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Single Wide Manufactured Home Prices
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With housing prices skyrocketing, mobile homes, also known as industrial homes, can offer more flexibility than traditional homes and are usually much less expensive. The average price of a manufactured home is approximately $122,500.
These prefab homes can be customized in many of the same ways as a traditional home and, depending on the model you choose, provide over 2,000 square feet of living space.
If you are looking for a mobile home, you may be looking for financing. While most traditional lenders won't give you a rental mortgage, there are other options available.
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When discussing similar types of homes, you will often hear the terms mobile, manufactured, and modular used interchangeably. Although they are related, there are some significant differences between these houses.
The mobile home is built at the factory before being brought to the property to be set up. It may or may not use metal ties instead of a traditional base. However, this explanation can also be applied to manufactured homes.
Whether a house can be considered a mobile home depends on when it was built. Houses built in a factory before June 15, 1976 are called mobile homes. Subsequently, the U.S. Department of Housing and Urban Development (HUD) passed the National Housing Standards and Safety Act.
Like mobile homes, manufactured homes are built in a factory. They can be set permanently on blocks, metal posts or solid foundations. Unlike mobile homes, manufactured homes are not designed to be moved once built.
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Under the Housing Act 1980, factory-built homes on or after June 15, 1976 are manufactured homes. HUD strictly regulates the construction of these homes in accordance with the Home Construction and Safety Manufacturing Standards (HUD Code).
In addition, these types of homes must meet local building standards for the communities in which they will be located. Companies that build manufactured homes must obtain approval for their designs from the HUD-approved Project Approval Primary Inspection Agency, which ensures plans are safe for consumers and legal.
Like mobile and manufactured homes, modular homes are built in a factory and shipped to the lot where they will be installed. However, modular homes are more like traditional homes. They often contain niches and basements and use a traditional foundation.
Modular homes can also be delivered in two or more modules that are assembled on site in the desired layout. This feature is where they get their modular name. The local contractor will usually manage the process of bringing these many pieces together to complete the construction of the house.
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Takeaway: Before you start shopping, understand the difference between a mobile, modular and manufactured home. While a mobile home might make sense for your friend, it might be better with a modular or manufactured home, for example.
Once you've decided on the features of your caravan and where to park it, it's time to figure out how to pay for it. There are several options to consider when financing a mobile home.
For example, it is possible to obtain a loan from the same sources as traditional mortgages such as FHA and VA loans, as well as specialist home loans produced by Fannie Mae and Freddie Mac.
These mobile home financing options usually come with longer repayment terms. Depending on the situation, you can choose a non-traditional route with a shorter deadline. This may include mobile or personal loans.
What Is A Manufactured Vs Modular Vs Mobile Home
HUD offers mobile home loans through the Federal Housing Administration Loan Program. This includes Title I and Title II loans.
A Title I manufactured home loan can be used in several ways, including to finance the purchase of a new or used manufactured home, to refinance the purchase of a manufactured home, to purchase a developed plot of land on which this type of home will be located, and to purchase both the plot and the home. These funds can also be used to remodel, repair or improve a manufactured home.
Lenders may offer Title I mobile home loans even if the buyer does not own or plan to purchase the land on which the manufactured home will stand. These homes will typically be located in a manufactured home community or mobile home park. If the borrower does not own (or buy) the land, they must provide a signed mobile home plot lease for an initial period of at least three years.
This loan program provides loans that borrowers can use to finance a qualified manufactured home along with land, as long as it meets the requirements.
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For example, you can only use a Title II loan if you plan to live in a manufactured home as your primary residence - real estate investors don't need to apply. Other home requirements include:
Title II loans cannot be used for housing on leased land in condominiums or mobile home parks. Advances on a Title II loan can be as low as 3.5 percent and the terms can be as long as 30 years.
Some lenders offer Fannie Mae mortgages to borrowers who wish to finance a manufactured home through the MH Advantage program. To qualify, you must meet a number of eligibility criteria, including installing a home with a driveway and walkway connecting the driveway, carport, or detached garage.
To qualify for this program, a home must
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