What is the difference between a modular home and a manufactured home?
Manufactured homes (also known as mobile homes) are defined as a home with a metal chassis and wheels (even if the wheels are removed and the home is placed on a permanent foundation). Many lenders do not lend on such homes
Modular homes are constructed off site without wheels, and shipped to the location in sections for assemblage. This type of home does not have manufactured HUD tags. Certain lenders do provide financing for modular homes in certain states and counties. Contact your local mortgage professional Michael R. Byrne at 1-800-999-2489 x7972 or mbyrne@gfhomeloans.com to determine whether or not you can obtain financing for your modular home.VA loans also can be used to obtain financing for a modular or manufactured home. This is subject to the structure being in compliance with the Veterans Administration's guidelines for modular and manufactured homes.
An FHA loan can be used to finance or refinance a manufactured home if the home is on a permanent foundation that complies with HUD guidelines. If the home does not presently comply, an FHA refinance can be used to cover the costs of bringing the home into compliance if you have enough equity.
