Q: My husband and I would like to buy a condominium because of the increasing cost of renting. The trouble is that we may have difficulty financing it. I filed a Chapter 13 bankruptcy proceeding in September 1979. It will take two years to complete it. My husband has been on his job about two months; I've been on mine three years. Do you think we're considered too great a risk for a lender?
A: I'm afraid you are, presently. But it won't hurt to try two or three lenders in the vicinity of your proposed condominium purchase. In two more years -- after you've "worked out" your Chapter 13 proceeding and your husband has more time in his job and you in yours -- you should be considered a normal or near-normal risk.
Q: I recently saw your column about mobile homes. I feel that you have misled your uninformed readers.You failed to mention restrictive zoning codes that make it almost impossible to place a mobile home on a private lot.Not everyone wants to rent or "own" a postage-stamp lot in a subdivision full of restrictions.
A: Nearly everyone, I suspect, shares your dislike for renting or owning such a lot. I thought I made it clear that I was talking about something quite different. A number of governmental units (municipalities and counties, primarily) are permitting conventionally styled, double-wide, manufactured homes (formerly known as mobile homes) on permanent foundations in residentially zoned areas. Lot sizes, setbacks and land requirements are the same as for conventionally built homes. This is a growing trend.
The reason, of course, is an economic one. It costs significantly less per square foot of home to build than a conventionally built home with the same or similar amenities.