Frequently Asked Questions
Manufactured homes are the answer to the lack of affordable housing in the U.S. Unfortunately, many aspiring homebuyers have not explored the affordable advantages of today’s high quality manufactured homes.
The following are 7 frequently asked questions (with brief answers) generally posed by potential manufactured home buyers.
Why should I consider a manufactured home?
If you’re looking to get the most out of your “housing dollar,” you should consider a manufactured home. Depending on the regions of the country, construction costs per square foot for a new manufactured home are up to 50 percent less than a comparable site-built home. All manufactured homes are built to specifications and codes that require the highest standards in every aspect of construction.
What are manufactured homes like?
Today’s manufactured homes feature innovative designs and custom features like state-of-the art kitchens, luxury bathrooms, wood burning fireplaces, and exterior designs that will be indistinguishable from site built homes.
Are manufactured homes affordable?
Manufactured homes provide quality housing and an opportunity for home-ownership.They often cost less than renting, and can offer more square footage and distance from neighbors than an apartment. The cost per square foot for a new manufactured home can be up to 50 percent less than the cost of a comparable site-built home.
Can they be customized?
With a vast majority of manufacturers you have the flexibility of customizing your home’s floor plans, interior finishes and exterior designs. Some manufacturers also provide homes that are accessible for those with special needs.
Will a manufactured home appreciate in value?
Generally, a home is a great investment. Value appreciation on any home – either site-built or manufactured – is affected by the similar factors, the desirability and stability of the community, supply and demand for homes in the local market, location and maintenance and upkeep of the home. When properly installed and maintained, today’s manufactured homes can appreciate the same as surrounding site-built homes.
Are there limits on where I can locate or place a manufactured home?
Many cities and towns, still relying on outdated perceptions and stereotypes of “mobile homes,”have zoning regulations limiting where you can place a manufactured home. However, more urban and suburban governments are recognizing that today’s manufactured homes are virtually indistinguishable from site-built homes and are allowing manufactured homes to be sited in their communities.
What kind of financing is available?
Just as there are choices when you buy a site-built home, there are a variety of financing options when you purchase a manufactured home. If you are buying the home and land together, or plan to place the home on land you already own, some financial institutions offer traditional real estate mortgages with similar interest rates. Should you be purchasing the manufactured home separately from the land on which it is to be located, the home will probably be financed as a personal property manufactured home loan, usually with a somewhat higher interest rate and the downpayment amount will reflect the amount of the entire loan, including the home and land costs being financed. FHA-insured and Department of Veteran affairs – guaranteed (called FHA and VA) loans are available to manufactured home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. They require more paperwork during the credit application and approval process and therefore, may take longer for approval than a conventional loan.
