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    Rent-to-Own Mobile Homes: How Does it Work?

    4 years ago · · Comments Off on Rent-to-Own Mobile Homes: How Does it Work?

    Rent-to-Own Mobile Homes: How Does it Work?

    For most, securing manufactured housing means either renting or purchasing a manufactured home. However, there is a caveat, or rather a third option to consider — rent-to-own.

    Choosing rent-to-own mobile homes is a great way to become the homeowner you have always dreamt of being, without jumping the gun financially.

    Rent-to-Own Mobile Homes

    If you are considering whether or not to rent or purchase a mobile home, then now is the perfect time to see if renting with the option to buy is the better route for you and your family.

    What are Rent-to-Own Mobile Homes?

    Rent-to-own residences are mobile homes that are currently for rent. However, a rent-to-own lease includes an option for purchase or a possible requirement that you must buy the property after a certain period of time has passed.

    manufactured homes in home parks

    That said, the rent paid typically covers the current lease, and can be applied to your future down payment when you purchase the manufactured home.

    Usually, the rent-to-own option is a great way to build your credit up (credit score) while simultaneously saving up for a down payment. This is extremely beneficial for most people that simply cannot afford the average down payment, of which can often be as high as 5-20 percent of the price.

    Having a good credit score is really quite important in this case.

    How to Find One

    Finding rent-to-own mobile homes is not so easy. VIP Realty states, the reality is that rent-to-own listings are not that common.

    The reason these particular listings are so hard to find is that they typically only occur under a certain set of circumstances. In other words, if you have stumbled upon rent-to-own manufactured homes for sale that you are interested in, then you need to act fast.

    Generally, if mobile homes have been for sale/on the market for quite some time, then the owner may choose to list them as rent-to-own or vice versa (an interested party may have noticed that a manufactured home for sale has been on the market for a while and, thus, decide to approach the owner about a rent-to-own agreement).

    Then again, if a long-term tenant has expressed interest in purchasing the property, then the owner may agree to sell it as a rent-to-own.

    How Does it All Work?

    In order to get the ball rolling with rent-to-own manufactured homes, there are several things that must take place.

    Of course, a formal agreement needs to be made between the owner and the renter/buyer. Moreover, terms, fees, a price, and other pertinent details need to be figured out as well.

    Mobile home with American flag, front lawn and clear blue sky.

    Once all of the necessary paperwork has been handled, then, and only then, can the rent-to-own journey begin.


    There are two types of legal agreements/contracts that can be drawn up and signed by both parties, in terms of the rent-to-own agreement.

    Lease with Option to Purchase

    The first agreement is a lease agreement with an option to purchase. This particular contract essentially gives the tenant/renter the right to buy the manufactured housing unit, but not the obligation. Thus, at the end of the lease agreement, if you decide you do not want to purchase the manufactured home, then you can simply walk away.

    Note, you will lose out on any additional monies put towards the future down payment, so make sure to read the terms.

    Lease with Purchase Agreement

    The other contract is called a lease agreement with a purchase agreement. Here, you are legally obligated to purchase the mobile home or manufactured home as you signed with the rent-to-own contract.

    Consequently, with this rent-to-own agreement contract, you should ensure that a third-party inspection occurs, so there are no surprises down the road.

    You should also consider getting a possible pre-approval for a mortgage, just to make sure that you can qualify for one at the end of the agreed-upon term.

    Set Purchase Price

    In addition to a formal agreement, you should be aware of the purchase price upfront of the rent-to-own mobile home.

    Typically, the landlord or the real estate owner of manufactured homes for sale will set the price, and you can negotiate as you see fit.

    If you want to consult a real estate agent on a rent-to-own manufactured housing unit, you will likely have some difficulty finding an agent that deals with such real estate transactions. Therefore, you should do a little research of your own to figure out what the mobile homes or manufactured homes are going for in the area.

    Row of caravan trailers

    Tip: schedule your third-party inspection sooner rather than later, so you can reference it when negotiating the final price.

    Option Fee

    With this kind of real estate transaction, there is also an option fee. This fee is negotiable, but typically ranges from 1 to 5 percent, and is a one-time, non-refundable fee.

    This particular cost or fee allows you to purchase the manufactured housing unit for the agreed-upon price. The option fee is normally added onto the manufactured housing purchase, so you will not have to come up with any additional monies right away.

    Rental Term

    The standard rental term or period is three years, in most situations. However, as the renter or tenant, you can usually decide how long the rental portion of the program will be.

    Here, the point is to give yourself enough time to get your finances in order so that you can qualify for a mortgage or financing.


    Since this is a rent-to-own situation, maintenance roles will need to be defined.

    As you may be aware, when renting a manufactured home, most maintenance issues are not the tenant’s responsibility, whereas when you purchase, then the upkeep falls to you.

    Unsurprisingly, this can make for a sticky situation when you are renting-to-own. Thus, you and the owner must come to some form of an agreement as to who will ultimately be responsible for the necessary repairs and upkeep of your new home.

    With a mobile home, however, the actual owner is still responsible for maintenance.

    Monthly Payment Covers More than Rent

    Your rent-to-own agreement should also clearly lay out what, or rather, how much of your monthly rent goes toward your new home down payment savings.

    Often, a rent-to-own tenant will pay above-market rent so that at least 25 to 30 percent of the monies paid goes toward the down payment fund.

    That said, the money that is being set aside from your rent is rarely enough to cover a full down payment; thus, you should be saving up in addition to this.

    If you would prefer to negotiate for a higher percentage, that is up to you, but most people tend to stick to the 25 to 30 percent.

    Applying for a Mortgage

    Last, but not least, once the rental period or term nears to a close, then it is time for you to apply for a mortgage or find financing.

    The good news here is that applying for a mortgage or financing is pretty straightforward. You will look to secure the standard funding and work with lenders in the area that typically finance manufactured homes.

    Clearly, you should still shop around, if at all possible, and continue to save where you can. Also, make sure that the lender abides by equal housing laws.


    If your rent-to-own manufactured homes are located in a mobile home community, then you will need to go over the standard park rules and regulations that apply to a regular in-park purchase.

    Likewise, it is important to remember that with a mobile home, you do not own the land that the house sits on, therefore, you will need to lease the lot or pay a lot rent.

    Ultimately, choosing rent-to-own manufactured homes are a great way to get your foot in the door of your dream home.

    Contact us for more information and schedule your appointment!

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    Top 5 Manufactured Homes: Cedar Springs, MI

    4 years ago · · Comments Off on Top 5 Manufactured Homes: Cedar Springs, MI

    Top 5 Manufactured Homes: Cedar Springs, MI

    Manufactured home living has countless benefits. Just ask anyone that resides in one.

    The freedom, flexibility, and financial advantages alone make renting or owning manufactured homes something to consider.

    If you have found yourself thinking about manufactured home living, you are not alone.

    Caravan site park aerial view

    Manufactured homes are very much a part of the tiny house movement that has been gaining momentum since the mid to late 2000s.

    With that being said, if you live in Cedar Springs, or would like to move to this fun little area of Michigan, we suggest you think long and hard about renting or buying a manufactured home this time around — we promise you won’t regret it!

    Manufactured Homes: Cedar Springs, MI

    So, now that you are on board, you probably would like some direction, right?

