HUD-compliant Prefabricated Homes for First Time Buyers

For any individual, buying a home is one of the biggest purchases and it becomes even more important if the home is his or her first. Property is an asset for all people based across the world, but in today's time, when cost of living in increasing dramatically, availing appropriate healthcare has become an unscalable task. This is why people have to wait years before they can book their first home. However, prefabricated homes, such as modular and manufactured variants, have come forward as suitable choices for first time buyers who want luxurious, durable yet cost effective homes.

Prefabricated homes are built in factories and installed on buyers' sites; these can be designed by homeowners themselves or they can choose a standard floor plans available with the manufacturer. Despite being brought on-site with the help of cranes and flatbed trucks, these homes are usually not moved by the owners, though they have the option of doing so. People looking for a single storied house that is manufactured at a production plant opt for manufactured homes, while those who wish to have multistoried homes choose Modular homes. Both these homes have to comply with a set of standards while being built and commissioned, which differ from area to area. The manufactured variants have to comply with HUD standards, whereas modular ones need to adhere to codes that vary according to region.

All first time buyers must make sure that the manufactured homes they are purchasing have been fabricated in accordance with HUD codes laid down by U.S. Department of Housing and Urban Development. The first thing that must be taken care of is Minimum Property Standards (MPS), which defines the conditions for durability and quality of homes that are insured under HUD housing programs. This falls under the domain of Federal Housing Administration (FHA) and also takes care of resistance of the homes against weather, corrosion, floods and fire, among other elements. It was found that HUD-compliant manufactured homes did not bear well against hurricanes, so the foundations of these homes must be made deeper and stronger.

FHA, under the aegis of HUD, is responsible for the insuring the lending mortgages for innumerable manufactured homes. For buyers who are purchasing their prefabricated homes on loan, it is a prerequisite to get mortgage insurance. Therefore, all existing norms floated by this organization need to be followed by them rigorously. Since the cost of manufactured homes is up to 35% lesser than that of site-built ones, paying the premiums is usually not a problem for anyone.

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