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rjackal
Premium Member
join:2002-07-09
Plymouth, MI

rjackal to Hall

Premium Member

to Hall

Re: Identify a manufacturer home vs a standard construction home

said by Hall:

ome banks won't do mortgages on "manufactured homes"

Ask those banks for their method of proving that it is or isn't a manufactured home, or refuse to deal with those banks. Look into getting financed via a credit union, too.
nonymous (banned)
join:2003-09-08
Glendale, AZ

nonymous (banned)

Member

said by rjackal:

said by Hall:

ome banks won't do mortgages on "manufactured homes"

Ask those banks for their method of proving that it is or isn't a manufactured home, or refuse to deal with those banks. Look into getting financed via a credit union, too.

I think we need a clearer definition of manufactured home. As said since I worked telco and out in new construction all the time I saw everything for many years.
Some yes you could tell manufactured aka cheap like a trailer. Cheap siding thin walls and everything done to cut costs. it really showed also.
Then saw the ones like said more modular with trusses walls etc done at a main point shipped to site and assembled on site. Even more solid than most done all on site with fewer flaws.
But yes I think if I remember the ones that where really cheap where advertised as manufactured homes. More was done at a plant and less done on site. Plus the main thing construction was done differently or maybe to a different set of codes. Maybe done to more a trailer manufactured house code than a real house code.

Maybe that is how you could tell as if they where built to a real houses code level? I mean if they where built to real housing code then how could a bank disqualify them?
The ones I did see advertised as manufactured even when selling new as we where looking for a house at the time did not appraise well. When looking to buy we where told outright manufactured and that even though really large may not appraise for a full loan and we would need to make up the difference in the down payment. We moved on in our search. Like said just because parts came in on a truck did not make other house manufactured.
So may be a different set of standards in the building code for a true manufactured cheap house.

Hall
MVM
join:2000-04-28
Germantown, OH

Hall

MVM

said by nonymous:

I think we need a clearer definition of manufactured home.

Yes, and it was partly my "old" definition of the term(s). First off, to me, a trailer is a "mobile home". That is not what we're speaking about at all. So, I won't mention it again....

Now, it seemed to me that in the past, the term "manufactured home" was more commonly used than today, where they seem to be leaning towards calling them "modular homes". They are in fact the same - they are pre-built in a factory and moved the site in multiple pieces and located permanently on a foundation (slab, crawlspace, basement).

In closing, my daughter just texted me that she checked with the bank again and to put it simply, if it's on a permanent foundation, they'll finance it. If it's on wheels, they won't.

Msradell
Premium Member
join:2008-12-25
Louisville, KY

Msradell

Premium Member

said by Hall:

In closing, my daughter just texted me that she checked with the bank again and to put it simply, if it's on a permanent foundation, they'll finance it. If it's on wheels, they won't.

That makes a lot more sense. Mobile homes are just a money pit that are constantly depreciating. Manufactured homes as well as conventional homes appreciate over time, a significant difference.