    Well, the good news is you have come to the right place. Here is a brief synopsis of what it is like to live in Cedar Springs, MI 49319 and a list of the top five manufactured homes for sale or rent in and around the city.

    #5. Cedarfield 55+ Community – 3592 17 Mile Rd. NE, Cedar Springs, MI 49319

    Number five on the list is Cedarfield 55+ Community. As the name states, this is an age-restricted community that offers luxury manufactured homes in Cedar Springs.

    Residential Mobile Homes

    Obviously, it is ideal for retirees, and those looking to enjoy life in a community setting of like minded individuals. This community is number five because it has a lot to offer, even if it is only to a select few, or, rather, a specific age bracket.

    There are generally several mobile homes for rent and manufactured homes for sale in the community at any given moment in time. Thus, regardless of your budget, you should have no trouble finding a new home here.

    Then again, if you are just looking for a location for your existing manufactured home, there are a handful of home/site lots that are worth checking out. These available sites for rent are ranging from $425 to $535 a month.

    There is also a wealth of communal amenities at Cedarfield, including a clubhouse, a billiard room, a boat/RV storage area, off-street parking, and more.

    #4. Timberline Estates – 260 Pin Oak Dr., Coopersville, MI 49404

    Coming in at number four is Timberline Estates. This mobile home park is located just outside of Grand Rapids and Cedar Springs, MI in Coopersville.

    These lovely manufactured homes in Cedar Springs are within a community that has a wealth of perks and amenities. Notable community features like tennis courts, basketball courts, playgrounds, a swimming pool, and a clubhouse make this park an excellent choice for growing families.

    Blue Manufactured Home

    One of the Timberline Estates’ homes for sale worth considering is a sizable 2-bed/1-bath, 16×66, 1,056 square foot contemporary manufactured residence. This beautiful residence has an open layout, all black appliances, including a dishwasher, walk-in closets, and more.

    This particular mobile home is available now for just $899 a month. This is just one of the available manufactured homes for rent, but it is definitely one of the top available mobile trailers in the area.

    #3. Apple Carr Village – 516 Courtland Ln., Muskegon, MI 49442

    Number three on our list is Apple Carr Village. This particular manufactured home community is actually located closer to Muskegon, but still made it onto the list.

    The reason being that this cozy mobile home park has a welcoming atmosphere, convenient access to nearby attractions, close proximity to great public schools, and, of course, who could forget the amenities. This family-friendly mobile park has recreational facilities, a pool, a clubhouse, a playground, and allows one pet per household.

    Apple Carr Village

    A must-see manufactured home for rent at Apple Carr Village is a contemporary 3-bed/2-bath, 16×76, 1,216 square foot, mobile home, with all appliances included, for only $799 a month.

    This residence has a modern layout, a dining room, a spacious living room, a private laundry room, a storage shed, and much more. Thus, if you do not mind the location being a little further out, then this manufactured home might just be for you.

    #2. Pinebrook Village – 444 Bellewood Dr. SE, Kentwood, MI 49548

    Pinebrook Village holds down the number two spot, thanks to its ample amenities and newly built mobile homes for sale and rent. Pinebrook Village is closer to Kentwood and Grand Rapids, which is just south of Cedar Springs, MI.

    Here, residents enjoy mid-luxury manufactured homes with full-sized appliances, custom kitchens with granite countertops, upscale bathrooms, and recessed lighting.

    Communal amenities are also quite fancy at Pinebrook Village and include features like a high-end clubhouse, a playground, neighborhood sidewalks, plus a nearby golf course and swimming pool.

    A remarkable mobile home for rent here is the lovely 2-bed/1-bath, 24×56, 1,344 square foot trailer for $1,249 a month. This new home has a modern layout, custom kitchen and bathroom, a full-size washer/dryer, and off-street parking.

    Wow Kitchen

    #1. Cedar Springs Mobile Estates – 400 Susan, Cedar Springs, MI 49319

    The top mobile home community in Cedar Springs is, unsurprisingly, Cedar Springs Mobile Estates. This fantastic community offers affordable luxury, unique layouts, and dozens of mobile home community perks.

    These estates are centrally located, thus getting around this area of Michigan is never a problem. Moreover, this manufactured home community is only minutes away from downtown Cedar Springs. Consequently, there is a wealth of entertainment, shopping, restaurants, and more just around the corner.

    home white bricks

    The community itself has great features and amenities, including recreational basketball courts, an overall quiet/peaceful atmosphere, and custom homes with various design options.

    Cedar Springs Mobile Estates’ homes come in single or double-wide dimensions, offer 2 to 4 bedrooms, 1+ bathrooms, and anywhere from 1,000 to 2,500 square feet of living space.

    Here, manufactured homes have custom oak kitchens, stone fireplaces, spa-like bathroom suites, and more.

    Residential mobile park home

    In this community, they offer mobile homes for sale in Cedar Springs, MI and mobile homes for rent in Cedar Springs, MI. Pets are allowed too, just be sure to check their mobile home park pet policy.

    If you would like more information on the available manufactured homes for rent and sale at Cedar Springs Mobile Estates, then you can stop by or call and schedule an appointment. It is safe to say that you will find the remaining top mobile homes for rent and for sale here.

    The Area of Cedar Springs

    The town of Cedar Springs is an exciting place to live. You will find a true sense of community, a bustling downtown, a rich history, fun festivals, outdoor recreation activities galore, parks, and much more.

    Besides the excitement and a wealth of entertainment options, Cedar Springs has a booming economy, a diverse population, numerous employment opportunities, and an overall low crime rate. Plus, this delightful town is only minutes away from wonderful cities like Grand Rapids, Muskegon, Coopersville, and Kentwood.


    Manufactured home communities are robust in the Cedar Springs, MI 49319 area. In fact, there are actually quite a few communities in this region that are absolutely worth considering. That said, the five listed above are the must-see mobile home parks, in our opinion, that should be at the top of your list.

    Take Away

    Manufactured home living is definitely not what it used to be.

    Today’s mobile homes are spacious, high-end, energy-efficient, and offer tons of incredible features.

    Therefore, you should embrace the trend and save yourself the headache of having to get a 30-year mortgage.

    home park

    Then again, maybe you have always been a die-hard apartment renter.

    If that is the case, step outside your comfort zone — not only do you get more living space, at a fraction of the price, but you also do not have to deal with being right on top of your loud neighbors.

    Ultimately, the decision is yours to make.

    However, you really cannot go wrong with manufactured housing, especially if you are looking to rent or buy a new home at Cedar Springs Mobile Estates.

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    The Benefits of Living in Mobile Home Parks

    4 years ago · · Comments Off on The Benefits of Living in Mobile Home Parks

    The Benefits of Living in Mobile Home Parks

    Mobile home communities are growing in popularity in the United States, but its not only for their pricing. The close community bond it fosters plays a significant role too.

    Nationwide, an estimated 20 million Americans live in trailer parks.

    The Manufactured Housing Institute reported nearly 10% of the nations housing stock is manufactured homes, which totaled about 8.5 million in 2018.

    housing unit mobile home communities

    Mobile homes make up 6.4% of the U.S. housing sector, and there are 8.5 million of them, which is down slightly from 2011.

