MANUFACTURED HOMES

FTC Disclosure

Florida Mortgage Corporation is pleased to offer numerous Manufactured Home mortgage programs. Historically, manufactured homes have been financed as personal property, resulting in personal loans that often require a 10 percent down payment, with the remainder financed over 10 to 15 years. Interest rates are higher, resembling car and boat loans, and because the loans aren't mortgages, the interest paid isn't tax-deductible.

These loans still are the most common. Many manufactured homes (double wide) on land now require a minimum 3 percent down payment or more and finance the remainder over 20 to 30 years.

If the home is immobile (permanent) and if the owner of the home also owns the underlying land, then the loan is likely to be viewed as a mortgage, gaining vital tax benefits. Mortgage interest, real estate taxes, mortgage insurance is tax deductible.

Florida Mortgage Corporation has a variety of products and programs that vary according to down payment, the size of the home, and terms extending out to 30 years.

We also provide manufactured home financing for your used home purchase. If your goal is to Refinance your manufactured home to consolidate those high interest credit cards, or just get cash, you’re in the right place. FHA offers up to 95% cash-out refinancing for manufactured homes. Unlike most lenders, we are eager to lend on manufactured homes located in mobile home parks or manufactured home communities.

A mobile home is a dwelling which is built on an integral chassis, in a factory, transportable in one or more sections, and which is eight feet or more in width. All single family mobile homes manufactured since June of 1976 must be built to standards established by the U.S. Department of Housing and Urban Development (HUD), and must display a label certifying compliance. One of every three homes constructed in Florida is a mobile home.

A Florida home is probably the single most important purchase you will make in your lifetime. In recent years, nearly one-third of all new single-family homes bought have been manufactured homes.

The term "manufactured home" was adopted in 1980 by the United States Congress to describe a type of house that is constructed in a factory to comply with a building code developed by the Department of Housing and Urban Development (HUD). In the past, manufactured homes were called "mobile homes," a term that many people still use. However, "mobile" is no longer an accurate name because fewer than five percent of such homes are ever moved off the owner's original site.                                         

The exterior and interior designs of manufactured homes resemble those of site-built homes and offer many of the same amenities: brand name appliances; fireplaces; walk-in closets; and spacious floor plans.

They're manufactured homes now and, with 19 million people living in them, they're fast becoming the housing style of choice for people who have to achieve the American Dream on a limited budget.

Today's manufactured homes bear little resemblance to yesterday's air-slipping tin cans on wheels. With improved quality and material, stitched together seamlessly in double-wide sections, they can be indistinguishable from site-built, conventional homes.

Over the past decade, the growth rate of the manufactured housing industry has been dramatic, and affordability has played a key role. Today's manufactured homes offer the quality, value, and technologically advanced features that homebuyers desire. Features include vaulted ceilings, walk-in closets, fireplaces, state-of-the-art appliances, spacious floor plans, customization packages, two-story models, and exterior designs compatible with almost any neighborhood. Manufactured homes are built in a factory-controlled environment and are required to meet the strict HUD Code, which was established by the Federal Government to regulate the design, construction, and safety of these homes. The HUD Code sets standards for heating, plumbing, air conditioning, thermal and electrical systems, structural design, construction, transportation, energy efficiency, and fire safety.

Manufactured housing (including mobile homes) accounts for around 25% of annual new, residential construction and home sales in the United States. Millions of Americans live in manufactured homes, which represent more than 10% of the total housing stock. In many rural areas, the percentage is much higher. The sales prices for a new manufactured home range from under $50,000 for a single-section home with basic features to over $150,000 for a deluxe multi-section home. Sometimes referred to as singlewide, double wide and triple wide. Low purchase cost, with cost savings of 20%-40% for manufactured housing over that of site-built housing, is the major attraction of manufactured homes. The cost of heating and cooling some older manufactured homes, however, can be twice as much as site-built houses of comparable size and age.

HUD Code Requirements

Unlike all other forms of factory-built housing, which must meet state and local codes, mobile homes must conform to the U.S. Department of Housing and Urban Development (HUD) 1976 Federal Manufactured Home Construction and Safety Standards Acts, commonly known as the "HUD Code." Although "manufactured housing" is a term broadly applied to any type of factory-built housing, the 1980 amendment to the original 1976 HUD Code, defines "manufactured homes" as mobile homes. This information brief uses the HUD definition and focuses on mobile homes.

Those "trailer homes" of the past have gone the way of the Edsel and the eight-track tape. Manufactured housing continues to grow in popularity for a wide range of homebuyers. The exceptional affordability of manufactured homes places home ownership within the reach of many households who are priced out of the market for site-built homes.

MAIN-MFD HOMES    ▪    CONVENTIONAL    ▪     FHA     ▪     VA     ▪    STATED    ▪     SINGLEWIDE    ▪     100%  LOAN    ▪    1970 TO 1976   ▪   CONSTRUCTION

mobile home financing :: manufactured home financing :: mobile home mortgage :: mobile home refinancing

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