Mobile/Manuf/Modular/Park Model homes

The various terms can be confusing. Here are some basic definitions to help you out.

Mobile Homes (also known as trailers) are homes on wheels built prior to 1976. During the 1950’s the industry upgrade the image from trailers to mobile homes by using the term “mobile home”. In June of 1976 HUD put in place building standards and changed the industry.

Manufactured Homes are manufactured in a factory to HUD standards. The home is transported to a site on attached wheels. The home may be placed in a park, or put on private land. If it is on private land and on a foundation the financing is treated like a traditional mortgage. When placed on leased land or not placed on a foundation it will require a chattel loan for financing.

+ Park Model Homes+ are relatively new, but are gaining popularity. Pushed along by the Tiny Home phenomenon, these homes are factory built to RV industry code,often in the same factories that produce manufactured homes using HUD standards and are typically 400 sq. ft or less. Park model homes also require a chattel loan from either a Manufactured home lender or an RV lender.

Modular Homes are built in a factory, transported to the building site on trucks, and put in place by cranes. These homes use traditional mortgage products. We offering financing solutions for all four of these types of homes.