    Despite their growing popularity, mobile homes still suffer a huge image problem in the United States. Often, misconceptions surrounding mobile homes find their way nationwide.

    However, many don’t understand that today’s mobile home is built to a code administered by the United States Department of Housing and Urban Development (HUD Code).

    White caravans mobile home communities

    This is a standard building code that came into effect in 1976.

    Benefits of Living in Mobile Home Parks

    Today’s manufactured home offers great advantages and benefits that make it a popular housing choice for many people.

    Compared to a traditional home, manufactured homes offer more square footage, it is pretty quick to build, and it now has safety and security features that are tried and tested by many.

    Mobile home with American flag living in a mobile mobile home community

    As the population grows and the scarcity of resources to build a traditional home continues, mobile homes are expected to be the first option for many.

    More and more people are choosing to live in manufactured homes. Here are reasons why trailer parks are a great option for housing.

    Bigger Living Space and Privacy

    In an apartment, the only difference between you and the neighbor next door could be the wall. As such, you can barely get the privacy you need.

    Manufactured home communities, on the other hand, offer their residents their compound for privacy. The difference is that with a mobile home, you pay a lot rent instead of unit rent, in the case of an apartment.

    A modern luxury static caravan. living in a mobile mobile home community

    At worst, a noisy neighbor in an apartment can make your stay a nightmare.

    In contrast, living in a manufactured home community is different; a resident is held to account by the rules of the park.

    The trailer park regulations keep everyone on their toes and avoids conflicts between members. In a trailer park, your lot is yours.

    A new manufactured home at a retirement trailer park living in a mobile mobile home community

    Living in a manufactured home means you get to have the parking you need, and the appropriate space for your family.

    Less Maintenance Cost Compared to Site-Built Homes

    Living in a mobile home park is inexpensive. You will spend less on maintenance since the park owners will take care of it.

    However, a traditional stick-built real estate home is entirely on you when it comes to maintenance.

    Nice House living in a mobile mobile home community

    The bigger the house, the more you are likely to spend on maintenance. Often, manufactured home communities have a team of dedicated staff members that can offer you help with repairs on your home for a fee, saving you time and money.

    The staff is professionally trained to handle repairs and make life easier during your stay. Not only do manufactured home communities offer great homes, but they also prioritize beautification too.

    parked homes living in a mobile mobile home community

    If you moved into a manufactured home from an apartment dwelling, you might not be used to maintaining a lawn and garden.

    If you don’t have time for the labor, use a gardening service and ask for low-maintenance plants.

    Quality Living at an Affordable Price

    Manufactured homes provide quality living at an affordable price. Often, mobile homes are 10 to 30 percent cheaper than traditional homes.

    Vast trailer park, mobile home living in a mobile mobile home community

    According to the U.S. Census Bureau, mobile homes can cost an average of $62,600, compared to $272,200 for a single-family stick-built home.

    A mobile home gives you a better price per square footage for your money.

    The Oregon Manufactured Housing Association says that a manufactured home’s cost per square foot is nearly half that of a stick-built home, at about $41.24.

    Manufactured homes are cheaper to own than traditional real estate homes, and they are cheaper to build and maintain.

    Residential Mobile Homes living in a mobile mobile home community

    If you are considering mobile home living, here is a breakdown of how much you should expect to pay, on average:

    • Single-Wide mobile homes price: $43,500 – $59,000
    • Double-Wide mobile homes price: $110,400 – $119,400
    • Manufactured homes with more than two sections: $92,900 – $103,100

    Less Worry About Property Taxes

    In the U.S., property taxes are paid by property owners to local governments, and are typically based on the value of the owned property.

    Apple Carr Village manufactured home community

    Property taxes are calculated based on your property’s assessed value and the tax rate of the taxing authority, which your local tax assessor’s office typically evaluates.

    A mobile home is considered personal property. As such, taxes on your home are significantly lower than a single-family unit on a city lot.

    If you own both the land your home is on and the home itself, you will pay all property taxes associated with your property.

    Stock photo of a trailer park manufactured home community

    However, for manufactured housing, who is responsible for the property tax can vary based on state and local laws if you do not own the home’s land.

    Depending on the state you live in, you may not even pay property taxes on your manufactured home at all.

    For example, the state of Michigan requires no annual tax for factory-built homes, unlike a site-built home. Often, instead of annual taxes, the state will levy a tax at the time of the manufactured or mobile home purchase.

    Residential mobile park home stick built

    Community Parks Use Rules and Regulations to Keep Residents in Check

    Upon joining a trailer park, expect to sign a rules and regulations agreement.

    As such, you should do adequate research and determine whether the trailer park rules are suitable for you and your family.


    For example, you might have had a noisy neighbor next door in your past; we know how irritating that can be when you need some peace of mind.

    Community parks enforce rules and regulations to ensure that your neighbors are quiet and reasonable.

    What You Should Know When Choosing a Manufactured Home Community Park

    At the beginning of every manufactured home buying journey is deciding where you want to live.

    Even though everyone has a set of priorities, there are common factors that every buyer should keep in mind during the buying process.

    Caravan site park aerial view

    As such, you should have a blueprint of your mobile home dream.

    Let’s dive into some of the things you need to know when choosing a trailer park.

    Is a Mobile Home Right for Me?

    A manufactured home has pros and cons; as such, it’s a unique process of finding one for each home buyer and family.

    Scenic view of modern trailer of caravan park

    Among the reasons that make them an ideal choice are affordability, a wide range of floor plans, and aesthetic options.

    However, whether due to limited location choices, lack of finances, or feeling unsure about the next steps, some folks wanting a manufactured home may not be ready right now.

    How Far Are You Willing to Commute to Work?

    Most of us know the answer to this question immediately, and others may need to take some time to think through how they feel about a long work commute.

    Location is a top priority when choosing a mobile home park.

    Mobile Home with American Flag

    You will want to stay at a strategic location, a place accessible to amenities.

    Staying far from your work location can be tragic, especially when you want to beat the traffic and arrive early.

    Inspect the Mobile Home Park

    Once you have begun narrowing down your property search, you will want to verify that your desired city or area is friendly.

    manufactured homes in home parks

    Therefore, you should inspect the trailer park and decide if it’s a place you would like to stay.

    Understand that each mobile home park comes with its own community feel, along with its own rules and responsibilities for its tenants.

    It’s important to realize that you are moving into the home and the park.

    Check if the park allows pets, and to what extent it allows you to change the appearance of your home or lot.

    Row of caravan trailers

    These are concrete facts you need to confirm before deciding to join the community.

    You should be aware that there is a range of trailer parks offering different experiences.

    Nowadays, you get everything from affordable to luxury trailer parks, and everything in between.

    Know All the Costs When Buying a Manufactured Home in a Park

    Even though you will evade the property tax, joining a park means that paying a lot rent will be mandatory for as long as you plan to live there.

    Extra services, such as lawn maintenance and home repairs, are offered at affordable rates. You should take a close look at such and make a final estimate of your monthly costs.

    Buying a Mobile Home

    Are you buying the land too? You are likely to increase your mortgage options if you attach the home to land.

    Inspect the Mobile Home

    Whether buying a new or used manufactured home, you should always inspect the home before moving in.

    If you are in doubt, you should get a professional to inspect the home on your behalf. Usually, the parks themselves will inspect homes and fix them up before the new mobile homeowner arrives.

