Mortgage vs home equity loan conditions for a modular home?

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The answer to my question made me think. We intend to purchase a modular home for about a year. It will be built (manufactured) in the factory settings, then trucked the pieces of our land and the house can be mounted on foundations in the basement. This is not a home double sliding scale. We have our sand mound septic and well water (ground and not near the town lines or sewage.) Does anyone know if we need anything other than construction mortgage or to do that? I understand that if the house is built on the basis of the basement, it is not considered “mobile” home. I was told that my supervisor and the municipal building, when I called on zoning and other, which is considered the industry produced at home, no mobile homes.

  1. Reply
    February 24, 2011 at 5:11 pm

    You get a regular loan for a mobile home. No matter what you personally want to call it, it is still a mobile home to the rest of the world, including the banks.

    Construction loans are for custom built homes, built on site, paid in increments as the construction goes up and are converted at the end of construction.

  2. Reply
    February 24, 2011 at 5:45 pm

    For a true off-frame modular home like you are describing you would get the same loan as someone building a custom site built home. If your bank tells you they consider it the same as a mobile home you need to go to a different bank. Although some banks may not be familiar with modular homes, most should know the difference between a modular home and a mobile home. You may want to ask your builder or the manufacturer of your home if they can recommend a bank that is familiar with modular homes. I’m not sure I’ve heard the term “industrial manufactured home”, but the way you can tell that you are buying a true modular home is that the builder will make it to conform with the standards of your state rather than just the HUD standards that mobile homes are made to conform to. So for example, if you had a modular home built for your land in Atlanta and moved it to Key West Florida you would have to take it off of the foundation and it would have to be altered to comply to the standards of the new location (it would have to be able to withstand 140 mph winds or whatever the standards are) before you could put it on a foundation on your land in FL. On the other hand if you had a mobile home or trailer you could just put some wheels back on the frame and drive it down to Key West and set it up in the mobile home park. (which is probably why mobile homes don’t seem to stand up too well in hurricanes and tornadoes sometimes).

    So the simple answer is your mortgage would be just like any site built home that you would build on your land.

  3. Reply
    February 24, 2011 at 6:18 pm

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