What is a Manufactured Home? 

A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.

What is the difference between Manufactured and Modular homes? 

Manufactured homes are constructed according to a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, unlike conventional building codes, requires manufactured homes to be constructed on a permanent chassis. Modular homes are constructed to the same state, local or regional building codes as site-built homes. Other types of systems-built homes include panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.

Are Manufactured homes considered real property in North Carolina? 

Manufactured homes are issued a DMV title, just like a car or RV.  To be considered real property, the following must happen: 1) The DMV Title must be retired by the owner. 2) An Affidavit of Affixture must be filed with the  county's Register of Deeds' office.   

What is the age limit on Manufactured Housing? 

For traditional financing, the home typically needs to be built after June 15,1976.   Homes built prior to this do not meet HUD standards. 

Financing for Manufactured Housing? 

Many lenders and banks have strict guidelines or overlays for manufactured housing.  At Triad Mortgage we have many financing options available for manufactured housing including Single Wides. 

USDA-    USDA offers 100% financing in NC on new, never titled homes. 

VA-    VA offers 100% financing to eligible VA borrowers. We are able to help borrowers with credit scores as low as 500!

FHA-    FHA offers financing with 3.5% down for borrowers with credit scores over 580 and 10% down for borrowers between 500 -579.   

Conventional-   Conventional offers financing starting at 5% down. (Fannie Mae Advantage allows 3% down-Homes must have the Fannie Mae Advantage designation) 

*Manufactured homes must be considered real property before or at closing.