[redrider]

I agree with misslola about the mobile home, however, I disagree on the 15 year loan vs. interest only. If you apply extra funds to the principal like I mentioned before, your payments are still lower and the principal will decrease just about as fast as if you got a 15 year loan, since most of the payments you make on a fully amortized loan for the first 10 years goes towards interest, not principal anyways. Another deciding factor in purchasing is how long are you planning to live there? If you are talking short term (a few years) versus longer, then you may not have enough equity to sell it without a hardship;however, if you are planning to stay there longterm, then interest only loan may be your answer.