There's a home for everyone. And fortunately, it's easier than ever before to find the home that's right for you.
If you have encountered the term
"manufactured homes" in your research, you probably have an idea of
what this type of housing is. But of course, you want to go beyond just having
an idea. You need to know more.
Hence, we'll take a look at what a
manufactured home is and then explore the different types of manufactured homes
available today. Ready to learn more? Then keep reading.
What
Are Manufactured Homes?
Manufactured homes are exactly as
they seem - they are homes built in a factory. In decades past, manufactured
homes used to be called mobile homes as they were then constructed on wheels and
thus transportable.
However, people didn't use the term
since the HUD rolled out new standards for manufactured home construction in
the mid-1970s. Based on these new standards, the transportation of manufactured
homes will be in sections to the construction site, where the house will be
assembled and installed.
Types
of Manufactured Homes
There are three main types of
manufactured homes according to size, features, and affordability:
Single-Wide
Single-wide homes are the most
common and are typically 14 to 16 feet wide. They can be easily transported and
are the most affordable option.
Double-Wide
These homes are 20 to 24 feet wide
and are more spacious than single-wide homes. They are more expensive but offer
more features.
Triple-Wide
This set has the biggest homes of
the three types, with some houses as wide as 48 feet. They are also the most
expensive but with the most space and the most features.
Cost
of Manufactured Homes
Planning a move? Then you need to
learn about the cost of
manufactured homes first. This cost will depend mainly on the two factors
that differentiate the three main types: size and features.
However, in general, these modern
homes are about 20 to 35% less expensive than their more traditional
counterparts. The savings on the initial purchase price of a manufactured
home can be used to buy a larger home or to invest in other areas, such as
retirement savings or college funds.
Manufactured
Home Mortgages
The good news is that buying a
manufactured home can be through government-supported mortgages, such as from
the Departments of Veterans and Agriculture, as well as from the Federal
Housing Administration.
These unconventional homes are also
usually offered by private lenders with low down payment requirements. Loans
coming under FHA Title I loans are particularly attractive as they can be
utilized for purchasing or refinancing a manufactured home, lot, or both.
Also, if you borrow money to buy a
manufactured home, you need not be the owner of the land. At the same time, you
can qualify for a typical loan from a private company.
Choose
Among the Different Types of Manufactured Homes
Now that you know what a
manufactured home is and the types of manufactured homes you can choose from,
it's time to assess your needs and resources.
Again, these homes are going
to vary according to their size and features, and choosing the right one
will boil down to your requirements and budget.
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