Everything You Need to Know

Common Questions About Manufactured Homes, Purchases, and Financing

General Questions About Manufactured Homes

1. What is a manufactured home?
A manufactured home is a factory-built home constructed according to the HUD (U.S. Department of Housing and Urban Development) Code, ensuring safety, energy efficiency, and durability. These homes are transported to a home site and placed on a permanent or temporary foundation.

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2. What is the difference between manufactured and modular homes?
Manufactured homes are built to HUD Code standards and can be placed on leased land or private property, while modular homes are built to local building codes and are typically placed on a permanent foundation. Both offer high-quality construction, but modular homes may be similar to traditional site-built homes in financing and resale value.

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3. Can a manufactured home be placed on any land?
Manufactured homes can be placed on private land, in manufactured home communities, or in designated zoning areas. However, local zoning laws, HOA regulations, and deed restrictions may apply, so you must check with your local authorities before purchasing land. 

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4. Are manufactured homes energy-efficient?
Yes! Modern manufactured homes have high-quality insulation, energy-efficient windows, and appliances that help reduce heating and cooling costs. Many models are also ENERGY STAR® certified, meeting strict energy efficiency guidelines.

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5. Do manufactured homes come with warranties?
Yes, most new homes come with a limited one year manufacturer’s warranty covering defects in materials and workmanship. Additionally, many retailers and third-party providers offer extended warranties for added protection on systems like HVAC, plumbing, and appliances.

Purchasing & Customization Questions

6. Can I customize my manufactured home?
Many manufacturers offer customizable floor plans, upgraded finishes, and optional features such as granite countertops, hardwood flooring, energy-efficient appliances, and smart home technology.  As your dealer, Home Placer only offers the most affordable design and fully trimmed models.  At this time, Home Placer can work with you to find the home that fits your style and budget.

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7. How long does it take to receive my home after purchase?
The timeline varies based on manufacturer availability, customization options, and delivery logistics, but most manufactured homes are typically ready within 12 weeks of purchase. However, site preparation, permitting, and foundation work may add extra time before you can move in.

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8. Can I place a manufactured home on a permanent foundation?
Yes! Many homeowners place their manufactured homes on permanent foundations, which can help with long-term stability and financing options. This also allows the home to appreciate in value more like a traditional site-built home.

9. Do manufactured homes appreciate in value?
Manufactured homes can appreciate in value, especially when placed on a permanent foundation, are well-maintained, and are located in desirable areas. Like any home, factors such as location, market conditions, and upkeep will influence its long-term value.

Financing & FHA Loan Eligibility

10. Can I finance a manufactured home?
Yes! Manufactured homes can be financed through traditional lenders, FHA loans, VA loans, USDA loans, and chattel loans (for homes on leased land). Your eligibility will depend on credit score, down payment, and loan terms.

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11. Are manufactured homes eligible for FHA financing?
Yes! FHA (Federal Housing Administration) offers loans for manufactured homes, making it easier for buyers to secure financing with lower down payments and competitive interest rates. To qualify, the home must meet a variety of HUD Code Standards and must be classified as real property. ​

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12. How much down payment is required for financing?

• FHA loans typically require as little as 3.5% down.

• VA and USDA loans may offer zero down payment options for eligible buyers.

• Conventional loans usually require 5-20% down, depending on credit and lender requirements.

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14. What credit score is needed to finance a manufactured home?
Most FHA lenders require a minimum credit score of 580-620, but some may accept lower scores with higher down payments. VA and USDA loans may have similar requirements, while conventional loans typically require higher credit scores (around 650+).

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15. Can a manufactured home loan be refinanced?
Yes! Many lenders offer refinancing options for manufactured homes, allowing homeowners to lower their interest rates, reduce monthly payments, or switch from a chattel loan to a traditional mortgage if the home is placed on a permanent foundation.

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16. Do I need homeowners insurance for a manufactured home?
Yes, most lenders require homeowners insurance to protect your investment. Policies typically cover fire, theft, weather damage, and liability. If you’re placing your home in a flood-prone area, flood insurance may also be required.