What is a manufactured home? Is it the same as a mobile home? How do manufactured homes compare to site-built homes? If you’re looking for a place to live, you might be asking these questions.
When it comes to securing a mortgage, there are distinct differences between manufactured homes and traditional, site-built homes. At MortgageDepot, we offer financing options for manufactured home purchases. When you partner with us, you can be confident that our experienced loan officers will guide you through every detail of your manufactured home purchase.
Before you hightail it to the mortgage desk, you need to understand what you’re purchasing! Today we’re going to discuss everything you need to know about manufactured homes so that you can decide if buying one will get you closer to your real estate goals.
What Is a Manufactured Home?
Manufactured homes are built off-site on a chassis system and transported to their final resting places. They can be placed on a lot, within a “mobile home” park or even on a foundation.
If you’re like most people, you probably think that mobile homes and manufactured homes are the same things. While we often use the terms interchangeably, mobile homes haven’t technically existed since 1976. This is when HUD’s National Manufactured Housing Construction and Safety Standards Act was enacted, enforcing strict safety and structural regulations that make these homes resemble traditionally-built homes rather than mobile trailers.
Financing Your Manufactured Home Purchase
If you’re thinking of purchasing a manufactured home, you’re not alone. Manufactured homes are often touted as a more affordable option than traditionally-built homes, and some are downright luxurious! Here are a few things you need to know about financing your manufactured home purchase:
- If you’re thinking about buying a manufactured home, consider whether you will need to include land in your financing.
- You might be eligible to receive financing for a manufactured home through FHA, conventional, chattel or personal loans, so discuss your best option with a mortgage professional.
- Like all loans, the interest rates for manufactured home mortgages vary widely. Work with a mortgage broker who has access to as many manufactured home loan programs as possible to ensure the best deal.
Contact Us Today!
If you’re thinking about buying a manufactured home, we can help! Contact us today to discuss financing options for your manufactured home purchase!
Connect with one of our loan consultants today to learn more!