Frequently Asked Questions About Manufactured Homes
When it comes time to buy your forever home, there are many options to choose from. Whether you have your heart set on a traditional make and model, or you’re looking to build from the ground up, the possibilities are endless. However, one living option has gained even more popularity in recent years — manufactured homes.
A manufactured home is an affordable, efficient, and much more feasible option for many people and can be purchased pre-fabricated, pre-owned, or even custom-built. Regardless of which option you choose, here are the answers to some of the most frequently asked questions you should become familiar with.
What is a Manufactured Home?
Essentially, a manufactured home is any house (which must be a minimum of 400 square feet) that was constructed in a climate-controlled facility after June 15, 1976, and transported to a home site for final fabrication — which is either purchased private property or land that is leased to the homeowner.
The reason why that specific date holds significance is that this is when federal regulations governing the building of mobile homes (mandated by the United States Department of Housing and Urban Development (HUD) went into effect; this was to ensure that every manufactured home produced adheres to strict safety and construction guidelines to protect homeowners.
Knowing what a manufactured home is, you may ask yourself, “What is the difference between a manufactured home and a modular home?” Truth be told, the distinction between the two is rather simple.
What is the Difference Between a Manufactured Home and a Modular Home?
Despite these pre-fabricated structures being commonly mistaken for each other, here’s how to tell them apart:
When a modular home is constructed in sections in a temperature-controlled facility, it must follow the International Residential Code (IRC), which means it must adhere to the same regulations (building codes) as traditional site-built homes on all levels (e.g., local, state, and regional). Additionally, modular homes are constructed piece-by-piece on-site; their foundation is permanent, like a traditional home, and some may even have a basement or crawlspace (of course, this varies on the state and location of where the house will reside).
A manufactured home must be built following the federal code instated by the United States Department of Housing and Urban Development (HUD) and completely crafted within a climate-controlled factory. When the home arrives at the final destination, it will already be built; this helps cut back on the delays typically encountered with traditional homes. Furthermore, unlike a modular home, a manufactured home is built on a steel base frame with wheels, also known as a permanent chassis.
Having learned the differences between modular and manufactured homes, we can now touch upon the most exciting aspect of the process: The buying process.
How to Buy Land and a Manufactured Home
When the time arrives to begin looking at your manufactured home and land options, it’s wise to complete a custom loan application to secure a pre-qualification (or loan estimate) first. By doing so with a reputable manufactured home lending institution, you’ll know exactly your options and how you shall proceed in the quest to find your dream home. And with options, such as manufactured home loans that include the building and land as one loan (FHA Manufactured Home Loans), finding out ahead of time if you’re eligible can make the process much easier for you.
Once you’ve received pre-qualification (or a loan estimate), you’ll be able to start working with a manufactured home expert to find the abode of your dreams, top-notch land to place it, and a loan program that best suits your needs. The best part about securing your financing first? There won’t be any “surprises” that will delay you from reaching the finish line.
Serving The American Dream Through Attainable Home Ownership
Since 1999, Cascade has become one of the most trusted manufactured home lending institutions in the nation. Our lending experts help guide you through the process and make your dream of owning a home a reality as simple as possible.