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The terminology for pre-fabricated homes are quite often confused.  Since the two are completely different housing products we wanted to break down  and simplify the modular and manufactured home differences for you.

What are Modular Homes?

Modular homes are built in a factory and meet local and state building codes and standards, known as the International Residential Code (IRC). International Building Code is the standard to which all site built structures are also constructed.  Modular homes are designed to be placed on a permanent foundations, such as a basement or crawl space.  Modular homes floor plans include rambler or ranch style, cape cod, lofts, and multi-level homes.

What are Manufactured Homes?

Manufactured Homes are built in a factory to a federally mandated building code, known as HUD code. This building code is also known as the Manufactured Home Construction & Safety Standards.  Manufactured homes are designed to be placed on frost piers, but can also be designed to be placed on slabs, crawl spaces, or basements.  Manufactured homes are sometimes referred as sectionals, mobile homes, and trailers.  They can be built as single section homes (single wide) or double section homes (double wide).

Are you comfortable with understanding the basic modular and manufactured home differences?

There are advantages to all types of factory built homes, both modular and manufactured.  Let us help you find what is right for you!  Contact us today to discuss various options.  1.800.547.4990

People often ask about financing options for factory built homes, also known as modular and manufactured homes.  Since the two products vary, financing will also vary.  A modular home is built to the same codes as conventional homes are built, therefore the financing options are the same.  Manufactured homes are built to HUD code and has different financing options.  The information below offers a brief overview, but we always recommend it is best to speak with your banker or loan specialist for the best options for you.

What are the financing options for Modular Homes?

Since a Modular Home is built to the same building codes as conventionally built home the financing for this type of factory built home would be exactly the same, with the same rates and terms. Most loans are backed by Fannie Mae, Freddie Mac, FHA, VA, or USDA. Contact your personal banker or mortgage lender or contact us for local recommendations.

What are the financing options for Manufactured Homes?

A Manufactured home, which sometimes is referred to a sectional, mobile home, doublewide, or singlewide can be financed a couple ways.  There are various lenders who specialize specifically in Manufactured Home Financing. These loans are personal property loans and usually require a minimum of 5 – 10% cash down or trade equity. Generally, the higher your down payment and FICO score the lower the interest rate. Land / Home loans, also known as Chattel Loans, are also available.  Contact your banker or a loan specialist for the best option for you.

More questions?  Contact Excelsior Homes West, Inc. of Hutchinson today for answers. (800)547.4990