What is a manufactured home?

A manufactured home (formerly known as a mobile home) is a home built to the Manufactured Home Construction and Safety Standards (HUD Code). It displays a red certification label on the exterior of each transportable section. Manufactured homes are built in a manufacturing plant’s controlled environment and transported in one or more sections on a permanent chassis.

What is the difference between manufactured and modular homes?

Manufactured homes are constructed according to a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, unlike conventional building codes, requires manufactured homes to be constructed on a permanent chassis.

Modular homes are built to the same state, local or regional building codes as site-built homes. Other types of systems-built homes include panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.

What are my options for financing the purchase of a manufactured home?

There are many alternatives for financing your home, including a growing number of lending institutions providing conventional and government-insured financing plans for prospective owners. The most common method of financing a manufactured home is through a retail installment contract, available through your retailer. Some lending institutions that offer conventional, long-term real estate mortgages may require the homes to be placed on approved foundations. Manufactured homes are eligible for government-insured loans offered by the Federal Housing Administration (FHA), the Veterans Administration (VA), and the Rural Housing Services (RHS) under the U.S. Department of Agriculture. Freddie Mac and Fannie Mae also offer Manufactured Home Loan Programs. Rate and Term Refinancing and Home Renovation options are available. Source

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