Trailer full of confusion

Stick Built, Mobile Homes, Manufactured Homes, Modular Homes, Trailers, Site Built Homes.

Just what DO these words mean? That depends on who is asking or answering.

Stick and Site built homes generally means a home built on site by a builder using 2 x 6's, 8's, cement, rock, trusses and all the other thousands of pieces of stuff that go into a home. These homes will normally be the most desired, most expensive and most easily financed.

Mobile homes and trailers typically refer to, well, mobile homes and trailers! Let's get a bit more precise. If the "trailer" was built in 1976 or earlier, it was "Pre-HUD" and may have many more issues relating to the wiring, the construction and general condition. These homes are virtually impossible to finance without extraordinary interest rates.

Also, this term is used by older people who have not transitioned mentally from the cheaper homes made when they were young hot studs and studdess to the very expensive, finely engineered Manufactured homes of today.

Manufactured homes are Mobile homes and Trailers made in 1977 up to now. These homes, if set according to FHA standards, are easily financed by many lending institutions, although, the current pendulum swing has made the down payment requirements much higher.

For financing, the rules vary from year to year based on the mood of the financing establishment. Right now, that mood is a bit gloomy. Expect .5 to 1 percent add on fees for a Manufactured home over a Stick/Site built home. Construction of these homes is done in a factory and the home incorporates a metal frame into the building. This frame accepts an axle and the home comes in on its own wheels, is set on cement blocks or jack stands upon cement runners which function as the foundation. We will discuss setting in a separate blog.

Modular homes. It is obvious modular homes are manufactured homes, but, as far as banks are concerned, a modular home finances like a Stick/Site built home.

What is the difference between a modular and manufactured home? Easy! Both are made in a factory and driven to a different location and turned into a house. But, the modular home is constructed with a typical base plate, set on a truck bed, then a crane or other slide methods are used to remove the home from the truck and set it onto a standard home foundation.

It may look like a manufactured home, most of the construction is the same, it may be made at the same factory, but, the bank says "Dude! Have I got a deal for you! Construction costs are a bit higher than most manufactured homes by the time you get it set up. But, the cost difference may be mitigated by cheaper financing rates and lower down payments.

So, there you have it. A quick definition guide that works today, in the Spokane Washington area. Who knows what the terms will mean tomorrow, but, at least you have a general idea. Do not forget the other wrinkles, Panelized homes, Log home kits, Pre-fabed homes. Like anything in real estate, there are wrinkles on wrinkles, so do your homework.