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.
Double-wide or larger.
Cannot be "twice moved" (moved from factory-lot-another lot, for example).
If not, we'll have to order new ones.
A HUD tag is metal plate that has the certification label number stamped onto it. It's affixed on the outside of the home. A "data plate" is a piece of paper with other important information that's inside a kitchen cabinet or utility room, or something like that. Who named these?
Foundation inspection may be called out by appraiser.
Title must be eliminated.
All exterior improvements should not "pierce the skin" of the home; if so, they need to be permitted or inspected by the Washington State Labor and Industries.
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.