What is the difference between these two labels of homes, manufactured and mobile homes, that can look very similar?
The construction process for the homes is one big difference between the two homes types, Mobile and Manufactured.
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 call to discuss your particular home loan goals.
Please read other financial articles on this web site regarding manufactured home financing.
We offer Low Fees and Fair Priced Loan Programs for Mobile Homes in a Mobile Home Park on Leased Land