Manufactured Home

 The Mortgage U! Mortgage Education Made Easy

For all your mortgage needs:
Dave Zwierecki
Phone 888-418-4467

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Manufactured Home
Manufactured Home - What is a manufactured home? What is the difference between a manufactured home, a modular home, a stick built home, and a mobile home? Why is it harder to get financing for a manufactured home, a modular home, and a mobile home versus a stick built home? All of these questions and many more will be addressed and answered for you throughout this page.

Manufactured houses are built in a factory. They conform to a Federal building code, called the HUD code, rather than to building codes at their destinations. Manufactured homes are built on a non-removable steel chassis.

Manufactured homes traditionally have higher loan default rates than stick built homes. This has resulted in many lenders shying away from funding loans on manufactured homes. It is still possible to qualify for FHA financing for manufactured homes at competitive terms. Contact Dave Zwierecki at 888-418-4467 to see if you qualify for FHA Financing.

Manufactured homes in parks - Manufactured and modular homes that are located in parks can be difficult to finance. The reason is that you are leasing the land. Since you don’t own the land, the lender assumes a great deal more risk than with traditional homes on owned land.

For this type of loan, you should go directly to a broker. If you try to get financing directly from your bank, you will almost certainly be turned down. The reason is that most mainstream lenders won’t touch this type of loan. However, brokers generally work with a large number of lenders, and most will have access to the funds you need to purchase or refinance your manufactured or modular home. Call me today at 888-418-4467 to see if I may be able to help.

These types of loans are also commonly referred to as chattel loans.

It is important when buying a manufactured or modular home that is located in a park, that you are not buying the home with the intention of gaining equity through appreciation. These types of homes are more similar to cars, in that they depreciate over time. Some unfortunate home owners have failed to realize this. They put a lot of money into their home to fix it up and build equity, only to realize that their home will sell for little to nothing above what they paid for it. All of the money they put into it was lost.

Because these loans can be difficult to acquire, call me today at 888-418-4467 to discuss your goals and see if I can help you. It is important to work with a knowledgeable and experienced loan officer for a loan like this.


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 Information listed above is to be used for educational purposes only and is not guaranteed

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