Differences between modular and manufactured homes
The following details will help you understand the differences between manufactured (mobile) and modular homes. Although both types of homes are built within a factory there are different characteristics which will determine the types of loans you can secure as well as the interest rates you will receive.
Since modular homes are treated the same as a traditional site built home, lenders will typically offer more favorable rates and repayment terms than on manufactured homes. This is due to the availability of comparable sales and increased appraisal values. Costs for building each product will differ, as well as the costs for placing the home, since the rules of each jurisdiction will vary depending on the home type.