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What is the difference between modular homes and manufactured homes?

Contrary to what most people think, "Modular Homes" is not just a new name for today's manufactured home. A modular home is built and governed under a completely different regulatory body and must meet different specifications and codes. Specifically, modular homes fall under the International Building Code or IBC.

Modular Homes are built in sections, or modules, in a factory and are craned on to a steel frame where they are transported and then detached and craned on to an engineered foundation. The sections are then married to one another. The finished result is a home that is identical in appearance, value, appraisal comps, and appreciation to that of a site-built home.

Manufactured homes are built and regulated under the codes provided by HUD or the Department of Housing and Urban Development. Manufactured homes are attached to their own steel frame and running gear. The steel frame allows for less wood material (i.e. no spanning joyces) and their setup does not require the use of expensive cranes. When placed on a foundation system on owned land, excellent financing is available through several large banks.

What type of financing is available for manufactured homes?

All types are available from 100% "Fully Documented" financing, to "Stated Income" loans to 80%. Nearly every type of mortgage loan available to stick built homes is available for manufactured homes.

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