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With housing prices continuing to rise, mobile homes, also referred to as manufactured homes, can offer more flexibility than traditional homes and are usually much more affordable. The average cost of a manufactured home is about $87,600.
These factory-built homes can be customized in many of the same ways as a traditional home and, depending on the model you choose, provide more than 2,000 square feet of living space.
If you are in the market for a mobile home, you may be looking for financing. While most traditional lenders won’t give you a buy-to-let mortgage, there are other options available.
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You will often hear the terms mobile, manufactured and modular used interchangeably when discussing these similar types of homes. Although related, there are some important differences between these homes.
A mobile home is built in a factory before being brought to a property to be set up. It may or may not use metal fastening instead of a traditional foundation. However, this explanation can also apply to manufactured homes.
Whether a house is considered a mobile home depends on when it was made. Homes built in a factory before June 15, 1976, are known as mobile homes. This is when the US Department of Housing and Urban Development (HUD) enacted the National Manufactured Housing Safety and Construction Standards Act.
Typical sizes: Single wide (typically about 500 to 1,000 SF) or double wide (typically 1,000 to 2,200 SF)
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Best for: Someone buying an existing mobile home and looking for a lower price range than a new manufactured home.
Like mobile homes, manufactured homes are built in a factory. They can be fixed in their permanent location on blocks, metal piers or a permanent foundation. Unlike mobile homes, manufactured homes are not intended to be moved once they are set up.
According to the Housing Act of 1980, factory-built homes built on or after June 15, 1976, are manufactured homes. HUD heavily regulates the construction of these homes under the Manufactured Home Construction and Safety Standards (HUD Code).
In addition, these types of homes must meet local building standards for the communities where they will be located. Companies that build manufactured homes must have their designs approved by the HUD-approved Design Approval Basic Inspection Agency, which ensures that the plans are safe for consumers and comply with the law.
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Best for: Those looking for a new home with little to no installation or building required on site.
Like mobile and manufactured homes, modular homes are built in a factory and transported to the land where they will be set up. However, modular homes are more like traditional homes. They often include crawl spaces and basements and use a traditional foundation.
Modular homes can also be delivered in two or more modules that are put together on site in the desired arrangement. This feature is where they get their modular name. A local contractor usually manages the process of joining these multiple pieces together to complete the construction of the home.
Takeaway: Before you start shopping, understand the difference between a mobile, modular home and a manufactured home. While a mobile home might make sense for your friend, you might be better off with a modular or manufactured home, for example.
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Once you decide on the features of your mobile home and where to put it, it’s time to figure out how to pay for it. There are a few options to consider when financing a mobile home.
For example, it is possible to get a loan from the same sources as traditional mortgages, such as FHA and VA loans, as well as specialized manufactured home loans through Fannie Mae and Freddie Mac.
These mobile home financing options tend to give you longer repayment terms. Depending on your situation, you can choose a non-traditional route with a shorter term. This could include personal property or personal loans.
HUD offers mobile home loans through the Federal Housing Administration loan program. This includes Title I and Title II loans.
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A Title I manufactured home loan can be used in many ways, including to finance the purchase of a new or used manufactured home, to refinance the purchase of a manufactured home, to purchase the developed lot to locate this type of home on, and for a combination. buy the lot and the home itself. This money can also be used to modify, repair or improve a manufactured home.
Lenders can offer Title I mobile home loans even if the buyer does not own or does not intend to purchase the land on which the manufactured home will stand. These homes will usually be placed in a manufactured home community or mobile home park. If the borrower does not own the land (or does not purchase), they must provide a signed lease for a mobile home plot with an initial term of at least three years.
This loan program insures loans that borrowers can use to finance an eligible manufactured home, along with land, as long as it meets the requirements.
For example, you can only use a Title II loan if you plan to live in the manufactured home as your primary residence—real estate investors don’t need to apply. Other requirements for the home include:
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Title II loans cannot be used for manufactured homes
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