You may have heard of different terms to refer to homes that are not traditionally built on-site, like ‘modular’ or ‘manufactured’ homes. These homes are a good option for homeowners looking for an affordable, environmentally-friendly, and quickly-built option.
However, a modular home is different from a manufactured home. Modular homes rest on a permanent concrete foundation while manufactured homes can be moved. Unlike traditional homes, manufactured homes are not built on a permanent foundation. Instead, they are pre-built and assembled on-site, sometimes resting on blocks or a concrete foundation.
Standard manufactured homes come in single, double wide, and triple wide. Under Missouri law, the title to a manufactured home is held as a Certificate of Title issued by the Missouri Department of Revenue and has thirty days from the date of purchase to purchase the title and pay sales tax on the home.
Because they are not on a permanent foundation and thus not considered real property and must be converted to one before you can finance a standard manufactured home, to finance a standard manufactured home, you must meet the following requirements:
A CrossMod™ is another manufactured home option you can choose from that is a HUD-code manufactured home. CrossMod™ homes are built to higher standards and resemble traditional site-built home with features like front porches, pitched roofs, garages, or carports.
There are many options to choose from for energy efficiency and aesthetics, so you can make your manufactured home fit your lifestyle and budget. CrossMod™ homes must meet specific construction, architectural, and energy-efficient design standards.
Much like a traditionally-built home, you must consider financing when you purchase a manufactured home. At SmartMortgage, we offer financing options for your purchase of a manufactured home, including:
If your manufactured home is on a permanent foundation, you may be eligible for a conventional or government-backed mortgage. Your SmartMortgage lender will work with you to find the best loan option for your manufactured home.
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