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Mobile home or manufactured home, the two terms may be used interchangeably. In the past
they were typically called mobile homes but today it is usual to call them manufactured homes.
A mobile/manufactured home was constructed in a factory, on a steel frame, and transported to its destination
where it is, more or less permanantly, attached. These homes are attractive because they are lower cost than
regular site built homes.
In 1976 the Department of Housing and Urban Development (HUD) passed quality assurance standards
for mobile homes (it was at this time that the name change to manufactured homes started). For this reason
lenders will not usually make loans on mobile homes older than 1977.
Mobile homes are limited to no more than 16 feet in width (single wide) so that they may be transported
on public roads. Often two or three units are joined together at the destination site to make a single, large home
known as a double wide or triple wide.
Modular homes are also built in a factory like manufactured homes, the real difference being that modular
homes are built to conform to the local building regulations in force at the destination site whereas manufactured
homes are built to conform to the nationwide HUD building code. Modular homes are often lower cost than
conventional site built homes and the construction time is also shorter (30 - 90 days). Modular homes are
constructed in many styles including multi-family as well as single family, it is even possible to custom design
your own.
Panelized homes are built using Structural Insulated Panels (SIPs) which are manufactured in
a factory. They can form the basis of kit houses which a do-it-yourselfer can build in as little as 8 - 10 weeks.
They are sometimes finished to look like log homes although the construction is a lot simpler than a log home.
When a mobile home is on a permanant foundation on its own land it is considered to be real
property, otherwise it is classified as personal property. A real property mobile home may be
financed much like a regular site built home although not all lenders will finance such homes. An FHA loan may
be used for a real property mobile home.
Financing for a personal property mobile home is harder to come by. A personal loan from a bank is a possibility
or there are some lenders that specialize in loans of this type. Expect the interest rate to be higher and the
terms generally less favorable. Click here if you are interested in a mobile home in
a park and you would like to have listings emailed to you.
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