on 6/28/2022 using interest rates available on that date for a qualified buyer with a 740 Fico score.
| Property Type | Condo | Manuf. Home | Manuf. Home |
| Purchase price | $899,000 | $394,500 | $394,500 |
| Description | 3bed/2 bath 1,773 sq. ft | 3bed/2 bath 1,440 sq. ft | 3 bed/2 bath 1,440 sq. ft |
| Downpayment | 10% $89,900 | 5% $19,725 | 20% $78,900 |
| New Loan | $809,100 | $374,775 | $315,600 |
| Rate/payment | 6.125%/$4,916 | 8.000%/$2,893 | 7.25%/$2,281 |
| Property Taxes | $936 | $200 | $200 |
| Fire Insurance | $90 | $90 | $90 |
| Mortgage Insurance | $121 | $0 | $0 |
| HOA/Space rent | $332 | $1,087 | $1,087 |
| Monthly Housing | $6,395 | $4,270 | $3,658 |
| Annual income to qualify | $163,281 | $128,087 | $109,745 |
At least three big financial advantages are to be found here. First, it requires less cash to purchase. Second, the overall housing payment including space rent is lower. And the income needed to qualify is lower due to the lower monthly payments.