The term
"manufactured homes" refers to houses that are built in a factory and then transported to a permanent location.
Full definition
And rates for
manufactured home loans - which usually aren't mortgages, since they're considered mobile property - run considerably higher than mortgages for single - family homes.
These agents know the area, the costs
of manufactured home insurance, and the best companies to work with.
However, many
new manufactured homes are constructed to modern standards and can be safely anchored in place, proving less risky to live in and less costly to insure, in some cases.
There's also virtually no secondary market
for manufactured home loans like there is for site - built homes.
This loan program was designed with
manufactured home communities in mind as many national lenders are only focused on larger properties and loan sizes.
Most in my city might look down
on manufactured homes as there are few in the city, and banks might not be so keen.
Local city and county government's use a variety of land use planning devices to restrict the use of
manufactured homes as an available source of affordable housing.
To help you determine whether you'll need to
purchase manufactured home insurance or modular home insurance, we provide a list of the common features of the two types of homes below.
Used manufactured homes for sale will often be less expensive than new ones, but new ones will often be easier to secure a loan for.
With lower costs,
manufactured home owners are able to save more than they would with a site - built home or by renting an apartment.
In essence, the Federal government requires that a foundation certification be produced by an engineer for
manufactured homes built after a certain time period.
An older program caps the state sales taxes for
manufactured homes at $ 300 if they meet or exceed energy efficiency standards specified in state law.
Our study shows that mobile insurance costs can represent up to 30 % of the total monthly expenses of
owning manufactured home.
Our mobile home loans, which
include manufactured home financing and mobile home refinancing are geared to consumers with good credit, giving them a great mobile home loan rate that they deserve.
Many residents are turning to
manufactured homes because they are less expensive to purchase and maintain, and are in many cases larger and more private than apartments.
A single
section manufactured home typically offers up to 1,000 square feet of living space, while a three section home could offer as much as 2,500.
Most states require real estate brokers to also be licensed dealers when
selling manufactured homes in parks or communities where the land is leased.
Normally, all occupants over the age of 18 that plan to live in a mobile home park or leased
lot manufactured home community, must pass both a credit and criminal background check.
Since
manufactured homes tend to be cheaper than single - family homes, the difference in price could help seniors retire earlier, supplement their incomes during retirement and even pay for moving costs.
* Extended repayment period -
Most manufactured home debt consolidation loans extend the repayment period of your smaller consumer loans.
Today,
manufactured home retailers are becoming more like site - builders, in that they are providing turn - key new home projects for their customers.