If you’re looking for an affordable path to home ownership, then buying a manufactured home is a great option. But finding a great manufactured home is just one part of the task—you will also need to select a plot of land where you can place the home.
Buying a Manufactured Home
Manufactured homes are popular with new homeowners and families because of their affordability and convenience. Preferred Homes offers homes from only the best manufactured home builders.
What Is a Manufactured Home?
Manufactured homes are built in centralized facilities before they are transported to a piece of land and placed on permanent foundations. Because they are constructed in a central location with the best tools and materials on hand, they can be built more efficiently and cost-effectively than traditionally built homes. But they can still have the same great features as traditional homes, such as fireplaces and walk-in closets.
What Do I Need to Buy a Manufactured Home?
In order to purchase a manufactured home, you will need to find the size and model that will work best for you. A great place to start is by scheduling a tour with Preferred Homes.
If you’re planning to place your manufactured home in a park, you will need a signed park lease and potentially a signed park incentive form if your park offers it. However, if your home is going on private property, you will need a copy of the property deed, site bid quotes, an appraisal, and a survey. If the land is not in your name, you will need to have written permission from the property owner.
If you’re planning to apply for financing, you will also need the necessary documentation, including:
- A driver’s license
- Two months of bank statements
- Pay stubs
- Award letters for child support (if applicable)
How Much Does a Manufactured Home Cost?
In 2021, the average single wide home was priced at $108,100, while the average site-built home cost $365,904. The price range for Preferred Homes goes from around $100,000 for a two-bedroom single wide to around $205,000 for a three-bedroom double wide. Depending on the type of loan you receive, your monthly payments could be as low as $500 to $800, which is less than the average cost of rent in a Michigan city.
With some manufacturers, you will also need to take into account the cost of transporting your manufactured home to your chosen location, which typically runs between $2,000 and $10,000. Preferred Homes, however, has a No Hidden Costs policy, which means we include the price of delivery and setup in the base price of our homes.
Manufactured Home Financing
If you choose to finance your home, Preferred Homes will be happy to help you find the right financial service provider.
In order to obtain financing, you will typically need a minimum credit score of 670, though some financiers will accept scores as low as 580. You will also likely need to place a minimum down payment of 5%. Loans for manufactured homes are typically for 30 years.
There are several different loan types available, including conventional mortgages similar to those available for a traditionally built home. Manufactured homes can also qualify for loans through the U.S. Department of Veterans Affairs, the U.S. Department of Agriculture, and the Federal Housing Administration.
How to Find Manufactured Homes for Sale Near Me
With more than 40 years of experience in manufactured homes, Preferred Homes is West Michigan’s choice for purchasing affordable homes. We have a great selection of single wide, double wide, and modular homes available.
Buying Land for a Manufactured Home
Only you can decide which land is right for you and your family. It may be a property with a great view, an excellent school district, or within close proximity of your job. You can hire a real estate agent to aid you in your search, use a real estate website, or just drive around your chosen area looking for “for sale” signs.
Manufactured home parks can also be great places to live since they foster a sense of community. Renting land from a park will help you avoid the cost of a large down payment from making purchases.
Choosing Land for a Manufactured Home
Before you purchase a plot of land, you will need to research local zoning laws and deed restrictions regarding modular homes in that area. Since they are unique to each community, you will need to check the laws at the county, township, and municipal level for your location to ensure you are aware of all the regulations. They will determine how large the land needs to be, including the minimum width and depth of the plot.
Preferred Homes delivers manufactured homes to private property in 29 counties in Michigan, and to community parks in 11 counties.
Financing Land for a Manufactured Home
The process of financing land for your manufactured home works similarly to financing land for a traditionally built home. Preferred Homes can help connect you with financial providers who will assist you in that process.
Home and Land Packages
There are several financing options available when purchasing both a manufactured home and land. One of the most popular methods is a land-home loan which enables you to obtain a traditional home loan for a manufactured home and the land it sits on. If you are purchasing a new home, then your best choice may be a construction-to-permanent loan. These loans include a series of disbursements to assist in paying for the manufactured home to be built and delivered.
Benefits of Buying a Manufactured Home and Land Together
Since manufactured homes don’t move once they are placed on a permanent foundation, you may be able to purchase a used home already on a lot, in which case the costs will be combined into one package. By purchasing a home and land together, you can bypass many of the research and preparation steps required to ensure a manufactured home can be placed on a specific property. Many of the basic tasks, from ensuring compliance to local zoning ordinances to utility hookups, have already been completed by the previous occupant. You also don’t need to wait six to eight weeks for your manufactured home to be delivered and set up.
Find Your Dream Home with Preferred Homes
Whether you’ve just started a new family or are looking for a change of scenery, Preferred Homes loves to help our customers find their dream home. When you talk to our customer service team, they will walk you through every step of the process of purchasing a manufactured home and getting it ready to move in. Schedule a tour of our affordable and high-quality homes today!
Let Us Help You Find Your Dream Home
Preferred Homes has a variety of homes available, with options for all types of budgets. Check out what we have available, or if you're ready to take the next step—schedule a tour today!