After our multiple visits with the designer to build our manufactured home we received word, “Our price is $24,000 over our original budget.” Our options at this point are 1.) chop off a few upgrades, like granite counter tops and a few other items, 2.) pony up the dough and pay the difference, or 3.) run our paperwork through the bank again to see if we qualify for the new price point.
We’ve decided to do number 3: run our paperwork through the bank to qualify for the new price point.
One of the reasons we ended up so over budget is the garage. Many of the houses in our new community have garages, but just as many only have carports. A garage adds on another $25,000 to $35,000 and that’s how we ended up over budget. We sort of figured we’d be a little over budget, but I was really hoping only $10,000.
We selected choice number three instead of the others because chopping off upgrades just won’t get us down to our original budget without losing the garage, which we just won’t do. And there’s no point in going this route if we still have to re-qualify for the loan difference. Choice number two requires us to have an additional $24,000 set aside including our original $23,000 down payment. We just don’t have $47,000 sitting in the bank to cover the difference.
We aren’t too concerned about qualifying – our credit scores are excellent and the difference in the loan amount when compared to our income should be a moot point. We now have to wait a few more weeks (because I just don’t believe them when they say one week!) to get approval for the new amount.
Interested in the process of buying a manufactured home? Check out my previous posts:
An Option for the Home Hungry
I’m Buying a Manufactured Home
Step 2: Waiting on Park Approval
Step 3: Designing a Manufactured House
Step 4: Waiting on Final Pricing