What is a manufactured home?
A manufactured home is the proper term for any such home built to HUD Code standards. The HUD Code was adopted by Congress in 1974 and went into effect on June 15, 1976.
What is the difference between modular and manufactured homes?
Modular homes are built to the state, local or regional code where the home will be located. Modules are transported to the site and installed. A manufactured home is a single-family house constructed entirely in a controlled factory environment and built to the federal Manufactured Home Construction and Safety Standards (HUD code). The most recent amendment to the HUD Code is the Manufactured Housing Improvement Act of 2000 (MHIA 2000).
Are manufactured homes safe?
Yes. Manufactured homes are built to the HUD Code which is a performance based construction and safety standard. Homes are built to regional conditions.
Are manufactured homes energy-efficient?
Yes. All manufactured homes have specific energy efficiency standards set by the federal government in the HUD Code. For example, manufactured homes built after October, 1994 are required to be insulated to the geographic zone they are designed for, must have double-pane windows and must have ventilation fans in kitchens and bathrooms. While the HUD minimum standards are helping to reduce energy costs for manufactured home buyers, several manufacturers are building homes that far exceed the minimum HUD insulation standards, and that have advanced energy-efficiency. Such homes use 30-50 percent less energy for space heating than homes built to the minimum HUD standards. Several manufacturers are partners in the Energy Star program. An Energy Star qualified manufactured home is a home that has been designed, produced, and installed in accordance with Energy Star’s guidelines by an Energy Star certified plant.
Is it more difficult to finance the purchase of a manufactured home?
Manufactured homes can be financed as home only / chattel. Chattel is an industry term used to describe manufacuterd home not legally tied to the land where the home is sited.
Manufactured homes can be financed and affixed to land. This type of financing is known as mortgaged/real property. Financing a manufactured home as real property is much the same as financing any other home.
Customers have several options to choose from that offer manufactured home loans/mortgages , and some lenders offer both types of financing.