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Modular Home
What Is a Modular Home?
A modular home is a factory-built home constructed in sections and assembled on a permanent foundation at the building site.
Unlike manufactured homes, modular homes follow local and state building codes.
Why It Matters in a Mortgage
Modular homes:
- Typically qualify for traditional mortgage financing
- Are considered real property once installed
- Often appraise similarly to site-built homes
Because they meet local building codes, financing is generally more straightforward.
How It Works
- Sections are built in factory.
- Transported to site.
- Assembled on permanent foundation.
Appraisal and underwriting follow standard mortgage guidelines.
Modular vs. Manufactured Home
Modular → Built to local codes
Manufactured → Built to federal HUD code
Financing treatment differs.
FAQs About Modular Homes
Are modular homes financed like traditional homes?
Yes, when permanently affixed to land.
Do they hold value?
Market value depends on location and quality.
Are inspections required?
Yes, standard appraisal and inspection processes apply.
Related Terms
