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What are the Differences Between Mobile, Modular and Manufactured Homes?

You’ll often hear the terms mobile, manufactured and modular when discussing these similar types of homes. While they are related, there are some important differences between these homes.

Mobile home

A mobile home is built at a factory before it’s brought to a property for setup. It may or may not use metal tie-downs in place of a traditional foundation. However, this explanation can actually apply to manufactured homes as well.

Whether a house is considered to be a mobile home depends on when it was made. Homes built in a factory before June 15, 1976, are known as mobile homes. This is when the U.S. Department of Housing and Urban Development (HUD) enacted the National Manufactured Housing Construction and Safety Standards Act.

After that date, new safety standards went into effect, which led to a new designation for these types of homes.

Manufactured home

Like mobile homes, manufactured homes are built in a factory. They can be set up at their permanent location on blocks, metal piers or a permanent foundation. Unlike mobile homes, manufactured homes are not intended to be moved once they’re set up.

According to the Housing Act of 1980, factory-built homes constructed on or after June 15, 1976, are considered manufactured homes. The construction of these homes is highly regulated by HUD under the Manufactured Home Construction and Safety Standards (HUD Code).

Additionally, these types of homes must meet local building standards for the communities where they will be located. Companies that construct manufactured homes must get their designs approved by a HUD-approved Design Approval Primary Inspection Agency, which makes sure the plans are safe for consumers and comply with the law.

Modular homes

Like mobile and manufactured homes, modular homes are built in a factory and shipped to the land where they will be set up. However, modular homes are more similar to traditional homes. They often include crawlspaces and basements and use a traditional foundation.

Modular homes can also be delivered in two or more modules that are then put together on site in the desired arrangement. This feature is where they get their modular name. A local contractor typically manages the process of joining these multiple pieces together to complete the construction of the home.

Modular homes must be constructed to the same state, local or regional building codes as site-built homes.

Ways to Obtain Mobile Home Financing

Once you decide on your mobile home’s features and where you’re going to put it, it’s time to figure out how to pay for it. There are a few options to consider when financing a mobile home.

For example, it’s possible to get a loan from the same sources as traditional mortgages, such as FHA and VA loans, as well as specialized manufactured home loans through Fannie Mae and Freddie Mac.

These mobile home financing options tend to give you longer repayment terms. Depending on your situation, you may opt for a nontraditional path with a shorter term. This could include chattel or personal loans.

FHA loans

HUD offers mobile home loans through the Federal Housing Administration loan program. This includes Title I and Title II loans.

Title I loans

A Title I manufactured home loan can be used to finance the purchase of a new or used manufactured home or to alter, repair or improve one.

Lenders can offer Title I mobile home loans even if the buyer doesn’t own or isn’t planning to purchase the land on which the manufactured home will stand. These homes will typically be placed in a manufactured home community or mobile home park. If the borrower doesn’t own (or isn’t buying) the land, they must provide a signed lease for a mobile home plot with an initial term of at least three years.

The loan program has other requirements relating to the terms of the loan.

Maximum loan amount:

Manufactured home only: $69,678
Manufactured home lot: $23,226
Manufactured home and lot: $92,904

Maximum loan term:

Manufactured home: 20 years
Single-wide manufactured home and lot: 20 years
Manufactured home lot: 15 years
Multi-unit manufactured home and lot: 25 years

Title II loans

This loan program insures loans that borrowers can use to finance a qualifying manufactured home, along with land, as long as it meets the requirements.

For example, you can only use a Title II loan if you plan to live in the manufactured home as your primary residence — real estate investors need not apply. Other requirements for the home include:

Have a minimum floor area of 400 square feet or greater.
Be constructed after June 15, 1976.
Must be classified as real estate but not necessarily for state tax purposes.
Must be built and remain on a permanent chassis.
The loan must cover the home and the land on which it stands.

Title II loans cannot be used for manufactured homes on leased land in manufactured home communities or mobile home parks. Down payments on a Title II loan can go as low as 3.5 percent and terms can last as long as 30 years.

Fannie Mae

Some lenders offer Fannie Mae mortgages to borrowers who wish to finance a manufactured home through the MH Advantage program. To qualify, you need to satisfy a number of eligibility criteria, including installing the home with a driveway and a sidewalk that connects the driveway, carport or detached garage.

To qualify for this program, the home must also meet certain construction, architectural design and energy efficiency standards similar to site-built homes.

The loans come with 30-year financing, and you may be able to secure them with a down payment as low as 3 percent. As an added benefit, interest rates on MH Advantage mortgages tend to be lower than those of most traditional loans for manufactured homes.

Freddie Mac

You may be able to obtain conventional financing for a manufactured home through the Freddie Mac Home Possible mortgage program.

Qualified borrowers may be able to choose between fixed-rate mortgages (15, 20 and 30 years) and 7/1 or 10/1 adjustable-rate mortgages. You may be able to secure a loan with as little as 3 percent down and, in some cases, use gifted or grant money to help cover your down payment.

VA loans

If you belong to the military community, you may qualify for a loan insured by the Department of Veterans Affairs. You can get a VA loan to buy a manufactured or modular home and put it on land you already own, buy both the home and land at the same time or refinance a home you plan to transport to land you own.

Lenders can offer up to 100 percent financing on manufactured home loans. You’ll need an affidavit of affixture, which proves the property is attached to land you own and meets certain local and VA requirements.

Loan terms can range from:

Lot for a manufactured home you already own: 15 years plus 32 days
Single-wide manufactured home: 20 years plus 32 days
Single-wide manufactured home and lot: 20 years plus 32 days
Double-wide manufactured home: 23 years plus 32 days
Double-wide manufactured home and lot: 25 years plus 32 days

Chattel loans

A chattel loan is a special type of personal property loan you can use to purchase a mobile home. These mobile home loans are designed for financing expensive vehicles like planes, boats, mobile homes or farm equipment, where the property guarantees the loan.

Even if you don’t own the land on which your home will be located, you might be able to secure financing with a chattel loan. As a result, they are a popular loan option for buyers who plan to rent a lot in a manufactured home community.

Some lenders offer chattel loans for manufactured home purchases that are insured by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the Rural Housing Service (RHS) through the U.S. Department of Agriculture. While you may be able to find lenders that offer both chattel loans and traditional mortgages, these two loan types differ in a few ways.

For starters, chattel loans typically have higher interest rates — 0.5 to 5 percentage points higher on average than traditional mortgage rates.

Chattel loans have shorter terms than traditional mortgages, which can translate to higher monthly payments but could also help you pay your debt off sooner. On the plus side, the closing process is usually faster and less restrictive with chattel loans than the closing process you would experience with a traditional mortgage.

Personal loans

Mobile homes are far cheaper than traditional homes, so you may be able to finance your purchase through a personal loan.

Because personal loans are flexible loans you can use for almost any purpose, they can serve as mobile home loans. However, personal loan interest rates tend to be higher than those of other types of loans, such as mortgages or auto loans. The trade-off is you don’t have to provide any collateral — which means you won’t lose your home if you default — and the application process tends to be shorter and involves less paperwork.

Another important advantage of personal loans over mortgages is they’re typically cheap or free to set up, says Steve Sexton, CEO of Sexton Advisory Group. “There’s no costly title, escrow or appraisal fees. And the lender has zero interest in or control over your home because the loan is not secured.”

Personal loan lenders usually offer maximum loans of $25,000 to $50,000, though some lenders will let you borrow $100,000 or more. If you see a lender offering a personal loan large enough for financing a mobile home, it might be a good way to borrow the money that you need.