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Title II loans cannot be used for manufactured homes on leased land in manufactured home communities or mobile home parks. Down payments on a Title II loan can go as low as 3.5 percent, and terms ...
The MHINCC distinguishes among several types of factory-built housing: manufactured homes, modular homes, panelized homes, pre-cut homes, and mobile homes. From the same source, mobile home "is the term used for manufactured homes produced prior to June 15, 1976, when the HUD Code went into effect."
Manufactured homes are built onto steel beams, and are transported in complete sections to the home site, where they are assembled. Wheels, hitch and axles are removed on site when the home is placed on a permanent foundation. Mobile homes, or trailers, are built on wheels, and can be pulled by a vehicle.
Clayton Homes sold its land-lease communities business to Denver-based Yes Companies LLC in 2008. The deal involved 65 properties in 11 states. [25] [26] The i-house brand was introduced in May 2008 as a green, energy efficient home. [1] [27] By 2009, Clayton Homes had sold over 1.5 million homes.
Mobile homes are often sited in land lease communities known as trailer parks (also 'trailer courts', 'mobile home parks', 'mobile home communities', 'manufactured home communities', 'factory-built home communities' etc.); these communities allow homeowners to rent space on which to place a home. In addition to providing space, the site often ...
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