Many wonder what the difference is between a manufactured home and a modular home because both may be placed in a land-leased community or on private property. The differences are in how it is assembled and erected on the site as well as the building codes each must follow.

Manufactured homes, formerly called mobile homes or trailers, are constructed with a permanent chassis designed for over-the-road transportation and delivered to the home in one or more sections according to the National Manufactured Home Construction and Safety Standards Act of 1974 enforced by the Department of Housing and Urban Development (HUD). This is why they are also called HUD-Code homes.

HUD regulates the home's design and construction, strength and durability, transportability, fire resistance, energy efficiency and quality control. It also sets tough performance standards for heating, plumbing, air-conditioning, thermal and electrical systems. Manufactured homes are popular in the southeast and southwest, as well as in rural areas on private land with minimal land use restrictions.

Modular homes, sometimes known as state pre-manufactured homes, are delivered to the building site in largely complete form as multiple modules and placed by crane on conventional basement or crawl space foundations. The design and construction of modular homes are regulated entirely by state and local building codes similar or identical to those that apply to site-built homes. Modular homes account for about 3 percent of all homes built annually in the country or about 42,000 homes in 2004, according to the National Association of Home Builders (NAHB).

There generally is more difficulty in financing manufactured homes than modular homes and they can also be more difficult to refinance due to their originally being classified as "vehicles" and suffering similar property depreciation as automobiles and because many manufactured homes are on leased land. However, if you also own the land on which the manufactured home is built, and the home is immobile, getting manufactured home loans and refinancing is generally easier. Modular home financing, on the other hand, are treated in the same way as site built homes. With more people turning to manufactured and modular homes as low-cost housing solutions, it is getting easier all the time to find the right manufactured or modular home lender.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Opportunities in VA Repossessions
The Veteran's Administration offers great home loan programs for veterans and others. Unfortunately, some of these homeowners default on their homes, and the VA repossesses them. This is an unfortunate situation, but it does create opportunities for us as private investors. In this article, I'll ... more...

Repossessed Mobile Homes - A Guide to Finding Mobile Homes in Foreclosure
Sadly not everyone who buys a mobile home can afford it. When they figure out how much they can afford in monthly home payments, they may forget to calculate in lot fees, utilities, taxes and the like. Plus, since many mobile home buyers arrange for their financing through the mobile home ... more...

5 Tips To Buy Cheap Repossessed Modular Homes
If you are tired of renting an apartment, or spending thousands of dollars on that condominium unit you can't own, then count yourself among the rest of humanity that finds security in owning something. Owning a home, after all, has its advantages: you have a place to call your own, and you don't ... more...

The Basics of FHA Real Estate Mortgages for Investors
As an investor, it's important to know the details of HUD/FHA programs so you can deal effectively with buyers and sellers, particularly in the area of foreclosures. Owner-occupants have first choice on these properties, but when repossessed properties don't sell, you can pick up some real bargains ... more...