    However, you shouldn’t depend too much on the park. Take matters into your hand and ensure a thorough inspection is done.

    Final Thought

    Mobile homes offer quality living at an affordable price, especially when compared to stick-built homes.

    Even though manufactured homes are considered affordable, they still cost a significant amount of money to acquire.

    Make adequate arrangements for financing; for instance, check out financing options available before buying a mobile home.

    Lastly, if you want to buy a mobile home, research your local market to avoid overspending on a house that could potentially cost less money.

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    Chattel Mobile Home Financing: Best Options

    4 years ago · · Comments Off on Chattel Mobile Home Financing: Best Options

    Chattel Mobile Home Financing: Best Options

    If you have ever purchased a manufactured unit, then you understand that it offers more flexibility, at a lower cost, than traditional homes. However, this does not mean that the expense is minimal.

    The cost of manufactured housing units ranges between $60,000 to $100,000. However, this amount is likely more than you would be willing to pay directly out of your pocket.

    If you wish to buy a manufactured home, it would be best if you secured financing. Since manufactured housing units aren’t like stick-built homes, being that they are considered personal property, it becomes more difficult to secure a chattel mortgage on them.

    Most lenders won’t provide you chattel mortgages to purchase a manufactured home, but there are other available options.

    Here, we focus on chattel mortgages that are available for manufactured housing units.

    Chattel Mobile Home Financing

    Before we look at the available chattel mortgages, let’s focus on the differences between manufactured, modular, and mobile homes.

    Differences in Modular Homes, Manufactured Homes, and Mobile Homes

    Although there are many similarities between mobile, manufactured and modular homes, there are also some key differences:

    Mobile Homes

    These homes are designed and developed in a factory before being brought to a rented or personal property for installation and setup. It’s, therefore, a movable property.

    The difference between these homes and a manufactured home depends on the time it was built. Homes that were developed in a factory before 1976 are technically mobile homes.

    This is the time when HUD (the U.S. Department of Housing and Urban Development) enacted the Construction and Safety Standards Act.

    Manufactured Homes

    These homes are also developed in factories. You can set them up at a permanent location on metal piers, blocks, or permanent foundations.

    However, they aren’t intended to be transferred from location to location after installation.

    All homes developed in factories after 1976 are referred to as manufactured homes. The HUD Code and standards regulate the development of these homes.

    Modular Homes

    Modular homes are also developed in a factory, and then moved to a land where they’ll be located. With that said, these homes are more related to traditional homes. They aren’t, therefore, movable property.

    Modular units have basements and crawl spaces, and they employ a traditional foundation.

    They can also be delivered in two or more modules, then they are assembled onsite in your desired arrangement.

    Modular homes are subjected to the same regional, local, and state building codes as stick-built homes.

    Different Ways of Getting Manufactured Home Unit Financing

    Once you have settled on the home’s features you want, and the exact location you’re going to put it, you should start thinking about how you’ll pay for it.

    Residential mobile park home estate.

    There are several options to select from when choosing the right financing option for your home:

    FHA Loans

    HUD gives loans for manufactured housing units via the Federal Housing Administration loan program. These loans include Title II and Title I loans.

    Title I Loans

    These loans are available to finance a used or new manufactured home, along with repairing, altering, or improving one.

    You can get these loans from lenders even when you aren’t planning to buy the land that your manufactured home is located on. A home can be in a home park or manufactured home community.

    However, there is a maximum loan amount, depending on your unit:

    • Manufactured home only: $69,678
    • Manufactured home lot: $23,226
    • Manufactured home and lot: $92,904

    Title II Loans

    This chattel loan involves loans that someone can use to a qualifying manufactured home, along with the land, as long as the requirements are met.

    For instance, a Title II loan can only be used if someone plans to live in a manufactured home as their primary residence. Real estate investors can’t apply for this loan.

    There are also some requirements for this loan, which include:

    • The home must have been built after 1976
    • The home should have at least 400 square feet
    • Your home should be classified as real estate
    • The loan should cover both the home and land

    Fannie Mae Loans

    Some lenders provide borrowers with the Fannie Mae Mortgages via the MH Advantage program.

    Before you qualify for this loan, there are certain things that you should meet. For instance, you should install a detached garage, a carport, a sidewalk, and a driveway in your home.

    The manufactured home should also meet the same energy-efficiency, architectural design, and construction standards as stick-built homes do.

    The interest rates on these loans happen to be lower compared to other chattel loan financing options. Fannie Mae has 30-year financing.

    Freddie Mac Loans

    The Freddie Mac mortgage program can offer you a conventional financing option for a home.

    As a qualified borrower, you can select between a 10/1 or 7/1 adjustable-rate mortgage, or fixed-rate mortgages (30, 20, or 15 years).

    Here, you can get a loan with as low as a three percent down payment. You can also use grant or gift money to cover your down payment.

    VA Loans (Veterans Affairs Loans)

    This is a loan offered by the Department of Veterans Affairs and is for those who were in the military. Here, lenders provide up to 100% financing on home loans.

    However, before you get this loan, you’ll need to provide an affidavit of affixture.

    Chattel Mortgage Loans

    A chattel loan involves a special personal property loan that you can use to buy a manufactured home. Apart from financing manufactured homes, these chattel mortgage loans are also used to finance the purchase of expensive items, such as boats, planes, or farm equipment.

    Chattel mortgages are still available even if you don’t own any private property to place your home.

    Chattel mortgage loans are, therefore, the most reputable options for people who want to buy a personal property in a manufactured home community.

    Some lenders only offer chattel loans for home purchases that are insured by the RHS (Rural Housing Service), VA (U.S. Department of Veteran Affairs), or the FHA (Federal Housing Administration).

    Even though you can find lenders who provide traditional mortgages and chattel loans, the two have certain differences.

    Chattel mortgage loans have higher interest rates of between 0.5% to 5% higher than traditional mortgage rates. A traditional mortgage also has longer-terms than chattel loans.

    This could translate to a higher monthly payment, which could assist you in paying off your debt sooner.

    Chattel loans also have a less restrictive and a faster closing process than what you’ll see in traditional mortgages.

    Personal Loans

    Since manufactured homes are cheaper than site-built homes, you can purchase them using personal loans.

    Personal loans are very flexible, and you can use them for almost anything. However, their interest rate happens to be higher than those of other loan options, such as a chattel mortgage or VA loan.

    The application process for these loans is shorter, and you don’t have to give any collateral to get the loan.

    Another advantage of personal loans, over chattel mortgages, is that they are free, or cheap, to set up. You won’t incur any appraisal or escrow fees.

    Since the loan isn’t secured, the lender will have zero interest or control over your home.

    Steps for Acquiring Your Own Home Through Home Funding Options

    You should follow a few steps if you want to buy a manufactured housing unit with the best funding options:

    1. Check your credit report: Any lender considers your credit report before giving you a chattel mortgage. A solid credit score and clean credit history makes it easier for you to get a chattel mortgage.
    2. Decide whether you want a home with the land: If the land is your own personal property, you stand a chance of getting a high chattel mortgage loan amount.
    3. Find out the specifics of the home that you wish to buy: The home you will buy will determine the amount and type of loan or chattel mortgage you get. For instance, if you want to buy a home that costs at least $100,000, you won’t qualify for an FHA loan.
    4. Begin to look for financing options: Select the type of loan or chattel mortgage you would like, and compare between different lenders. Some of the loans include personal loans, chattel loans, conventional, and FHA loans. The interest rates differ, depending on the lender you select.
    5. Please submit your application for the chattel mortgage loan: Complete a transparent application and then submit it to your lender of choice.

