Myth: Manufactured and Modular Homes are the same

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An Eighteen year veteran of home loan lending in Colorado, Ashley created the Fairway Fast Speed Team that gets loans closed in record time!

This is a myth that I hear almost daily. Properties are listed as modular when they are truly manufactured and vice versa. The truth is that a true manufactured home is basically a single or doublewide, a mobile home that is no longer mobile. A modular home is a home in which the pieces are constructed in a temperature controlled warehouse and then brought to the building site on a flatbed trailer and constructed at the location. A manufactured home can be difficult to finance because it has to meet certain criteria: It has to be a double vs a singlewide, it cannot be in a flood plain, the HUD tags (stamped aluminum plaques usually located in a cabinet or closet) need to be present, and MOST IMPORTANTLY the manufactured home HAS to be on a permanent foundation with the wheels and the axel removed and the title purged. It is no longer a motor vehicle. A modular home is viewed by lenders as a stick built home and it is financed just as any other with no additional restrictions. A manufactured home can be financed as well, but it has to meet the parameters outlined above. The moral of the story is: both are financeable, just a few additional hoops to jump through for a manufactured home.