Manufactured Home Financing

With new technology constantly evolving, there are new ideas and new methods consistently being introduced to us all. In the case of homes, gone are the days when you had either a house or a mobile home, as today there are large factories with automated processes producing manufactured homes of many sizes and types. Here we will clarify that there are two types of manufactured homes: the modular type, which is usually larger and built very much like the site built house, and the mobile type, which falls into the category of a mobile home. The mobile home type is mentioned on this page because although built more like the modular home, it is considered differently when obtaining manufactured home financing. It may have a title held by the Registry of Motor Vehicles and a vehicle identification number (VIN) as well.

The Manufactured Home

A manufactured home is a house built in sections in a factory which are then trucked to a building site where they are joined together and secured onto a foundation. Professional contractors such as the electrician and plumber then install the meters, regulators and switches and connect the new structure to the utilities. These houses are built by the same methods and with the same materials as site built houses; the only major difference is where they are built. Actually, it is the way that they are built, with the technological efficiency of a factory, which makes them more affordable, and the styles are many, as a search of Google images will demonstrate.

Manufactured Home Financing

Manufactured home financing is almost as readily available as a loan for any average house, and application for such a loan will qualify on the same criteria. There are a few differences, however, to take into consideration so you will know what to expect. For one thing, depending on the state that you are in, a manufactured home may be termed a modular home and will not have a vehicle identification number (VIN) attached to it. In this case, the house will have wooden sill plates bolted into the foundation rather than an attached metal frame. This should qualify it for a loan of the same type as a “stick-built” or on site built house. A certification label near the electrical panel will state that the house meets state standards. In other cases, perhaps with smaller manufactured homes, the house may have a data plate on a wall or in a cabinet. This has information such as the name of the manufacturer, the date of manufacture, and a VIN. An appraiser can help with this if there is any uncertainty. The loan originator will need to know the type of manufactured home that you have to consider and set up the terms of manufactured home financing.

For more details on Manufactured Home Financing refer to the relevant links included on this page.