Who finances manufactured homes6/23/2023 The loan option you choose to apply for may be determined by your financial situation. Conventional, VA, and FHA home loans are available to all those who might want to purchase a manufactured home. No, while in the past manufactured homes were financed differently than traditional homes, today you can finance a manufactured home through standard home loan programs. Unlike modular homes, manufactured homes do not need to be set on a permanent foundation Do I Need a Special Loan? Often they are built off-site and then brought on location and hooked up to water, electricity, and sewage (all of which is inspected locally). Because their construction is federally regulated through HUD, they are not inspected for local building codes. Manufactured and mobile homes have less stringent local regulations. They are often built on a permanent foundation and look like a more traditional home. Modular homes are designed to local building codes. The difference is in the way they are set up. One major issue is perception, mobile homes are thought of as low quality, but today mobile and manufactured home construction is regulated by the Housing and Urban Development (HUD) branch of the federal government.Īll terms, manufactured, modular, and mobile, refer to homes built in a factory and then set up on site. There are many different terms used around manufactured homes and it can get confusing in determining what is meant by a “manufactured” home. Before 1976, mobile homes were financed similarly to cars, but because the perception of what a manufactured home is has changed, there are companies that now offer more traditional home loans. They face more stringent building codes and are often indistinguishable from traditional homes. Manufactured homes are now a viable option for many families. What is a manufactured home? For years manufactured homes were often thought of as synonymous with “mobile homes”, but they have become so much more. Back to Blog Financing Manufactured Homes: What You Need to Know
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