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    Should I Buy a Mobile Home or Rent?

    4 years ago · · Comments Off on Should I Buy a Mobile Home or Rent?

    Should I Buy a Mobile Home or Rent?

    There is no hiding the fact that mobile homes have become very popular in the real estate industry over the last decade. Many adventurous people prefer to buy these homes since they can relocate to wherever they want to go.

    For instance, a manufactured home is much more affordable compared to a site-built home. Many middle-class families can afford these mobile units.

    However, many people prefer renting apartments or other types of housing.

    If a traditional site-built home isn’t the right fit for you, then you’ll have the option of either buying a manufactured home or renting an apartment. Both options come with pros and cons, which you should thoroughly examine.

    A modern luxury static caravan.

    Here, we examine the best option you should consider, depending on your situation.

    Should I Buy a Mobile Home or Rent?

    Having apartments for rent offers community amenities and eliminates maintenance concerns. On the other hand, a mobile home will allow you to own properties, along with offering you customization options and privacy.

    Let’s look at the benefits of each option:

    Benefits of Renting

    At least two-thirds of the American population own their own houses. After all, home ownership forms a critical component of the “American Dream.”

    However, many people don’t know that renting carries several benefits that can make it the perfect option, depending on your situation.

    Let’s go through these benefits:

    It Offers You a Lower Monthly Cost

    If you decide to rent an apartment, you’ll incur a lower monthly cost, when compared to buying a manufactured home.

    When you add your property taxes, insurance, and mortgage, rentals offer a cheaper option than the low-down-payment mortgages that carry private mortgage insurance.

    Even after the rental charges rose when house prices and interest rates dropped in 2012, the rental option was still the most affordable option. This is true, especially if you want to spend at least more than ten years in a home that is located in a large city.

    It Presents Lower Ownership Expenses

    Renting does more than just lowering your mortgage costs per month. It has proven to save money in several other ways.

    Ownership Expenses

    If you buy a mobile home, you will have to pay your own money to have some services, such as cooling, heating, maintaining lawns, and other regular maintenance.

    The additional repair costs may cost hundreds of dollars if you’re not careful.

    For a rented apartment, however, the landlord is in charge of everything, including fixing faulty appliances and other maintenance tasks. The landlord must make the apartment habitable.

    You Can Conserve Your Down Payment

    If you want to purchase any home, including a mobile home, you’ll be required to pay a down payment of about 20 percent.

    If you take that large amount of money and divert it into another investment, you might end up earning more money.

    Homes have proven to be unwise investments since they increase in value at or slightly ahead of the inflation rate.

    Renting Offers Great Flexibility

    It offers you great flexibility that you’ll never find when you buy a mobile home.

    What will happen if you get a new job in a new city over 500 miles away? What if you have a child and the single-wide or double-wide unit that you bought becomes too small?

    If any of the above situations happen when you’re in a rental unit, you can easily move as soon as your lease expires. You can also downgrade or upgrade to a new apartment without any problem.

    With a mobile home, you’ll be forced to transport it to a new location, which is also very expensive.

    Even though there is another option of selling it, getting a willing buyer might be difficult.

    Benefits of Buying a Mobile Home

    If you like the idea of living for less, then a mobile unit is the best option for you. As stated before, a mobile unit is much cheaper, compared to a site-built home.

    However, one main challenge you could face is that you’ll have to pay a lot rent per month for a mobile home park space, where you’ll place your home, especially if you don’t have a personal piece of land.

    manufactured homes in home parks

    Let’s look at the benefits of buying a mobile home:

    Mobile Homes are More Affordable Compared to Most Alternatives

    The most exciting thing about manufactured homes is their affordable price. These homes are built on the assembly line and mass-produced, therefore costing less in the long term.

    For instance, in 2018, the average price of a sitebuilt home in the U.S. was $225,700. Ofcourse, the actual price of a particular mobile home could be much higher or lower.

    During this same period, the average price of a mobile unit was $87,100. You’ll, therefore, expect to save at least 20% compared to if you were to invest in a site-built home.

    Lenders can only offer a mortgage to those who want to buy real property. This includes land and anything attached to it permanently.

    You can, therefore, still secure loans on your manufactured unit if you fix it on a permanent structure or own the lot on which it’s placed.

    You Can Enjoy Luxury for Less

    Although something like $300,000 could get you a starter housing unit in most parts of the country, you can buy a very luxurious manufactured unit for half of that amount.

    The lower base price can allow you to make additional upgrades to the home, which you can’t with traditional site-built homes.

    Enjoy Luxury for Less

    Some luxurious upgrades that you can add include granite countertops, a fireplace, and a soaking tub.

    Your Home Will Increase in Value if You Own the Land

    Manufactured homes will appreciate when you own the lot on which the house sits. This means that you stand a chance of selling the housing unit at a higher price than the one you bought it for.

    This can be linked to the rise in the value of the lot that your housing unit is placed on.

    Buying a Mobile Home can be Financed

    Many people have always thought that they can’t finance a manufactured housing unit with a mortgage.

    Buying a Mobile Home

    However, this is not true since the HUD Code allows banks to offer loans of up to $69,678 if your manufactured unit is on a rented lot, and $92,904 if it’s attached to your lot.

    You can also get money from family members to finance your mobile home, if you so choose.

    Mobile Homes are Safe

    These homes are now designed and developed in the factories with safety in mind. After 1976, there were HUD Codes that were passed which provided for strict standards, including safety regulations.

    Mobile Homes are Safe

    If you buy a mobile home, expect it to come with the same features as those found in site-built homes. Modern mobile homes even have better features.

    You Can Still Rent the Home

    When you decide to buy a mobile home, you can still decide to use it to get further income by renting it out.

    Many people in the real estate market prefer renting mobile homes to apartments due to their low rent costs.

    You’ll, therefore, have nothing to lose if you decide later in life to move to a stick-built home.


    Although there are benefits to both living in a rented apartment and buying a mobile home, we recommend that you go with the latter option.

    Buying a mobile home is much more affordable and allows you to own a housing unit, all while having lower overall monthly payments.

    However, renting also comes with several benefits, as we have seen above. You should, therefore, make the best decision for you and your family.

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    Mobile Home Amenities to Consider When Looking to Purchase

    4 years ago · · Comments Off on Mobile Home Amenities to Consider When Looking to Purchase

    Mobile Home Amenities to Consider When Looking to Purchase

    When the time comes for firsttime homebuyers to list what they desire in a home, many only have general requirements and are not fully aware of all the features and amenity options.

    Understanding which features means the most will help eliminate mobile homes that won’t work for you, and compare the homes that will. Undoubtedly, everyone wants a mobile home that comes with luxurious amenities.

    Luxurious community amenities give people the chance to live their dream and comfortable life.

    Mobile homebuyers can enjoy a range of amenities, such as pet-friendly neighborhoods to waterfront views.

