How To Build A Mobile Home Park – Written by TJ Porter Written by TJ PorterArrow Right Contributing Writer TJ Porter is a contributing writer with eight years of experience writing about finance. TJ writes about a wide range of topics, from budgeting tips to checking bank accounts. TJ Porter
Edited by Aylea Wilkins Edited by Aylea WilkinsArrow Right Loans Editor Former Insurance Editor Aylea Wilkins is an editor specializing in student loans. He has previously worked editing content on personal loans and home and auto, home and life insurance. He has been editing professionally for nearly a decade in various fields with a primary focus on helping people make financial decisions and buy with confidence by providing clear and unbiased information. Connect with Aylea Wilkins on LinkedIn Linkedin Aylea Wilkins
How To Build A Mobile Home Park
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As housing prices continue to rise, mobile homes, also called manufactured homes, can be more flexible than traditional homes and are usually very affordable. The average cost of a manufactured home is about $87,600.
These manufactured homes can be customized in the same ways as traditional homes and provide over 2,000 square feet of living space, depending on the model you choose.
If you’re looking for a mobile home, you may want to consider financing. While most traditional lenders won’t give you a buy-to-let mortgage, there are other options available.
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You’ll often hear the terms mobile, manufactured, and modular used interchangeably when discussing these types of modular homes. While they are related, there are important differences between these houses.
The mobile home is built in a factory before being brought to a property for installation. It may or may not use metal fittings instead of a traditional base. However, this explanation can also be applied to manufactured homes.
Whether a home is considered a mobile home depends on when it was built. Homes built in a factory before June 15, 1976 are known as mobile homes. This is when the US Department of Housing and Urban Development (HUD) passed the National Manufactured Home Safety and Construction Standards Act.
Typical sizes: single wide (typically about 500 to 1,000 SF) or double wide (typically 1,000 to 2,200 SF)
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Best for: Someone buying an existing mobile home and looking for a lower price range than a newly built home.
Like mobile homes, manufactured homes are built in a factory. They can be installed in their permanent location on blocks, metal bases or permanent bases. Unlike mobile homes, manufactured homes are not meant to be moved once built.
According to the Housing Act of 1980, manufactured homes constructed on or after June 15, 1976 are manufactured homes. HUD regulates the construction of these homes under the Manufactured Home Safety and Construction Standards (HUD Code).
In addition, these types of homes must meet local building standards for the communities in which they will be located. Companies that build manufactured homes must get their plans approved by HUD’s Design Approval Preliminary Inspection Agency, which makes sure the plans are safe for consumers and comply with the law.
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Best for: Those looking for a new home with little or no setup or on-site construction required.
Like manufactured homes, modular homes are built in a factory and shipped to the site where they are to be installed. However, modular homes are more like traditional homes. They often include crawl spaces and basements and use a traditional foundation.
Modular homes can also be delivered in two or more modules that are put together on site in the desired layout. This feature is where they get their modular name. A local contractor usually manages the process of connecting these several pieces to complete the construction of the house.
Takeaway: Before you start shopping, understand the difference between a mobile, modular, and manufactured home. While a mobile home might make sense for your friend, you might be better off with a modular or manufactured home, for example.
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Once you’ve decided on the features of your mobile home and where to put it, it’s time to figure out how to pay for it. There are several options to consider for mobile home financing.
For example, it’s possible to get a loan from the same sourc
es as traditional home loans, such as FHA and VA loans, as well as specialty home construction loans through Fannie Mae and Freddie Mac.
These mobile home financing options tend to offer you longer repayment terms. Depending on your situation, you may choose a non-traditional route with a shorter duration. This can include real estate or personal loans.
HUD offers mobile home loans through the Federal Housing Administration loan program. This includes Title I and Title II loans.
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A Title I manufactured home loan can be used in a number of ways, including to finance the purchase of a new or used construction home, to refinance the purchase of a manufactured home, to purchase developed land on which to It put this type of house in it, and for a combination of it. Buying both the land and the house itself. These funds can also be used to alter, repair or improve existing homes.
Lenders can offer Title I mobile home loans even if the buyer does not own or intend to purchase the land on which the manufactured home is located. These homes are usually located in a home community or mobile home park. If the borrower does not own (or purchase) the land, they must provide a signed lease for a mobile home lot with an initial term of at least three years.
This loan program insures loans that borrowers can use to finance an eligible manufactured home, along with the land, as long as it meets the requirements.
For example, you can only use a Title II loan if you plan to live in a manufactured home as your primary residence—real estate investors don’t need to apply. Other home needs include:
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Title II loans cannot be used
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