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Looking for Factory Build Homes, not modulars?


Stampede

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There is modular and manufactured homes. Modular homes can be built by your own specs. They are almost like regular stick built homes. Manufactured homes are doublewides with a steal beam undercariage. Don't mix up those two. In financing, modular homes are financed just like stick built homes, whereas manufactured homes are a little harder to finance.
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I don't like the looks of modulars, I'm looking for a cape cod.

 

Thanks.

 

You can customize a modular anyway you'd like. Cape Cod's are absolutely available. Check out some of the big modular companies. Nationwide Modulars is one of the biggest.

 

BE specific when you make this buy, Mods are tuff to finance.

 

Through whom?

-Marc

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You can customize a modular anyway you'd like. Cape Cod's are absolutely available. Check out some of the big modular companies. Nationwide Modulars is one of the biggest.

 

 

 

Through whom?

-Marc

 

Through anyone! Many banks wont even do them anymore, and the ones that do offer pretty high rates.

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Through anyone! Many banks wont even do them anymore, and the ones that do offer pretty high rates.

 

Modular homes are as easy to finance as regular stick built houses. Manufactured homes aka doublewides are a little harder to finance through some lenders.

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Modular homes are as easy to finance as regular stick built houses. Manufactured homes aka doublewides are a little harder to finance through some lenders.

 

I agree when comparing to a double wide, but in comparing a Mod to a regular Detached Primary, the rates and terms are different, period. And in this market, resale is not so great as well. But, to each his own.

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I agree when comparing to a double wide, but in comparing a Mod to a regular Detached Primary, the rates and terms are different, period. And in this market, resale is not so great as well. But, to each his own.

 

Incorrect. I can offer the EXACT same rate, term, and cost for a modular as I can a stick-build.

 

Resale in 'this market' is shit for any home regardless of make. Let's not muddy the water of the conversation.

 

It is a proven fact that modular homes are better built than *most* stick-builds. Think about why...Modulars are built in a factory and are immune to weather during the build...no water soaked wood. The cuts are all done by machine and are exact compared to joe-schmo hungover builder/undocumented worker. Usually higher quality materials, and still less expensive than a stick-build.

-Marc

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Incorrect. I can offer the EXACT same rate, term, and cost for a modular as I can a stick-build.

 

Resale in 'this market' is shit for any home regardless of make. Let's not muddy the water of the conversation.

 

It is a proven fact that modular homes are better built than *most* stick-builds. Think about why...Modulars are built in a factory and are immune to weather during the build...no water soaked wood. The cuts are all done by machine and are exact compared to joe-schmo hungover builder/undocumented worker. Usually higher quality materials, and still less expensive than a stick-build.

-Marc

 

While YOU may be able to get the same rates, term; MOST banks do not. I know most banks won't touch a modular home loan with a 10 foot pole. If they do, MOST will charge a much higher interest rate and will at most only allow a 8-15 year term. :)

 

In the case of a foreclosed modular home or even "reposed", the resale is major shit compared to a "stick" built home. Most are lucky to sell for more than $2,000. A foreclosed "stick" built home will go for much, much higher than that in the same area. This comes from my wife that works in Huntington Bank's Litigation and Morgage collection department. She deals with foreclosed home sales daily for the bank.

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Incorrect. I can offer the EXACT same rate, term, and cost for a modular as I can a stick-build.

 

Resale in 'this market' is shit for any home regardless of make. Let's not muddy the water of the conversation.

 

It is a proven fact that modular homes are better built than *most* stick-builds. Think about why...Modulars are built in a factory and are immune to weather during the build...no water soaked wood. The cuts are all done by machine and are exact compared to joe-schmo hungover builder/undocumented worker. Usually higher quality materials, and still less expensive than a stick-build.

-Marc

 

As can I, but the discount will be reflected in the borrower's closing cost. That, and there is a lot more legwork on the lender and borrower's end to get an underwriter to approve such a loan. Odd that your pushing a mod like you sell, or, live in one. You say "proven fact." I'd like to see the proof;backed by pictures, evidence, and some sort of repeatable provable analysis.

 

To make sure people dont think a Mod=Single Family home, here are the guidelines for Fannie/Freddie, the GSE's who's directives drive the US lending industry. Like it or not, they make the rules.

 

http://www.freddiemac.com/sell/factsheets/ltv_tltv.htm

 

Read the bottom-you need to see Section H33.3e for Mods

 

http://www.freddiemac.com/sell/factsheets/pdf/manufactured_homes_387b.pdf

 

Even if you don't know what your reading, its easy to see a loan for a Mod is much more difficult that a standard home. Consequently, your rates and fees will reflect that. And HAVE FUN taking a cash-out refinance for one!

