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JW
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0.10 Dollars($)
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 Posted: Tue May 23, 2006 3:44 pm Post subject: Are they similar - Mobile, Manufactured or Modular home? |
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Just curious, what is the difference between a mobile, manufactured or a modular home when it comes to getting a mortgage?
JW
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fdytl
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| Posted: Tue May 23, 2006 5:58 pm Post subject: |
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Hi JW,
As per my knowledge many lenders will grant a conventional mortgage for manufactured homes, but will likely require that the home is placed on a permanent foundation. Manufactured homes are eligible for FHA and VA home loans.
On the other hand a modular home is not the same as a manufactured home for VA purposes. Although the parts or sections of a modular home are built in the factory and then moved to the building site, the home must still be put up and completed at the building site. However, a loan can be obtained to purchase a modular home under VA's regular home loan program. |
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 helping_user
Joined: 31 Mar 2006
Posts: 661
Location: Hawaii
123.27 Dollars($)
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| Posted: Tue May 23, 2006 9:22 pm Post subject: Re: Modular Home Vs. Manufactured Home |
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Hi JW,
| Quote: | | what is the difference between a mobile, manufactured or a modular home when it comes to getting a mortgage? |
Modular homes:
- Are built in sections at a factory and are transported to the building site on truck. Over there, local contractor joined the sections.
- Are built to meets the requirement stated at state and local building code.
- The local building inspector inspect the home to check the whether the modular home structure meets the requirement or not.
- The modular home should have the long durability as the home value gets gradually increase over the time past.
Manufacture home- It is referred as mobile homes or trailers.
- Manufactured homes are built on a non-removal steel chassis in the factory.
- Manufactured home should meet the rule of Federal building code called HUD code.
- Different sections built in the factory are transported to the building site on the own wheels. And the multi-part manufactured sections are joined at their building site.
- Building inspector inspects the manufactured home to confirm that everything is working properly or not. But they didn't require approving the structure.
- Manufactured homes re generally less expensive than the modular homes.
- The value of manufactured home gradually decreases over time.
To know more about the mobile home, go through the article "Mobile Home Loan".
Thanks |
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Bill
Mortgage Lender
Joined: 21 Mar 2006
Posts: 83
Location: Illinois
3.65 Dollars($)
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| Posted: Wed May 24, 2006 9:00 am Post subject: |
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JW,
This is a great question. Our mortgage offices get at least one phone call a month regarding this issue ... usually from potential mobile home buyers having difficulty in finding a lender that will finance such a property.
Mobile/Manufactured homes have steel reinforced joists and I-beams that allow it to be transported ON WHEELS from the factory to the eventual home site. It is actually towed to its final resting place where the wheels and tow bar are removed.
Mobile/Manufactured homes placed semi-permanently within a ‘trailer park’ or ‘manufactured home community’ are NOT eligible for mortgage financing as they are considered “real property” (as opposed to “real estate”) – just like an automobile.
However, if the mobile/manufactured home is placed permanently on a foundation that is on a property parcel owned solely by the home owner - mortgage financing may be available. This type of mortgage can be conventional or government financing – but either way the home must meet local guidelines for qualifying as actual real estate with a property parcel identification number.
Modular homes by contrast are simply pre-built ‘stick’ homes that do not have steel reinforced joists or I-beams and are NEVER on wheels (they are transported on special flat bed trailers). Mortgage financing for modular homes is exactly the same as conventionally built ‘stick’ construction homes ... assuming the home is placed on it's own land parcel (which is usually the case)
I hope this clarifies the differences when it comes to mortgage financing for these different property types.
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Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net |
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