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Tuesday, March 11, 2014

Frequently Asked Questions about Manufactured Homes


Silvercrest homes ranging from 14 ft wide to 30 ft wide. The length can vary on all.  

Q: Do manufactured homes appreciate in value?

A: Manufactured homes can be placed on land in which case they appreciate at the same rate as an equivalent home in the neighborhood. More commonly however, manufactured homes are placed in mobile home parks, in which case the land is owned by the park owner and the space for the home is rented. In this case the home tends to not appreciate at the same rate as a home on land.


Q: What is the interest rate for a manufactured home located in a mobile home park?

A: The interest rate tends to be significantly higher for a manufactured home in a mobile home park compared to say a condo, townhouse, or single family home.


Q: Why is the interest rate higher when the home is in a mobile home park?

A: The lender sees homes in mobile home parks as a higher risk because the tenancy is dependent on the occupant complying with the rules of the park manager. I've never heard of a tenant being evicted because they didn't follow the rules -- but it could happen, and if it does the buyer may default on their loan because they need to use their money to go live somewhere else.


Q: What is a mobile home vs. a manufactured home?

A: Before June 15, 1976 they were called mobile homes. 
In the 50's they were made with thin walls and aluminum siding. 
In the 60's they were made with thicker walls and vinyl siding. 
When the term changed to manufactured homes in the 70's they were made with wood siding. Modern manufactured homes are like any other modern condo, town home or single family home. They are made with fireproof HardiPanel siding (which looks like wood), the inside has sheetrock, and the windows are double pane glass.


Notes on a couple brands

  • Silvercrest homes offer 6" or 4" deep walls and either a 4:12 or 3:12 roof pitch. 
  • Silvercrest is good about allowing custom floor plans. 
  • Silvercrest has cute little 'park model' homes that are eleven foot 2 inches wide 
  • Champion homes offer a 4" deep wall and a 3:12 roof pitch.



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