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Buying Your First Manufactured Home

lenderly-homepage-images-02There are many good reasons for buying a manufactured home but perhaps the most appealing is their budget-friendly price tag. For about the same as your monthly rent payment, you can buy or build a new manufactured home. This can be an especially appealing housing option if you’re a recent college grad with student loan debt or you’ve an empty-nester looking to downsize.

 

Today’s manufactured home is certainly not your grandmother’s mobile home. Modern amenities, quality construction and high-end customization options have transformed former mobile homes to manufactured homes that match any style - from cozy mountain cabins to breezy coastal retreats. Buyers can customize their homes to include gourmet kitchens, vaulted ceilings, granite counter tops and hardwood floors. Even when factoring in specific customization's, the cost to buy or build a manufactured home is still cheaper than most other forms of housing.

 

As with any major purchase, however, you should take the time to research your options to ensure you make a wise investment in a home that you’ll be comfortable living in.

 

A little history
Manufactured Homes are built entirely in a factory under the federal building code administered by the Department of Housing and Urban Development (HUD). These homes are constructed to meet the Federal Manufactured Home Construction and Safety Standard Act of June 15, 1976. The federal standards regulate manufactured housing design and construction, strength and durability, transportability, fire resistance, energy efficiency and quality. The HUD Code also sets performance standards for the heating, plumbing, air conditioning, thermal and electrical systems. Each home or segment of a home is labeled with a red tag that is the manufacturer’s guarantee the home was built to conform to the HUD code. On-site additions, such as garages, decks and porches, often add to the attractiveness of manufactured homes and must be built to local, state or regional building codes.

 

How much will it cost?

New manufactured homes can cost anywhere from $20,000 to over $100,000. Because these homes are of such a higher quality than ever before, you can get home loan financing that is very similar to site-built homes, including down payment and loan terms.

 

Other costs you should consider include land costs (whether the land is purchased, rented or land you already own), transporting your home, insurance, property taxes, and other expenses associated with home ownership such as utilities, water, sewer and routine maintenance.

 

What about the down payment?

Many first-time homebuyers are late to the game because they think they need a 20% down payment to buy a home. In reality, that’s not the case. While you will most likely get the best rates with a large down payment, you have several options if you don’t have that much cash on hand. There are loans that offer low down payment options, or no down payment at all, that can help you buy a manufactured home.

 

    Lenderly Loan Options:

loan table-1

Tip: Talk to one of our loan officers about our state assistance programs. If you are a borrower with low to moderate income, you may qualify to receive down payment and/or closing costs help.

 
Where will you live?

Once you determine if a manufactured home fits your budget, you’ll need to think about where you want to live.

 

You can place your home on property you already own or you can buy land; either way, be sure you check with the local zoning laws to see if they permit manufactured homes on the site. (At Lenderly, we offer manufactured home loans that include the home and land with just one loan). Your other options include land-lease communities (manufactured home rental communities) where you lease the land or you can build your manufactured home in a planned subdivision.

 

Today’s manufactured homes offer design and décor choices that are very similar to site-built homes. With their lower costs, ease of setup and lower maintenance, they are a popular option for homeowners of all ages, from millennials to baby boomers. Homeownership could be closer than you think.

 

Overwhelmed by your options? We have experienced and knowledgeable loan officers who can walk you through each step of the loan process, answer your questions and help you choose a loan that fits your needs and your wallet. Give us a call - we’re happy to help.

 

contact us

 

*Down payment and terms are for informational purposes only and are not intended as an advertisement or commitment to lend. Please contact us for an exact quote and for more information on fees and terms. Not all borrowers will qualify.

 

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