    Mobile Home Amenities

    The term manufactured home typically conjures up mental images of rundown trailer parks, complete with nutty neighbors and a colony of stray cats.

    Manufactured homes have come a long way from rusty RVs up on blocks. Today’s manufactured homes offer quality amenities inside the house, just like a modern traditional home does.

    manufactured housing Aerial view looking down on vast trailer park, mobile homes.

    You can hardly tell you are inside a manufactured home, since it strikes a similar resemblance with a site-built home.

    When choosing between an apartment, house, or community, many residents weigh the value of the grounds, facilities, services, and even event gatherings against a more solo way of life.

    Manufactured home parks have a lot to offer, but what exactly do residents find most appealing about living in them?

    This article will look at amenities you, as a homebuyer, should consider when buying a manufactured home.

    Pet-Friendly Living

    Many apartment complexes might not provide an ideal home for your pet. It’s common to find restrictions on the number or types of pets you can keep around the premises. Even in some instances, you will have to pay steep fees for your beloved pets.

    Living in a manufactured home community will offer you a pet-friendly environment, without the need to pay steep fees like a lot of apartments for rent that you will find around the city.

    The best thing about manufactured home parks is that you will get plenty of space for walks around the neighborhood. Your pet will, therefore, get enough exercise to stay fit and healthy.

    If you consider living in a mobile home park, you typically are not limited to the type of pet you want to keep within the community.

    Recreational Facilities & Events

    Residents in these manufactured home communities get together to build connections with a strong sense of friendship and camaraderie.

    Manufactured homes are just more than a series of homes within one location. In community parks, you get to meet friends that become family, unlike in an apartment complex where you hardly interact with the neighbor next door.

    Often, manufactured home communities organize events that bring the residents together, in a bid to improve social engagement. Also, these mobile home parks include central common places where residents can gather and enjoy one another’s company.

    You’ll find playgrounds and sports courts in these communities. Such facilities will give your family more room to enjoy the environment, unlike apartment complexes.

    Many retirees often downsize to live in mobile home communities since it feels warmer than other forms of housing.

    Availability of Critical Infrastructure

    In mobile home communities, residents don’t have to worry about simple things such as electricity, water, gas, and sewer lines, because the community management provides such amenities. However, you may be asked to pay some fees in return.

    The communities also include essential infrastructure, like roads.

    The best thing about these manufactured home communities is that they provide maintenance services, a dedicated team that will be at your service, even at midnight. Staff members go through vetting to ensure residents get nothing but high-quality services.

    Living in parks gives residents peace of mind when it comes to such infrastructures.

    Security Around the Community

    Safety is one of the top priorities when looking for your next home. You will want to ensure the location has a low crime rate and is safe for bringing up your children.

    Mobile home communities offer a secure living environment and, therefore, residents can move about their business without worrying about safety.

    It is ideal to know that some extra security features might cost a couple of dollars. The upside is that you will have a secure home.

    When searching for the right mobile home community to join, it is often recommended to research the crime rate around the area before settling in and calling it home. Prior research will avoid wasting time and resources.

    High-Quality Pools

    Nothing beats a quality pool when it comes to relaxation. The comfort you get from deck chairs during a hot summer day can wipe out your all-day worries.

    Manufactured home communities offer luxurious pools that are ideal for large families and get-together parties.

    While living in a mobile home community, you don’t have to worry about crowding that public pool. You will also avoid the hassle of maintenance, as the qualified staff often takes care of that.

    In addition, the shared pool is often cleaned by professionals and, therefore, you shouldn’t worry about hygiene.

    Why You Should Move to a Mobile Home

    Mobile home communities are growing in popularity for all good reasons. If you are looking for a place to call home, a mobile home community will be an ideal location.

    Here is why you need to move to a manufactured home:

    Affordable Housing

    Manufactured homes are cheaper than stick-built homes by almost 20 to 30 percent. According to the Manufactured Housing Institute, over 22 million Americans Live in Mobile Homes.

    For example, a single family home is less expensive, has a smaller footprint, has no property taxes, and requires a lower down payment.

    Decreased Operating Expense

    Unlike traditional site-built homes, you will spend less living in manufactured homes, when it comes to maintenance.

    It is typically accepted that the average operating expenses for a mobile home park are usually around 35-40% of the gross income, compared to apartments in the 50-60% expense ratio.

    Another reason for the lower operating expense ratio for mobile home parks is that you are not responsible for painting, cleaning carpets, fixing windows, and all the fun jobs of the apartment maintenance personnel.

    Today’s Mobile Homes are Safe and Quality-Controlled

    The term “mobile home” is often associated with a home of poor quality, which is a complete misconception.

    Today’s homes are built to HUD Code, which is administered by the U.S. Department of Housing and Urban Development.

    Safety, among other features, was part of the newly built home, after 1976, when the bill came into effect.

    Besides, today’s manufactured homes are engineered for wind safety and energy-efficiency, based on the geographic region in which they are sold. Therefore, among other locations, you shouldn’t worry about buying a manufactured home if you live in Florida.

    Final Thought

    A manufactured home is an excellent choice of housing for any family looking for a place to call home. It is affordable and comes along with the needed amenities.

    Please note, you should always be keen to consider the type of amenities offered within the mobile home community before joining them.

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    How Life in a Mobile Home Park Must Change Due to COVID-19

    4 years ago · · Comments Off on How Life in a Mobile Home Park Must Change Due to COVID-19

    How Life in a Mobile Home Park Must Change Due to COVID-19

    There is no question that the COVID-19 pandemic caught everyone off-guard. The pandemic has disrupted everything around the world and changed the way people do things.

    For instance, we have witnessed curfews and lockdowns being imposed in different countries to control the spread of the disease. One group, of many, that has been affected involves those people living in a mobile home park.

    Mobile home with American flag mobile home parks

    The effect the disease has had, especially on those who live in mobile homes, has forced almost everyone to pause their lives and consider how they live moving forward.

    Although there has been positive news of the development of a vaccine, the pandemic has changed the way we consume, the way we work, the way we travel, and the general face of our cities.

    Small blue gray mobile home mobile home parks

    How do you think life in a home park should change as a result of the pandemic? Here, we look at how life must adjust in any mobile home community.

    Life in a Mobile Home Park

    If you have ever lived in a mobile park, you understand that life in most parks or mobile home communities is easier, fun, and affordable.

    Caravans mobile home parks

    However, the COVID-19 pandemic has lead to several changes, as we’ll see below:

    Changes in Energy Consumption and Emissions in a Manufactured Home Community

    COVID-19 has led to lockdowns throughout the world that have affected different sectors, manufactured homes not excluded. One area that has felt these effects is the energy sector.

    New manufactured home in a new community mobile home parks

    It has affected both the production and consumption of energy. For instance, we have witnessed a decrease in energy consumption for the first time since the great depression.

    Wow Kitchen

    For each month of the lockdown, the energy consumption has fallen by at least 20%, according to the IEA (International Energy Agency).

    The closure of many factories and offices is what has led to the decrease in consumption of energy.

    Kitchen Home New

    This is despite the domestic energy consumption in mobile homes increasing, due to many people working from home.

    Those who have spent more time at home have seen their utility bill increase and, consequently, their rent.

