Buying a manufactured home? Ask these 4 questions first
By Abby Badach Doyle, NerdWalllet
With stylish features and floor plans, many of today’s manufactured homes break the old “mobile home” stereotype — without breaking the bank.
On average, new manufactured homes cost about a third of the price of site-built homes, reports the Manufactured Housing Institute, a trade group. Factory construction lowers material and labor costs, and a federal building code makes inspections more efficient.
Lesli Gooch, CEO of the MHI, says manufactured homes are an attractive choice for many buyers, from entry-level buyers to retirees.
“It’s affordable, but it’s also turnkey,” she says.
However, obstacles remain. In some cities, zoning restrictions limit or ban where manufactured homes can be placed. And it’s harder to find a mortgage for amounts below $150,000, so buyers have fewer lender choices for traditional financing.
On Jan. 6, the Consumer Financial Protection Bureau sued Vanderbilt Mortgage & Finance, alleging that the company trapped some borrowers in manufactured home mortgages they couldn’t afford. Vanderbilt Mortgage is a unit of Clayton Homes, the nation’s largest manufactured home builder.

