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Lender Views on Manufactured Homes
Lenders views on helping home shoppers finance manufactured homes are changing. Today’s manufactured homes are of a higher quality than earlier manufactured homes, increasing the longevity of the dwelling. In turn, buyer interest has driven demand for more traditional home loans for manufactured homes. Government-insured loans, like HUD-backed FHA loans and VA Loans are financing options for manufactured or modular homes. Banks and home manufacturers offer more traditional chattel loans and mortgages to home shoppers as well.
Taken from ~ The Guide to Buying a Manufactured Home
Manufactured Homes Defined
Unlike traditional stick or site built homes, which are built piece-by-piece directly on the site where it will stand, manufactured homes are built in a factory before being moved to the location where the homeowner plans to live.
The term manufactured home refers specifically to any factory-built home that was built after June 15, 1976. This is when the U.S. Department of Housing and Urban Development (HUD) instituted stricter guidelines around how mobile homes and other factory-produced homes could be constructed.
Unlike conventional building codes, the HUD code requires manufactured homes to be constructed on a permanent chassis (a base frame with wheels) and be at least 320 square feet. Once delivered to the final location, the wheels are removed and the chassis is placed on piers, masonry crawl spaces or a concrete foundation.\
Taken from ~ What are Manufactured Homes?
Manufactured Homes are for Everyone
The manufactured home trend is also appealing to all ages, particularly those in younger households. The stigma of “mobile homes” being a housing option reserved for boomers or retirees only is becoming increasingly antiquated, as all age groups are now interested in this resilient affordable housing option.
Taken from ~ What to know about Luxury Manufactured Home Trends in 2024