    Caravan site park aerial view mobile home park

    We have also seen an increase in renewable sources of energy, such as solar. Solar has proven to reduce the cost of energy in mobile home parks.

    Even post-pandemic, it’s expected that the use of renewable sources of energy will continue to limit the emission of carbon into the atmosphere.

    Wow Kitchen

    To keep in line with reducing energy consumption and related cost, you could be forced to use energy-saving options in your manufactured home.

    Park owners are supposed to encourage and work with residents to do the following to their mobile homes:

    ●       Install insulated skirting

    ●       Install energy-efficient doors and windows

    ●       Add insulation to walls

    ●       Incorporate insulation into the belly

    ●       Install a belly wrap

    ●       Make general repairs and maintenance

    ●       Incorporate insulation on the roof and install roof caps

    Luxury caravan mobile home park

    Working from Home in a Manufactured Home Community

    The workforce has also experienced a tremendous change due to the COVID19 pandemic.

    White caravans

    For instance, the value placed on the supply chain and different workforce members has at least been redefined, temporarily.

    There has also been increased recognition of essential and critical workers, including drivers, supermarket staff, health care staff, and teachers.

    Scenic view of modern trailer of caravan park in summer. mobile home park

    Some workers have even lost their jobs due to companies cutting down on their workforce to keep up with increased losses in income.

    A new manufactured home at a retirement trailer park.

    A popular trend that has come up since the pandemic started is the ‘work from home’ formula that different companies have implemented.

    Most of the workers in many companies have been forced to work from home and only report to work when necessary.

    Mobile home with American flag, front lawn and clear blue sky.

    Those with a single-wide home have been forced to set aside some space in the living room for office functions.

    Kitchen Mobile Home

    Some with double-wide or triple-wide units have set aside one room as office space. This is a trend that is set to continue into the future.

    Nice House

    In the future, the designers and developers of homes in home communities may have to include office space in the homes.

    Internet connection in a new mobile home should also improve in order to allow people to work with ease, or even video conference without trouble.

    manufactured homes in home parks

    Reduced Social Activities in Trailer Parks and its Environments

    Life in a mobile park has always been full of fun, entertaining social activities and events.

    For instance, many home communities have organized games, festivals, ice skating, and hiking to keep people together.

    White House

    Some mobile home communities have parks where people can go and hang out with their loved ones and families.

    However, the pandemic has led to social distancing and lockdowns, leading to people remaining indoors most of the time.

    Row of caravan trailers

    This trend is set to continue for some time, and people will have to adjust and comply with the rules set by the different authorities.

    parked homes

    If you love to engage in social activities within a mobile home park, then you’ll have to forget it for some time.

    However, certain activities might be allowed, as long as people comply with health protocols and rules, such as social distancing and wearing masks.

    We can only expect things to resume back to normal once a vaccine is fully in operation. Until then, we should get used to the new normal.

    Car Park outside house

    The Design and Development of Mobile Homes in Home Parks Must Change

    There is no denying that COVID19 is changing planning for most human needs, including shelter.

    Home Credit Score

    Manufactured home dealers and developers are thinking of the best ways to improve their homes to help people survive this disaster with ease, both economically and financially.

    They recognize that good mobile housing is the cornerstone of reliable and strong neighborhoods.

    House In Field

    Before the pandemic, open floor plans had ruled the market for many years, even with the family shrinking.

    With the pandemic in place, it seems we’ll have to get used to fewer open spaces. There will be more insulation of the interior environment, which will allow for quieter places.

    Vast trailer park, mobile home

    Outdoor spaces, screened-in porches, and new landscaping approaches will likely keep disease-bearing organisms, such as mosquitoes, at bay.

    Homebased jobs are calling for better offices in a house environment. Therefore, designers will be forced to balance the between job requirements, along with the safety and privacy of the family.

    Residential Mobile Homes

    For instance, during the design and development process, the manufacturer should have in mind how utilities, such as water and sewer, will be available to tenants.

    Operators of Manufactured Home Communities Should Invest Wisely in Mobile Homes

    The majority of the people living in manufactured homes are low income households and families.

    Stock photo of a trailer park

    The pandemic has led to reduced working hours and, in worst cases, job losses for these lowincome families.

    You should note that most consumers who purchase mobile homes usually buy a mobile home unit and then lease the land where it’s located. In most cases, the lot rent on the land is affordable.

    Blue Manufactured Home

    Some lenders have made it hard for homebuyers to secure home-only loans, potentially affecting the demand for manufactured homes.

    During the pandemic, most of the mobile homeowners in parks have seen lower sales.

    Apple Carr Village

    However, many people anticipate that the demand will resume once the lockdown restrictions are eased, and people begin going back to work.

    The mobile home industry is predicted to also see a rise in demand for manufactured housing units, especially from consumers looking to downsize their homes from a site-built home to a mobile one.

    home white bricks

    People are likely to downsize since manufactured units in a trailer park are more affordable, compared to other options.

    Many people now prefer buying vacation houses and property as possible safer alternatives to resorts and hotels.

    Residential mobile park home

    This calls for real estate investors to weigh their investment options wisely before investing in a mobile home.

    Please note, as an investor, ensure that you comply with the HUD Code for manufactured units.

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    Why You Should Buy a Mobile Home: 7 Great Reasons

    4 years ago · · Comments Off on Why You Should Buy a Mobile Home: 7 Great Reasons

    Why You Should Buy a Mobile Home: 7 Great Reasons

    Finding your next house can be quite an overwhelming venture.

    For firsttime mobile home owners, it can be challenging to pick the best choice of house arrangement from the range of options that are available.

    White caravans buying a mobile home

    Being that mobile homes are one of the most popular forms of housing, you will enjoy some benefits that you are unlikely to get from buying a stick-built home (see manufactured homes vs. stick-built)

    For years, the manufactured home industry has undergone an overwhelming gradual change that has seen homebuyers enjoying these quality and luxurious homes.

    For example, granite countertops offer an aesthetic appeal to your mobile home’s interior, and are available at an affordable price.

    home white bricks mobile home park

    Today’s homes are customizable, so you can get the design layout of your taste.

    Why You Should Buy a Mobile Home

    Manufactured homes are regulated by the HUD Code for mobile homes, which is the Housing and Urban Development division of the federal government.

    Manufactured homes are prefabricated structures built in a factory on a permanently attached chassis before being transported to the site. Learn more about how mobile homes are built here.

    Trailer park mobile home

    You can buy your mobile home and place it in a mobile home park or buy your own land. Residential park homes are very popular right now.

    Not only does a mobile home park offer comfortable and modern accommodations, it is also cost-effective, safe, and built as part of a welcoming community. Learn what it is like living in a manufactured home here.

    If the idea of living more affordably appeals to you, manufactured housing may prove to be a good option.

    housing unit mobile home

    If you are thinking of buying a mobile home, here are seven great reasons why you need to strongly consider moving forward:

    1.    It is Cost-Effective: It is Better than Buying a Site-Built House or Renting an Apartment

    2.    Mobile Homes Offer You Flexibility

    3.    Mobile Homes on Land Appreciate like Other Homes

    4.    Mobile Homes are Safe

    5.    Mobile Homes can be Financed

    6.    You will get Your Home Faster

    7.    Mobile Homes are Low Maintenance

    It is Cost-Effective: It is Better than Buying a Site-Built House or Renting an Apartment

    With a mobile house, you save in multiple ways. The most obvious is the cost to manufacture the house.

