Frequently Asked Questions (FAQ)
Q: Is there a difference between financing mobile homes, manufactured homes or modular homes?
A: Yes, in fact the difference when it comes to financing is much greater than the construction type.
- Financing Mobile Homes: Technically the same as financing manufactured homes; but generally means homes manufactured before HUD ("pre-HUD") standards were applied to construction specifications in 1976. Today, very few lenders will finance a "pre-HUD" house. We have some exceptions.
- Post-HUD Manufactured Home Finance: These are generally broken down into two categories: singlewide mobile homes and multi-section mobile homes (2 or more). These manufactured homes are built to standards that may be as good as modular homes or new site built construction (especially newer model homes). The one difference is that manufactured homes have a steel frame in place of wood banded perimeter and floor joists. If the mobile home is going into a "park" or "manufactured home community" it is generally financed like a car - as "personal property". If it is going on owned land, it is generally financed much like a conventional house, except the source of the financing is the same as "personal property" and therefore the interest rate and terms vary accordingly - see Qualification Guide
- Modular Homes: These homes are built to state building codes, which are generally as stringent or more than site built standards. They also can be financed the same as site built homes. Special Note: there is a new form of manufactured home called "On-Frame Modular Homes". Although this means they meet the same state building codes as modular homes, most lenders consider them manufactured homes because of the "chassis" or steel frame undercarriage.
To apply:
- Call us toll free at: 1-800-950-0070 or: Click here to request an application package by mail.
