What the difference in a modular home and a mobile home?

The main differences between modular homes and mobile homes (also known as manufactured homes) lie in their construction standards, design, and placement regulations:

### Modular Homes:
1. **Construction Standards**:
   - Built to meet local or state building codes, which are often the same as for traditional site-built homes.
   - Constructed in sections (modules) in a factory and then transported to the site for assembly.
   
2. **Design and Quality**:
   - Typically have a permanent foundation and resemble traditional homes in appearance and durability.
   - Can be multi-story and have a wide range of design options.
   
3. **Regulations and Placement**:
   - Once assembled, modular homes are considered real property.
   - Subject to the same zoning laws and building regulations as site-built homes.
   
4. **Financing and Value**:
   - Financing options are similar to those for site-built homes, including standard mortgages.
   - Generally, modular homes appreciate in value over time like traditional homes.

### Mobile Homes (Manufactured Homes):
1. **Construction Standards**:
   - Built to the federal HUD (Housing and Urban Development) Code, which is different from local building codes.
   - Constructed entirely in a factory and transported to the site in one or more sections.
   
2. **Design and Quality**:
   - Typically have a chassis and can be moved after initial placement, though they are often set up permanently.
   - Generally single-story, with fewer customization options compared to modular homes.
   
3. **Regulations and Placement**:
   - Considered personal property unless placed on a permanent foundation and registered as real property.
   - Placement often subject to zoning restrictions specific to manufactured homes, and they are commonly found in mobile home parks.
   
4. **Financing and Value**:
   - Financing options are different, often involving chattel loans (personal property loans) with higher interest rates.
   - Mobile homes typically depreciate in value over time, similar to vehicles.

In summary, modular homes are built to the same standards as site-built homes and are considered real property, while mobile homes are built to HUD standards, are often considered personal property, and generally have different financing and value considerations.