So you're thinking about buying a manufactured home or refinancing a manufactured home that you currently own. It’s important to share some important criteria about a manufactured home, and how it impacts financing.
Let’s make sure that we're clear on what we're talking about when we say a "manufactured home", from our standpoint in the mortgage world. We're talking about a home that was manufactured in a factory, and it was delivered to the job site on axles and wheels. It came with a title (because it came down the road like a trailer), and then we removed that title and affixed the manufactured home to the property. That's a manufactured home.
There is a thing called a modular home. It's also built in the same factory, but it's delivered to the jobsite on a flatbed and set down on the foundation with a crane. Modular homes are treated like a stick-built home, so that's not what we mean by “manufactured home”.
Here’s what you should know:
Built on or after June 1976.
. If not, we'll have to order new ones.
So there's some criteria that we have to keep in mind when we're talking about manufactured homes.
Manufactured homes are a great option. The manufactured homes today are wonderful homes to own and to live in. There's a lot of them out there, especially in rural areas, and it’s important to understand what it takes to own, buy or refinance a manufactured home.
If you have questions about any of these scenarios, give us a call. We do a lot of manufactured home financing, and we would be glad to help you out.