However, they do have other eligibility conditions such as a minimum service requirement.Ĭhattel loans – Chattel loans are secured by the manufactured home itself. VA loans require no down payment and have no mortgage insurance premiums. VA loans – Department of Veterans Affairs (VA) loans are for eligible veterans and their surviving spouses. However, other eligibility requirements may apply, such as a maximum income limit. USDA loans have no down payment requirement and offer below-market interest rates. USDA loans – United States Department of Agriculture (USDA) loans are available to borrowers in rural areas. These loans often offer lower down payments and more flexible credit score requirements. There are a few different types of financing available, including:įHA loans – Federal Housing Administration (FHA) loans can be used to purchase both the home and the property where it is placed. Manufactured homes are considered personal property rather than real estate and may not qualify for the same financing options as traditional homes. Modular homes undergo inspections just like a site-built home, ensuring they are just as safe and sturdy as any site-built structure.įinancing a manufactured home is different from financing a regular home. Modular homes must comply with state and local building codes where the home is assembled, not where the components are built. Once the modules are in place, they are not moved. The setup process is more complex for a modular home, with sections arriving and pieced together on-site. Manufactured homes are also different from modular homes, though the terms are often used interchangeably. Once you've decided a manufactured home is your best choice, compare the pros and cons for both single and double-wide homes to determine which is best for your family and budget.Ī double-wide manufactured home with a screened porch and carport Manufactured home vs. Building a manufactured home is also much faster, taking 2 to 4 months from placing an order to moving in, compared to 10 months to 1 year to construct a new traditional home. Pros and cons of buying a manufactured homeīuying a manufactured home is far more affordable than building a traditional home costing $155,000 to $416,000. Taxes are based on the value of the land and vary by municipality. Taxes – Property taxes can cost $5,000 to $15,000 if you own the home site. Impact fees – A mobile home impact fee of $1,500 to $10,000 is assessed on new development of vacant land to pay for the public infrastructure like schools and roads required to accommodate the new development. Insurance – Manufactured home insurance costs $500 to $1,500 per year, on average, depending on the location and age of the home. Permits – Building permits cost $500 to $2,000 for a manufactured home. Since manufactured homes depreciate over time, a used home is much cheaper than a new one. used homes – Used mobile homes cost $10,000 to $100,000, depending on the age and size. Other hidden costs associated with buying a manufactured home include: Most landlords lease manufactured home lots for 6-, 12-, or 24-month periods, with cheaper rates for longer leases. Triple-wides are less popular than double-wides because each section is hauled separately, incurring high transport fees that make the homes as expensive as a traditionally built home. Triple-wideĪ triple- or multi-wide home costs $200,000 to $250,000 and has three separate sections joined together to create a large, spacious home. Double-wides are popular for families needing a larger home but unwilling to spend more for a traditional home. The two trailer sections are built in a factory on a permanent chassis and then shipped and joined together on-site. Double-wideĪ double-wide manufactured home costs $120,000 to $160,000, including transport and assembly. Single-wides are good for smaller families and smaller lots. A single-wide is 80 feet in length with 1 or 2 bedrooms. The delivery and setup are cheaper and faster since the complete home ships on one truck. Installation hardware kit includes 100 ground spikes 7" and 200 screws.įive Your Manufactured Home A New Look TodayĪvailable In Both Center Vent and Solid Stylesĭue to differences in monitors, colors shown are approximations.A modern mobile home with a large deck Single-wideĪ single-wide trailer is the cheapest manufactured home and costs $60,000 to $90,000. Renew your home's look with a 16 x 80 complete mobile home skirting package complete with installation hardware kit.Ĭomplete mobile home skirting packages include skirting panels (number varies based on average height) top back rails, top front rails and ground channels.
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