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If you’re looking to get the most out of your “housing dollar,” you should consider a manufactured home. Depending on the region of the country, construction costs per square foot for a new manufactured home are up to 50 percent less than a comparable site-built home, excluding the cost of land. All manufactured homes are built to specifications and codes that require the highest standards in every aspect of construction.
Just as there are choices when you buy a site-built home, there are a variety of financing options when you buy a manufactured home. If you are buying the home and land together, or plan to place the home on land you already own, some financial institutions offer traditional real estate mortgages with similar interest rates. Should you be purchasing the manufactured home separately from the land on which it will be located, the home will probably be financed as a personal property manufactured home loan, usually with a somewhat higher interest rate and the downpayment amount will reflect the amount of the entire loan, including the home and land costs being financed. FHA-insured and Department of Veterans Affairs-guaranteed (called FHA and VA) loans are available to manufactured home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. They require more paperwork during the credit application and approval process and, therefore, may take longer for approval than a conventional loan.
MH Advantage properties are built to meet specific construction, architectural, and energy efficiency specifications. Borrowers obtaining financing on a home that complies with the MH Advantage eligibility requirements may benefit from financing flexibilities not available under standard manufactured housing guidelines.
Flexibilities include higher loan to value limits (for owner occupied primary residences only), standard mortgage insurance coverage requirements, and reduced loan level price adjustments. Since MH Advantage homes must be titled as real property and are factory-built manufactured homes, they remain subject to the HUD Manufactured Housing requirements and must be permanently affixed to the land.
MH Advantage homes include features such as garages, carports, and dormers, giving an appearance that is more similar to traditional site-built homes.
MH Advantage homes are built to blend into traditional neighborhoods. MH Advantage Homes combines features, like a down payment as low as 3%, with the lower price and customizable finishes of modern manufactured homes. MH Advantage homes have features like lower profile foundations, garages or carports, and drywall throughout. Appraisers choose the most appropriate comparable sales, which – unlike standard MH – may include sales of site-built homes. Confirming the home is eligible for MH Advantage is also easy for lenders:
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