    Buying a site-built house can be challenging since it is often highly priced when compared to manufactured homes.

    Nice House mobile home

    Although they are both built from the same material, manufactured homes can cost up to 30% less than a stick-built house. Perhaps this is the most beautiful thing about manufactured homes. Since they are massproduced and built on assembly lines, manufactured homes cost less to make, thus less to buy.

    New manufactured home in a new community mobile home

    For instance, as of September 2018, the median price of a house in the United States was $225,700. Depending on where you live, the average price of a house can be lower or much higher. Comparatively, the average cost of a manufactured house in 2018 was $87,100.

    On average, a one-bedroom apartment can cost you around $1,000 monthly. In contrast, you can buy a manufactured house with a payment of $450 per month and a lot rent of $350 per month, if you are renting the land. Learn what a land-lease community is here.

    Suppose you spend around $100 for maintenance a month. Still the overall cost will almost be the same as renting an apartment. You can check out these mobile home maintenance tips for further assistance.

    a mobil home in camping real estate

    However, you will enjoy a bigger space in a luxurious house, all while also having the option to resell and recoup some cash. View our guide on selling a mobile home in Michigan here.

    Mobile Homes Offer You Flexibility

    One of the best things you can enjoy with manufactured homes is flexibility. Especially since a mobile home is usually more affordable than a stick-built home and only semi-permanent. What we mean by that is, if you own land, you can place a mobile house on it now, and remove it in the future.


    What you need to know is that even though manufactured homes are not easily moved once set up, they are easier to carry than a stick-built home, which is completely unmovable. Learn how much it costs to move a mobile home here.

    Once a stick-built home is constructed, it is there permanently. With your home mobile, you can move freely without worrying about it.

    Mobile Homes on Land Appreciate like Other Homes

    Undoubtedly when the land value increases, your home will likely gain some value too. So, if you have your house on private land, you are likely to reap big.

    mobile home on trailer park

    Many people are caught up in the argument that this type of housing depreciates. Well, you are right; but seeing it from another angle will give you a glimpse of what could go right if you invest in them. Find out if a mobile home is a good investment here

    Real estate does not always go up in value, as many people discovered over a decade ago. However, when houses are rising in value over time, manufactured homes with their own lots go up with them. Learn how to increase the value of a mobile home here.

    Mobile Homes are Safe

    People often wonder ‘are mobile homes safe?’ Manufactured homes are among the safest housing choices available today. The Manufactured Housing Institute provides some solid information about manufactured house safety.

    A static caravan holiday home energy efficient mobile home

    Manufactured homes are built to the HUD code, which came into effect in 1976. The U.S. Congress passed the bill in a bid to improve the safety standards of mobile homes, which were then on high demand. In fact, post-1976 manufactured homes have lower rates of fires than even site-built homes. Also, they are built to withstand strong winds, unlike the homes built before 1976. Learn about wind zone ratings for mobile homes here.

    Home kitchen big

    Manufactured homes perform as well as site-built homes during a storm. For example, during the Derecho storm of 2020, 140mph straight-line winds pounded the Cedar Rapids, Iowa area for 45 minutes. As a result, manufactured homes in Hames communities sustained less damage than stick-built homes, apartments, and commercial properties. None of the Hames manufactured homes tipped over.

    Housing Rows mobile home

    Mobile Homes can be Financed

    Many people have been mistaken about chattel mobile home financing. While they are not categorized as real estate properties, that does not mean you can’t get financing for manufactured homes from financial institutions.Per the norm, it all comes down to your credit score.

    Home Credit Score

    If you have a good credit history, you are likely to attract lenders and get your house financed. Learn what credit score is needed to buy a mobile home here.

    For instance, through HUD programs, banks will loan up to $69,678 on a mobile home that is on a rented lot, and up to $92,904 on a house attached to a lot.

    Here are various financing options you can use:

    • VA Loans
    • Personal Loans
    • FHA Loans
    • Fannie Mae
    • Freddie Mac
    • Chattel Loans

    Please remember to compare different financial institutions’ interest rates before buying your house.

    Car Park outside house

    You will get Your House Faster

    Another often-overlooked advantage of assembly line construction of your house is the speed at which your home will be made.

    Manufactured housing has gone through several revolutions, and we are a far-cry from the “trailer home” of yesteryear. Learn how a trailer differs from a manufactured home here.

    Construction times for mobile homes vary, but they are always faster than a stick-built home. Typically, it takes about four months from house order to house move-in.

    Kitchen Variant

    With that said, the actual construction time to build a manufactured house in the factory is just a few days. Some more affordable variants of manufactured homes can be built in as little as a few hours, while others will take several days due to things such as finishing touches on drywall, interior arches, or double-insulated windows.

    Efficiency of construction is a big advantage of the factory building process. Therefore, one can get their house within months after order.

    Mobile Homes are Low Maintenance

    Think about how much work a traditional property demands of you! Stick-built homes demand maintenance that is expensive, especially when compared to manufactured homes. You will part ways with a lot of money when it comes to maintenance.

    A new manufactured home at a retirement trailer park.

    In other words, maintaining this type of house is not the same as maintaining a stick-built home. Learn how to maintain a mobile home here.

    Modern manufactured homes benefit from convenient, intelligent construction. This means it is never likely that you will need to repair anything at expensive rates.

    Older individuals who move into park homes will also benefit from single-level living.

    Still there is less to maintain and repair, therefore there is less hassle and money spent!

    What You Need to Know About Mobile Homes

    Gaining knowledge is important before buying any product or real estate property. Before you rush and find that mobile house dealer (see the top manufactured home dealers in Michigan), here are a few things you should know about manufactured homes:

    Types of Mobile Homes

    Manufactured homes come in a variety of different floor plans, and they are classified according to their size.

    A single-wide mobile home is the most common classification, typically ranging from 600 square feet to 1,330 square feet.

    House In Field

    The dimensions of single-wide mobile homes are usually 14 to 18 feet wide and 66 to 80 feet long, and they will usually feature one to two bedrooms.

    A double-wide is actually two single-wides joined together to create a larger house. Typically, double-wides are family homes, as they offer larger floor plans. See our list of top double-wide mobile home dealers in Michigan.

    Delivery and Setup

    Whether you are installing a mobile house on a large rural lot you own or on an undeveloped site in mobile home parks, there are things you must do to prepare the land.

    White House

    Some communities will prepare the site for you, while others put you in charge of hiring folks to do the required site work.

    How to Insure a Mobile House

    Much like a typical house, you will need a manufactured home insurance policy to protect the house and its contents. If you are getting a loan, mobile house insurance will almost certainly be required by the lender.

    Wow Kitchen

    Most communities require residents to carry insurance as well. The good thing is that many insurance companies offer mobile house insurance, so you will be able to shop around for the best rates.

    Final Thought

    Mobile home ownership is a popular form of housing. If you are thinking of buying a mobile home, this could be one of the best decisions in your life. You will save money!

    Home Community Home

    They are energy-efficient, affordable and offer flexibility. These features are what makes it an attractive form of housing for many home buyers.

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