Manufactured Housing
A structure that is primarily built in one location and then transported to another location for the purpose of temporary or permanent living is known as Manufactured Housing. These are typically factory built homes that are either completely built off-site or partially assembled on another piece of land before set as a space for living. A manufactured home typically costs less than a standard single family home and are a popular alternative for low income households, retirees, students and an affordable alternative to a standard single family home in various rural areas.
Manufactured Housing has been in existence for centuries in one form or another. Manufactured housing is sometimes referred to as a "Trailer Home", however the term "Manufactured Housing" best describe these structures.
Financing a Manufactured home is different than financing a standard single family home. In a single family home loan, the cost of land and the structure are typically financed together. However in case of manufactured housing, a typical loan includes two transactions, one for the purchase of land and the other for the structure.
A Chattel Mortgage is used widely to finance a Manufactured Home. The term Chattel refers to a moving piece of equipment, such as construction machinery, or in this case, the manufactured structure. The term mortgage refers to a home loan.
Various options are available through FHA and VA loans and though other lenders for financing of manufactured homes. Apply today.
Related Topics: FHA Loans for Manufactured Housing VA Loans for Manufactured Housing
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