When you purchase a manufactured home, it often serves as a blank canvas for the lifestyle you want to create. Many homeowners dream of adding features like a spacious deck for entertaining, a garage for storage and parking, or a cozy porch for relaxing evenings. Naturally, one of the first questions that comes up is: Can these add-ons be financed as part of a manufactured home loan?
The answer depends on the type of financing you choose, when the add-ons are built, and whether your home is placed on land you own or lease. Let’s break it down.
Financing Add-Ons with Manufactured Home Loans
When Add-Ons Are Included in the Original Loan
If you’re planning your manufactured home purchase and already know you want a porch, deck, or garage, you may be able to roll those costs into your initial loan. Many lenders will finance add-ons if they are part of the original purchase and installation. This approach allows you to spread the cost of improvements over the life of your loan, making them more affordable upfront.
When Add-Ons Are Built Later
If you want to add features after your manufactured home has already been purchased and installed, financing works a little differently. In most cases, lenders won’t amend your original manufactured home loan to include these costs. Instead, you may need to look into:
- Personal Loans: Unsecured loans you can use for smaller projects like decks or porches.
- Home Equity Loans or HELOCs: If your manufactured home is permanently affixed to land you own and titled as real property, you may be able to borrow against your equity to finance larger projects like garages.
- Specialized Financing Programs: Some lenders and contractors offer specific financing for home improvements, which could be an option depending on the size of your project.
Why Financing Add-Ons Works Differently with Manufactured Housing
Manufactured homes are unique because they can either be classified as personal property (chattel) or real property (real estate). Add-ons like decks and garages are considered permanent improvements, and lenders often require the home to be real property before financing those additions. This is why land ownership and how your home is titled play a big role in your financing options.
Tips for Financing Add-Ons
Plan Ahead: If possible, include add-ons in your original manufactured home purchase to simplify financing.
Check Local Regulations: Some areas have zoning rules and installation requirements for additions to manufactured homes.
Talk to Your Lender: Every lender has different guidelines for financing add-ons, so it’s best to ask upfront what’s possible.
Consider Resale Value: Well-designed add-ons like garages and porches can boost your manufactured home’s appeal and market value.
Final Thoughts
Financing add-ons for manufactured homes is absolutely possible, it just depends on when and how you want to make those improvements. Whether you roll them into your initial manufactured home loan or explore financing options down the road, features like decks, garages, and porches can enhance your living space and improve long-term value.
At ManufacturedHomeloans.com, we’re here to help you navigate the ins and outs of manufactured housing financing. If you’re considering add-ons or planning your manufactured home purchase, explore your loan options with us today and take the next step toward building the home that truly fits your lifestyle.
