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One advantage mobile homes offer is that they are often a lower-cost option to buying a stick built home. In this regard, mobile homes can make homeownership easier to achieve. And since mobile homes usually cost less per square foot than a stick built home, you can get more space for your money.

There are some stick built home builders that have standard floor plans and options that allows them to build homes for prices similar to mobile homes. If you prefer a stick built home, you might look into whether such a builder is in your area so that you can compare the quality of construction with a newer mobile home.

Another advantage you might find with mobile homes is flexibility. Since mobile homes are usually more affordable than a stick built home and only semi-permanent, if you own land, you can place a mobile home on it now and remove it in the future. This might be an option if you are uncertain you want to own the land long term, do not want to commit to a stick built home now, or cannot afford a stick built home right now.

Although mobile homes are not easily moved once set-up, they are easier to move than a stick built home. Once a stick built home is built, it is more or less there permanently.

An additional advantage that mobile homes offer is that they are usually built in controlled environments. This means they can be consistently built to a high standard. And because they are manufactured in such conditions, construction delays due to weather or difficulty scheduling subcontractors are less likely.

Taken from~ Buying a Mobile Home

 

Buying a mobile home today can be just as easy as buying a site-built home, but buyers may have to approach the loan process differently. Home Direct agents are trained to help buyers navigate the waters of manufactured home financing, and can assist buyers to identify the steps needed to find appropriate financing.

As with any potential home purchase, the buyer's creditworthiness, employment and tax records, debt to income ratio, and down payment must meet lender guidelines. In the case of a mobile home purchase, both the lot and the manufacturer must also be acceptable in the view of the lender.

Taken From~ Ready for your Dream Home?

The building materials in today’s manufactured homes are the same as those used in site-built homes. The homes are engineered for wind safety and energy efficiency based on the geographic region in which they are sold. For example, in areas prone to hurricane-force winds (Wind Zones II and III of the HUD Basic Wind Zone Map), the standards for manufactured homes are comparable to the current regional and national building codes for site-built homes.  Manufactured homes are designed and constructed to withstand wind speeds of 150 miles per hour in Wind Zone 2 and 163 miles per hour in Wind Zone 3. In fact, during the hurricanes that struck Florida in 2004, not one manufactured home built and installed after 1994 was destroyed by hurricane force winds. What that means is, the construction standards for manufactured housing across the country are subject to robust compliance and quality assurance regulations, sometimes more stringent than those for traditional site-built homes.

Taken From~ Manufactured Housing Institute

Just as there are choices when you buy a site-built home, there are a variety of financing options when you buy a manufactured home.  If you are buying the home and land together, or plan to place the home on land you already own, some financial institutions offer traditional real estate mortgages with similar interest rates. Should you be purchasing the manufactured home separately from the land on which it will be located, the home will probably be financed as a personal property manufactured home loan, usually with a somewhat higher interest rate and the downpayment amount will reflect the amount of the entire loan, including the home and land costs being financed. FHA-insured and Department of Veterans Affairs-guaranteed (called FHA and VA) loans are available to manufactured home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. They require more paperwork during the credit application and approval process and, therefore, may take longer for approval than a conventional loan.

Taken From ~ Manufactured Housing Institute