Sellens Real Estate Lending
Professional Real Estate Lending since 1991
What is the difference between these two labels of homes that can look very similar?
The construction process for the homes is one big difference between the two homes types, Mobile and Manufactured. Manufactured homes are built in two or three sections and moved on to the property to be attached together to become one big home and be installed on a foundation of some type.
June 15th, 1976, the construction rules for manufactured homes changed when California pioneered a standard of construction for manufactured homes. The guidelines were later adopted by the Country.
Generally speaking, to finance a manufactured home now it must be
constructed after July 16th of 1976 and be on a permanent foundation
with a 433a Occupancy Certificate.
We do have some special mobile home loan programs for Mobile and Manufactured homes built prior to 1976.
Another significant date is 1980. Some lenders consider earlier models of homes as mobile homes, not manufactured homes. Beginning 2010 the 1980 manufacturing date is becoming the new standard.
Mobile homes and manufactured homes both are assigned VIN numbers. Mobile homes are intended to stay on the wheels that they came on. Mobile homes are not attached to land and are treated much like cars for financing.
Even if you have a Mobile home situated on land that you own, it will still be treated as personal property because the foundation does not exist and it is not assessed with the real estate property taxes. There are more conditions as well.
Sellens Real Estate Lending can finance Mobile homes on Leased land in a Park. Please look at the link below to see specific loan information on Mobile Homes in a Park.
Please call to discuss your particular home loan goals.
Please read other financial articles on this web site regarding manufactured home financing.
If the home is put together and put on a permanent foundation, then it becomes a manufactured home, on land that the owner owns.