FAQs
Manufactured Homes
A manufactured home is a factory-built home that can be placed on a piece of land. It is assembled mostly offsite before moving to the property where they are set up. U.S. Housing and Urban Development established a strict federal standard to guide the construction of these homes in 1976. This code covers the quality of all aspects of a manufactured home and is regularly updated to account for new technology:
- Design
- Strength and durability
- Fire resistance
- Some degree of energy efficiency
- Performance standards, including electricity, plumbing, heating and air conditioning systems
- Overall quality
At Inspire Communities we have a professional onsite staff that manages the community and upkeep of the amenities. The site/lot rent will help cover these costs along with community repairs and improvements such as road repairs, fences, and infrastructure.
Modular homes are also constructed in a climate-controlled factory but are built to be placed on a traditional home foundation from the beginning.
Modular homes are typically constructed in sections, which are then transported to the home site and assembled there. Because of this versatile construction technique, modular homes are available in nearly every kind of material and design that a home buyer could want. Modular homes can easily be built with foundation types that are less common in manufactured homes, such as basements.
Construction
The materials used in manufactured home construction are the same as “traditional” or site-built homes. These materials include but are not limited to the following:
- Lumber framing
- Fiberglass insulation
- Electrical wiring
- PVC or chrome plumbing
- Wood flooring
- Other primary systems within the home
Materials are stored in a factory and put to use in a temperature-controlled climate. Having materials indoors ensures the quality and lifetime performance of the manufactured home construction materials.
Financing
Many different financing options are often available to manufactured home buyers, even if you don’t have great credit. Make sure to investigate all of the following options when searching for an affordable manufactured home loan. Options may vary by state and by type of home:
- FHA Loan
- Dealer Financing
- Chattel Mortgage
- Personal Loan
Closing costs will always vary by lender. We encourage you to discuss the closing costs charged by the lenders while discussing financing options with them.
Most states require homeowners to pay a personal property tax similar to owning a vehicle. Inspire pays the property taxes in most states although there are a few exceptions. Please check with your community team or state regulations as to how property taxes are treated in your state.
Value
Recent studies including a pilot report put out by the Federal Housing Finance Agency and Fannie Mac and Freddie Mac show manufactured homes do retain value in a very similar fashion to site-built homes. It’s been a long-time misconception that manufactured homes depreciate after the initial sale.
