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Manufactured Home Loans

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MANUFACTURED HOME DEFINITION Fannie Mae defines a “manufactured home” as any dwelling unit built on a permanent chassis that is attached to a permanent foundation system and evidenced by a HUD Data Plate and HUD Certification label.


MANUFACTURED VS MODULAR

  • Manufactured
    • Very old models are sometimes referred to as mobile homes or trailers.
    • Manufactured houses are pre-constructed completely in the factory on a permanent, fixed steel chassis.
    • Manufactured homes have wheels which are typically removed once the unit is towed to the home site.
    • Manufactured homes typically have skirting/siding around the bottom of them to hide where the wheels were removed and to give it the appearance of a typical home.
    • Manufactured homes must abide by a Federal HUD building code.
    • Once built the manufactured home (typically 1-3 sections) is moved to its permanent location using its own wheels.
  • Modular
    • Often referred to as factory-built (or pre-fabricated) homes.
    • Modular homes come pre-built in sections from the factory.
    • Modular homes are then transported to the building site on truck beds, and constructed together using a large crane with construction workers at the building site.
    • They are finished on location, and must conform to all local, state or regional building codes.
    • Modular homes are typically more expensive per square foot than manufactured homes.

MANUFACTURED HOMES - PROS vs CONS

  • Pros

    Affordability

    Speed of Construction

    High Quality and Versatility

    Built in full compliance with HUD standards for manufactured housing

  • Cons

    Limited financing options

    Financing Restrictions and Limitations


MANUFACTURED HOME SPECIFICATIONS AND REQUIREMENTS

  • Must be built on or after 6/15/1976.
  • Minimum 600 sq. ft.
  • Must be at least 12 ft. wide.
  • Wheels, axle, and hitch must be removed.
  • Manufactured home must be permanently affixed to a foundation as evidenced by a form 433A which is a recorded document indicating that the manufactured home is installed on a permanent foundation.
  • Must have HUD Certification Label and HUD Data Plate.
  • Manufactured home must be legally classified by the state as real property (not personal property).
  • Manufactured home must be on property where the borrower is an owner on title.
  • Mortgage must be secured by both the home and the land on which it is situated.
  • Must be owner-occupied primary residence or secondary residence.
  • The unit must not have been previously installed or occupied at any other site or location, except from the manufacturer or the dealer’s lot as a new unit.
  • The manufactured home must be permanently connected to a septic tank or sewage system, and to other utilities in accordance with local and state requirements.