HUD on Manufactured Homes, previously Mobile Homes, previously Trailers
From: Sharon Villines (sharonsharonvillines.com)
Date: Wed, 9 Dec 2020 09:27:55 -0800 (PST)
In 1976, HUD established comprehensive standards and definitions for trailer, 
mobile, and manufactured homes. Manufactured homes is the preferred name. I 
find it confusing since modular houses are also manufactured. But since new 
“trailers” are actually not “mobile” and what used to be trailers or mobile 
homes are increasingly complex, manufactured is a closer description. They now 
come in double and triple wide sizes.

Information from HUD — a lot of links

https://www.hud.gov/program_offices/housing/rmra/mhs/mhshome

On mortgages for manufactured homes:

FHA Requirements (scroll down)
https://www.fha.com/fha_article?id=222

Gateway Mortgage has lots of information on their site. Not an endorsement 
because I know nothing about them. Google search brings up several specializing 
in manufactured homes as well as some rating articles.
https://www.gatewayloan.com/find-a-loan/purchase-loan-types/manufactured-home-loans/

Gateway proudly offers numerous manufactured home loan choices including FHA, 
VA, Conventional and even some of our specialized programs like the Lock & 
Shop, Fannie Mae’s HomeReady and the Freddie Mac HomePossible loan.

Features and Benefits
        • Down payments as low as 0%
        • Home must sit on a foundation and be classified as real estate
        • Fixed-rate, Adjustable-Rate Mortgages (ARMs) and High Balance options 
available
        • Gift funds and seller contributions for down payment and closing 
costs may be allowed
        • Affordable alternative to traditional housing

Classification as real estate is important because it means lower interest 
rates — same a conventional housing. Criteria include how the home is installed 
and whether the land is owned or leased. If the home is not classified as real 
estate, it will be taxed as property like boats. A cohousing community would be 
the perfect set up for a real estate classification. 

Silverton Mortgage is owned by Berkshire Hathaway and specializes in 
manufactured homes. There are a bunch of articles on Clayton and class action 
suits in Florida. Wikipedia article:
https://en.wikipedia.org/wiki/Clayton_Homes

Sharon
——— 
Sharon Villines
http://affordablecohousing.com
affordablecohousing [at] groups.io
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