Most manufactured homes are now placed on individually owned property and offer an affordable lifestyle for everyone from young couples to professionals to retirees.

Young couples starting families find affordable manufactured homes in a neighborhood with play areas and other children very attractive. Professionals like the high quality home coupled with value and efficiency that fits their busy lifestyles.

Retirees may want to live in a manufactured home community with others who share similar interests and lifestyles.

Glossary:

Appraisal

A professional estimate of the property value.

Letter of Commitment

A letter from a bank or other lender that agrees to loan a set sum to buy a specific property on certain terms.

Earnest Money Agreement

A term commonly applied to the real estate sale agreement that acknowledges partial payment of the purchase price on the property and binds the parties to the stated terms.

Escrow

A legal relationship between a buyer, seller and third party in which the third party holds money or papers until all conditions of a sales agreement have been fulfilled.

FHA Title 2

A Federal Housing Administration loan program that provides insurance to financial institutions for loans covering the purchase of single-section or multi-section home and homesite combinations.

Land Package

A method of financing a manufactured home, land and site improvements with one loan.

Manufactured Homes

Homes built inside a factory to federal standards and inspected by federally certified agencies.

Mobile Homes

A single-family residence, transportable in one or more sections, designed to be used as a permanent dwelling and constructed before June 15, 1976.

Percolate

The ability of the land to drain water away from a home site.

Real Property

Real property is a term applied to real estate - land and homes and other structures permanently affixed to land.

Septic Design

A plan, drawn by a licensed septic contractor and approved by the local health department that shows the type and location of a septic tank and drainfield on a piece of property.

Site-built Houses

Houses constructed by a builder or contractor on site that must meet the standards set in a local building code.

What is a manufactured home?
Manufactured homes are built in factories, transported to a site location and installed. HUD Code federally regulates manufactured homes. HUD Code provides the design and construction requirements for the complete production of the entire home in the factory. Some modifications are allowed on-site for setup.

What is a modular home?
Modular homes are also built in factories, transported to a site location and installed. Modular homes are governed the building code enforced in the jurisdiction where the home is to be located. These codes can be BOCA National Building Code, the ICBO Uniform Building Code, the Southern Standard Building Code or the ICC One and Two Family Dwelling Code.

What is a panelized home?
Panelized homes are flat factory-built panels that are transported to the site location they are assembled. Panelized homes are governed the building code enforced in the jurisdiction where the home is to be located. These codes can be BOCA National Building Code, the ICBO Uniform Building Code, the Southern Standard Building Code or the ICC One and Two Family Dwelling Code.

Which do I own - a mobile home or a manufactured home?
The HUD Code defines manufactured homes. A factory-built home built after June 15, 1976, is commonly called a manufactured home. A factory-built home built before June 15, 1976 is commonly called a mobile home.

Rental and Leasehold Communities:
A Lifestyle, not just a location

For many people, living in a rental or leasehold community or "park" is a lifestyle choice. Residents compare it to living in a small town, where people know their neighbors.

Rental and leasehold communities often develop into close-knit neighborhoods. Security is enhanced because people look out for one another. Block Watch programs, on-site managers, and security gates contribute to resident safety.

Residents value tranquility as well as security. Protection of lifestyle and property values is generally ensured through community covenants. These guidelines help govern common concerns such as noise and community upkeep.

Rental and leasehold communities offer affordable homesites

Renting or leasing instead of buying a homesite can make the difference between affordable and unaffordable to many homebuyers. By locating in a rental or leasing community, you have the advantages of owning your home without the cost and work of buying and maintaining land.

Choosing a Rental or Leasehold Community

Selecting the right rental or leasehold community is as important as selecting the right home. When "shopping" for a homesite, potential residents should check the following:

- Location: is it near schools, stores, transportation and other essential services?
- Condition: is it well kept and clean? Are the homes generally well cared for?
- Facilities: are there recreational facilities? Extra storage? Extra parking? Laundry?
- Lease: what are the terms? Are multi-year leases available?
- Other Costs: what is the cost of installation (park package)? Hook-up fees? Other charges?
- Responsibilities: who does ground maintenance? Snow removal? Refuse collection?
- Guidelines/Rules: too restrictive? Too lax? Selling Your Home: any special requirements or restrictions?
- Displacement Protection: are you protected by zoning and/or contract?

Put the Home of Your Dreams on
the Land of Your Choice

Land/home packages provide financing for your home, your property, and the development of your home site. They offer you a home with relative ease and much less of the cost and headaches involved in on-site building.

Determine your needs

Before looking for land, ask yourself:

- How much money can you spend on property?
- What kind of land do you want? Flat or hilly?
- Cleared or wooded? View or no view?
- Do you want several acres of land, or just enough for a nice yard?
- What general area and school district do you want to live in?

Get Professional Advice

When you have found the property you want, have a home retailer inspect the site. He or she can advise you whether the lot is large enough and can offer suggestions on different ways of placing your home on the property.

Bring in a general contractor to estimate site development costs. The bid should include such things as:

- clearing, grading and disposal
- footings
- water supply
- sewer or septic system
- power
- road access

Negotiate the purchase with the strength of information

With a land/home package, when making an offer on land, remember you are a "cash" buyer. The sellers will not have to hold a contract on the property - your finance package will cash them out at closing. Sometimes that can translate into a discount on the cost of the land.

It is important to negotiate the purchase with good information, such as:

- can you obtain an installation permit on this site?
- are the site-improvement bids from the general contractors acceptable?
- does your financing package cover all aspects of site development and - home installation?
- is zoning appropriate to your development plans?

neighborhood may be the right fit for you

In many communities, entire subdivisions have been developed where manufactured home owners purchase a lot to site their homes. Neighborhoods include wide city streets, curbs, and sidewalks. In other words, the sub-divisions look just like any other neighborhood because the homes look just like any others.

When you look at the initial cost of the home and the process, you find that these sub-divisions put you in your home sooner, with less cost and red tape than a site-built home.

Rural acreage is a popular manufactured
home site option

Rural land costs are lower, lot sizes are larger, and construction costs may be significantly less -- especially in remote locations. Compare the cost of installing a manufactured home to the time and money involved in transporting construction crews to a remote site every day for months on end.