Question:

Can you explain about single wide mobile homes and double wide mobile homes – quality and mortgage financing?

Answer:

Double wide mobile homes comprise of two separate units transported separately and then joint at the site, and single wide mobile homes consist of a single unit with up to 17x90 square footage. The double-unit manufactured home usually has dimensions of at least 20x90 feet.

Contemporary single and double wide mobile homes are of high quality.

Compared to the trailers in the 60s and 70s, newer manufactured homes have nothing to do with those. Mobile homes may still be much cheaper then site-built homes but construction materials have made them into real comfortable quality and affordable home alternatives. Unlike mobile homes in the past, contemporary mobile homes retain their price longer, and double and triple wides can have a lot of luxury features accommodated in them.

Double-wide manufactured homes are most popular among homebuyers seeking cheaper but high-quality home. Especially when the homeowner owns both the lot and home, a double-wide home may not be distinguished from a site-built one.

All manufactured homes of all sizes - single-wides, double-wides, triple-wides, etc. need to have their ability to be transported upon need to be recognized as mobile homes.

Financing for Mobile Homes - Single and Double-Wides

In the past, mobile home mortgage loans had higher rates - much as rates on car loans; and shorter terms - up to 15 years. Due to their mobility, manufactured homes exhibited rapid depreciation, much as a vehicle. Nowadays, construction quality of manufactured homes allows mortgage terms for 30 years, as for standard site-built homes, but rates are still higher.

However, many new products have been designed for the manufactured home mortgage market as Fannie Mae and Freddie Mac are buying mortgages for manufactured homes as a part of their affordable housing initiative. As a result, home mortgage rates for manufactured homes are going down.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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