 NLC Loans offers manufactured home financing when many other lenders do not. One of the most common questions we receive as a manufactured home lender is “what is the difference between a manufactured home and a mobile home?” There are some very distinct differences between the two that will make it very simple for you to tell. Show
Permanent FoundationThe most important distinguishing characteristic between a manufactured home and a mobile home is the status of its foundation. Mobile homes use a mechanism called “tie downs” to anchor them to the ground. Tie downs keep the mobile home in place and are very reliable, but they are designed so that the home can be moved from place to place. Manufactured homes that are eligible for financing through NLC Loans have permanent foundations, such as a poured basement or a concrete slab. A home may also be considered to be eligible if it is scheduled to be placed on a permanent foundation before the loan application is processed. Sufficient Size and Square FootageMobile homes come in a variety of sizes, as do manufactured homes. Some mobile homes are considered to be “single wide”– meaning that they are usually 8-12 feet in width. They may have as little as 400 square feet of living space inside. Eligible manufactured homes will be considered “double wide” will be no less than 20 feet in width and have no less than 600 square feet of living space inside. Some people think of a “double wide” and think it must be at least 16 feet wide, but the industry marker is actually just 12 feet. As long as a manufactured home is 12 feet wide at minimum and meet the minimum square footage requirement of 600, it can be considered eligible for financing or refinancing at NLC Loans. Land Owned by the HomeownerIn order for a manufactured home to be eligible for financing at NLC Loans, it must be located on land that is owned by the person who owns the manufactured home. Whether this is a small city lot or a huge country parcel of an acre or more, the lot of land in which the home is located must be owned by the homeowner. Many mobile homes are located on land that is leased from an owner or agency. Some mobile home developments have “lot rent” or monthly “lot fees” associated with living in the development. A home that is located on leased land of any kind will not be considered to be an eligible home. Manufacture DateEligible manufactured homes will have manufacture dates on or after June 15, 1976. Manufactured homes built before this date are automatically considered to be mobile homes, even if they meet the other requirements. The Department of Housing and Urban Development designated this based on manufacturing guidelines and eligibility for federally-funded mortgage products. Ready to Buy or Refinance?If you are ready to buy or refinance a manufactured home, or if you have more questions about manufactured homes, call one of NLC Loans’ Personal Mortgage Advisors toll-free at 877-480-8050 for a free, no-strings attached mortgage evaluation and to get pre-approved if you plan to purchase. Both modular homes and manufactured homes (also known as mobile homes) are prefabricated structures, meaning they are either partially or fully constructed in an off-site factory. From a legal standpoint, the primary difference between modular and manufactured homes is that modular homes are held to the same local, state and regional building codes required for on-site homes, while manufactured homes are held to a federal code set by the Department of Housing and Urban Development (HUD). Admittedly, this legal distinction doesn’t tell us much in and of itself. So, what are the discernible differences between modular and manufactured homes? Let’s have a look. Apply for a mortgage today!Apply online for expert recommendations with real interest rates and payments. Start Your Application What Is A Modular Home?A modular home is a house that’s partially constructed in a factory and shipped to the homeowner’s lot, where it's pieced together, put on a foundation and then completed. Like traditional homes, modular homes are placed on a permanent foundation and often have full basements. The construction of a modular home must comply with local building codes and standards in the area where the home will be placed. While the building process differs quite a bit from that of traditional homes, you’d be hard-pressed to identify a modular home just by looking at it. They can come in all sorts of floor plans and designs, from a sprawling ranch or Cape Cod to a two-story colonial. Like traditional, site-built homes, modular homes have values that tend to go up or down right along with the rest of the housing market. Also, most banks and lenders offer financing on modular homes, meaning buyers will typically have a good range of mortgage options when it comes time to make a purchase. Rocket Mortgage® finances modular homes. What Is A Manufactured Home?Manufactured homes, sometimes referred to as mobile homes or trailers, are houses completely constructed in a factory and built on a fixed, steel chassis (rather than a permanent foundation). These homes are also usually built with wheels, which are detached after towing to the home site, which is either privately owned or leased to the homeowner. Construction on a manufactured home must comply with building codes set up by HUD. One of the primary ways to identify a manufactured home is by its HUD tag. Newer manufactured homes don’t always look like the double-wide trailer you might be picturing. While they might not be as customizable as site-built or modular homes, manufactured homes can be built with a variety of architectural styles, floor plans and add-ons, such as decks and porches. Another misconception about manufactured homes is that they are unsafe or poorly built. With the passing of the National Manufactured Housing Construction and Safety Standards Act of 1974, HUD began requiring stringent construction and safety standards for all HUD-certified manufactured homes. It’s important to note that manufactured homes built before June 15, 1976 – when the law went into effect – are not considered compliant with HUD code. One disadvantage of buying a manufactured home is that it can be more complicated for home buyers to get a mortgage. Some dealers and local lenders may offer financing, but only a few lenders offer mortgages on this type of housing. While Fannie Mae and Freddie Mac do offer conventional loans for manufactured housing, government-backed loans (such as FHA and VA loans) are a more common choice because of different underwriting standards. Rocket Mortgage® doesn’t offer financing on manufactured homes at this time. Apply Online with Rocket MortgageGet approved with Rocket Mortgage® – and do it all online. You can get a real, customizable mortgage solution based on your unique financial situation. Apply Online Considerations Between Modular And Manufactured HomesThe differences between modular and manufactured homes have serious implications when it comes to affordability, financing, long-term value, and a variety of other factors. Here’s a chart that breaks down some of the important differences between modular and manufactured homes:
Some home buyers opt for a manufactured home over a modular home based on affordability alone. It’s true that manufactured homes tend to be less expensive overall, but the broader range of mortgage options for a modular home might offer qualified borrowers the ability to get into a modular home more quickly and easily, with more lending options and more simplified loan processing.
The Bottom Line: Know What Both Modular And Manufactured Homes Bring To The TableWhile these types of homes may be similar in construction, they have different implications for home buyers, like you. Modular homes may be difficult to differentiate from other homes and they must comply with local building codes and standards, while manufactured homes are built on a fixed chassis and must comply with building codes established by HUD. With other considerations like customization and mortgage options, knowing the difference between modular and manufactured homes will help guide you to make the right decision. If you have questions about financing a modular home, contact a Home Loan Expert. Apply for a mortgage today!Apply online for expert recommendations with real interest rates and payments. Start Your Application Is manufactured the same as mobile home?The Difference Between Mobile and Manufactured Homes
The only difference between the two types of homes is the date they were built. According to HUD, a factory-built home prior to June 15, 1976 is a mobile home and one built after June 15, 1976 is a manufactured home.
Is a double wide the same as a manufactured home?Eligible manufactured homes will be considered “double wide” will be no less than 20 feet in width and have no less than 600 square feet of living space inside. Some people think of a “double wide” and think it must be at least 16 feet wide, but the industry marker is actually just 12 feet.
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Whats the difference between manufactured home and mobile home
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