I don’t have a definition as to what “low Income” means. I’m sure it means different incomes amounts to different individuals. What I am sure of, is most anyone can get Home ownership today, If you are a first time homebuyer or haven’t owned a home in the last three years you can get a home with - NO cash out of pocket - a Monthly payment as low as $380 a month …and in a couple of months you will receive a Tax Refund check from the IRS for several thousand dollars! ….and If you live in the home you bought for 3 years …you don’t even have to give it back!
 
These homes currently range from a $49000  Mobile Home on it’s own lot for $380 a month  - to a $100,000 Modern 3 bedroom 2 bath 2 car garage in town with payments of under $780 a month! Is this a great country or what! (in both cases - cheaper than rent!)
 
I have been accused of being critical of mobile homes as investments and generally speaking I would agree….However as in all generalizations there are exceptions - Here is one exception - a young couple that I know - just married and with brand new twins - are currently renting an apartment for $500 a month. He works a part time job at a convenience store and only makes $900-$1000 a month. His wife stays home in the apartment with the twins. The chances of them making any advances in career employment in the current market conditions for the foreseeable 3-5 years is not very favorable. They could buy this mobile home on it’s own lot for 50% less than the seller paid for it just 2 years ago. Due to the IHA program and the Govt. Stimulus 1st time Home Buyer program currently in effect for the next 90 days (ends April 2010) they could get into this 2 bedroom mobile home on it’s own lot - with no cash from them - at less than $380 a month payment and get their cash Refund of about $3000 to them within 60 days of filing their tax returns.
 
So… for someone in a position that the only way they can get ownership for under $400 a month …and money back…and end up in 3 years with some equity that they can either roll forward …or keep as a rental and make an extra $200 a month to pay for their twins college education in 18 years…Yea I think it is a Great Investment!
 
I heard that when they were told about it, their response was “Oh we really don’t want to live in a mobile home”  Well believe me, I above most people do sincerely appreciate that , however I wouldn’t relish living in a rental apartment either …and if given the choice of the two, I personally would take the mobile home, the $3000 cash in my pocket,  the $200 a month rent  savings, and just suck it up and cry my way to the bank. And when I got home… I would take my 1st month rent savings, and put up a swing set in my own fenced yard, and just enjoy playing with my babies until I could live better!
  
Warm regards,
 
Dale Alverson
e-Pro Certified
Certified Buyer Broker (CBB) - (Only One in Idaho)
Certified Relocation Professional (CRP) (one of 4 in Idaho)
Accredited Buyer Representative (ABR) (#70 of 54,000 USA)
 
36+ years  - Representing Clients - not Sales -
 
43 Degrees North Real Estate
www.teamboise.com <http://www.teamboise.com>
dale@teamboise.com
Direct Cell 208-863-3093
Toll Free 800-359-0855
Fax 208-338-1010