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That is for a trailer home

Manufactured home = Double wide hauled to your site and secured to a concrete pad.

Modular home= Sections of the home are built off site, tranported to your property and assembled at your house.

 

Huntington, Chase, Guernsey, Heartland and PNC will all finance a modular home the same as a on site built home. I know this because my sister and her husband just went through this last year when they were looking at putting on on their land

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Incorrect. I can offer the EXACT same rate, term, and cost for a modular as I can a stick-build.

 

Resale in 'this market' is shit for any home regardless of make. Let's not muddy the water of the conversation.

 

It is a proven fact that modular homes are better built than *most* stick-builds. Think about why...Modulars are built in a factory and are immune to weather during the build...no water soaked wood. The cuts are all done by machine and are exact compared to joe-schmo hungover builder/undocumented worker. Usually higher quality materials, and still less expensive than a stick-build.

-Marc

 

This is 100% true. I work for a bank too and modular homes are compared the SAME as stick built homes with the same interest rates.

 

That is for a trailer home

Manufactured home = Double wide hauled to your site and secured to a concrete pad.

Modular home= Sections of the home are built off site, tranported to your property and assembled at your house.

 

Huntington, Chase, Guernsey, Heartland and PNC will all finance a modular home the same as a on site built home. I know this because my sister and her husband just went through this last year when they were looking at putting on on their land

This is a also 100% true.

 

As can I, but the discount will be reflected in the borrower's closing cost. That, and there is a lot more legwork on the lender and borrower's end to get an underwriter to approve such a loan. Odd that your pushing a mod like you sell, or, live in one. You say "proven fact." I'd like to see the proof;backed by pictures, evidence, and some sort of repeatable provable analysis.

 

To make sure people dont think a Mod=Single Family home, here are the guidelines for Fannie/Freddie, the GSE's who's directives drive the US lending industry. Like it or not, they make the rules.

 

http://www.freddiemac.com/sell/factsheets/ltv_tltv.htm

 

Read the bottom-you need to see Section H33.3e for Mods

 

http://www.freddiemac.com/sell/factsheets/pdf/manufactured_homes_387b.pdf

 

Even if you don't know what your reading, its easy to see a loan for a Mod is much more difficult that a standard home. Consequently, your rates and fees will reflect that. And HAVE FUN taking a cash-out refinance for one!

 

This applies to manufactured homes not modulars. It is not the same. Read above quote.

Edited by ICEMAN
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THIS is a modular home

http://www.allamericanhomes.com/floorplans.php?floorplan=Orleans

 

THIS is a manufactured home

http://www.mobilehomesjacksonville.com/images/manufactured-home.jpg

 

The first one you cna get regular financing just as easily as an on site built house.

The second one comes in on a body on frame set up and is typically set on a raised post foundation. You have a harder time getting financing for those, and no, they have shitty resale.

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THIS is a modular home

http://www.allamericanhomes.com/floorplans.php?floorplan=Orleans

 

THIS is a manufactured home

http://www.mobilehomesjacksonville.com/images/manufactured-home.jpg

 

The first one you cna get regular financing just as easily as an on site built house.

The second one comes in on a body on frame set up and is typically set on a raised post foundation. You have a harder time getting financing for those, and no, they have shitty resale.

 

Fair enough. The problem lies in the fact that everyone that has a manufactured home, THINKS is a Mod, and every Mod THINKS its stick built. Typically the truth would not come out until you have a title Cert.Some banks do use the same ratios and for Mods and Standard Detached, some don't. It is what it is.

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Fair enough. The problem lies in the fact that everyone that has a manufactured home, THINKS is a Mod, and every Mod THINKS its stick built.
I would hope not. Typically modular homes are a little higher end in the initial build. The panels will be tighter fitting, more insulation, etc. On This Old House, a lot of additions they do anymore are modular, as in, they will build the floors, walls, and roof in a factory and ship them to the house to be installed. It's considered green. Most people who have an actual modular home would guffaw at anyone insinuating they have a standard build home.
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Not to stir the pot, but I actually find this interesting.

 

Leaving manufactured homes out of the conversation...

 

Is there a title difference between a MODULAR home with a full basement and a stick built home with a full basement?

 

Not if an actual modular home. Lots of manufactured homes are sold as "modulars". The ones you see going down the freeway with in 2 halves are actually "manufactured" homes. Modulars come in pieces and most of the house is assembled on site, rather than just putting 2 halves together

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Not if an actual modular home. Lots of manufactured homes are sold as "modulars". The ones you see going down the freeway with in 2 halves are actually "manufactured" homes. Modulars come in pieces and most of the house is assembled on site, rather than just putting 2 halves together

 

=The gray area to the average borrower who thinks the lender wont eventually find out its a manufactured home. This was the issue I mentioned in my first post.

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