The full explanation
Many people call it a mobile home or trailer. For Fannie Mae, it must meet HUD's federal standards; modular homes and what it calls prefabricated or panelized homes do not count as manufactured homes. It can be titled as real estate, generally when it sits on a permanent foundation on land the owner also owns, or as personal property, which is usually financed with a chattel loan.
An example
Martín and Laura buy a manufactured home and set it on a permanent foundation on their own land. That way they can title it as real estate and apply for a mortgage instead of a chattel loan.
You will see it in…
- The home's title, as real estate or personal property
- The HUD data plate or labels on the home
- Financing offers where the homes are sold
