Manufactured home
A home built in a factory and moved to a site. Whether it is financed like a house often depends on whether it sits on a permanent foundation on land you own.
Also called: mobile home, modular home, trailer, HUD-code home
Related terms
A standalone house built for one household on its own lot. The owner typically owns both the building and the land.
A mortgage insured by the Federal Housing Administration, allowing low down payments and more flexible credit standards. Borrowers pay an upfront and annual mortgage insurance premium, and loan amounts are capped by county.
A mortgage backed by the US Department of Agriculture for homes in eligible rural and some suburban areas. It can require no down payment, has income limits, and charges upfront and annual guarantee fees.
Local rules that control how land can be used, such as residential, commercial or mixed use, plus limits on density, height and setbacks. Zoning affects what you can build or rent.
Local government approval for construction, additions, or major system work. Unpermitted work can cause problems with appraisals, insurance, and resale.