![]() ![]() ![]() If it’s older than 20 years, it will be harder to find financing. Now what?Īccording to Oehler, when it comes to financing, each lender has different requirements. So you’ve found your dream manufactured home, its wheels are history, and it’s for sale along with the land under it. It needs to be fixed to the land, and you have to own the land it’s on.” When you buy it, they’ll bring it to you on wheels, but then you have to take the wheels off. To qualify for a conventional residential mortgage, “it has to be a manufactured home that is classed as ‘real property,’ meaning you have to buy the home and the land it sits on,” says Amy Bailey Oehler of PrimeLending. ![]() Department of Housing and Urban Development created a new set of codes for mobile homes to make them safer, and renamed them “manufactured homes.” So that’s the correct term, but it’s helpful to know that many people still confuse these two terms or use them interchangeably. manufactured home: What’s the difference?įirst things first: Technically, the term “mobile home” applies only to structures built before 1976. The mortgage process isn’t exactly the same as for a traditional home. That’s not the kind of cash most people have lying around, which brings us to the obvious question: How do you get home loans for a mobile home? The nice ones aren’t exactly cheap, however: According to the affordable housing research organization CFED, mobile homes cost an average of $45,600 for a single-wide or $86,700 for a double-wide. Today’s models can often be as spacious and beautiful as a traditionally built house, often for a fraction of the price. Mobile homes-or manufactured homes (read on for the difference)-are a much more affordable way to own your own place. ![]()
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