HOT TREND: Manufactured Homes. To follow or not to follow?

Believe it or not, a current “hot” trend in housing alternatives is manufactured homes. One in seven new homes sold in the past year were made in factories and transported to their permanent site. Close to 10% of the U.S. population now live in manufactured homes. Since 90% of manufactured homes are purchased with borrowed money, there are some critical factors to consider when financing. Most buyers must finance their manufactured homes as “private property”- like purchasing a small plane or boat. The down side to this situation is that interest rates will be higher if your home is titled and taxed as personal property rather than real estate. Many dealers will finance manufactured homes, but you can go competitive loan shopping. It is to your advantage if you plan to place your home on your own land or a lot with a long-term lease. On a positive note, Freddie Mac, a government-sponsored organization, began buying loans on manufactured homes classified as titled real estate. Many states are changing policies and defining manufactured housing as real estate rather than personal property. If you own your land, you can now get a good loan rate with an affordable down payment. Manufactured homes were once commonly called “mobile homes” but they are usually residential dwellings that are moved to a permanent location. They are built on solid foundations – using concrete blocks, poured concrete pads and brick masonry. You can even get manufactured homes with outside entrance basements as an option! With shingled roofs, bay windows and expansive front porches, it is hard to tell manufactured homes from the regular “stick built” versions.

Tami

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About tamirapaport

I have been a Tenafly Realtor for many years and continue to offer excellent service for my friends and clients. I have been fortunate to be the only realtor to achive Platinum Level Sales Award for 8 years in a row! (NJAR Circle of Excellence 2002-2009) and in 2008, I ranked #3 out of 3,900 Coldwell Banker agents throughout the entire state of New Jersey! I love my job and my committment shows. I am also a member of Coldwell Banker International President's Premier, the top 1% worldwide of the heighest sales ranking within the company. Awards are great recognition, but my clients will tell you I get the job done! I am multi-lingual and speak fluent Hebrew as well as English.
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