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What is a manufactured home, or a mobile home? 

 

  • Manufactured homes have been around for quite some time. In fact, in 1974 HUD, the Department of Housingand Urban Development, created the National Manufacturing Housing Construction & Safety Act of 1974. In essence, manufactured homes built after 1976 are known as manufactured homes with higher building standards which were implemented by HUD. Manufactured homes are basically homes that are built in a contained, controlled, temperature controlled climate, inside a factory typically, built on a steel frame.

  • Mobile homes are generally treated differently as far as financing and as far as how they’re handled. So in other words, a mobile home is often found on a rented piece of land, often in a mobile home park, sometimes on land that someone owns, but again the different factor is that it’s a mobile home which then has a serial number. Mobile homes need to be transferred ownership through the Department of Motor Vehicles versus a manufactured
    modular home which actually has a deed and gets transferred like a conventional property.

What are modular homes?

  • Modular homes are typically built very similar to stick-frame homes, and those homes are again built in a climate controlled environment and then transported onsite and either placed on a concrete slab foundation or sometimes even on a basement foundation.

  • Unlike manufactured homes, modular homes typically do not stay attached to the steel frame that they are built on when they’re transported to the site. And this can affect your financing, as well. For modular, stick-frame construction homes that are being placed on a permanent foundation, you often can secure conventional financing in a more typical way of obtaining a mortgage for your property.

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