Housing Loan and Manufactured Housing Loans

Manufactured housing (known in some countries, including the United Kingdom, as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use.

Because of lower cost and the fact that their value tends to depreciate more quickly than site-built homes, manufactured housing is traditionally, although certainly not always, used by lower-income people. This has led to prejudice and negative zoning restrictions, built around the stereotypical concept of a trailer park where the housing occupies small, rented lots and often remains on wheels, even if it stays in one place for decades. Modern units, especially modular homes, often belie this image and can be identical in appearance to site-built homes.

In the United States, the term manufactured housing is colloquially used to include both mobile homes and modular homes, but its technical use is restricted to a class of homes regulated by the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. These homes are regulated by the United States Department of Housing and Urban Development and as such avoid the jurisdiction of local building authorities.