Buying a home – especially a factory-built home – comes with a lot of unfamiliar terminology. This glossary breaks down common factory-built housing and general homebuying terms into clear, plain-language definitions to help buyers feel more confident and informed throughout the process.
The glossary covers key concepts related to factory-built homes (including financing, foundations, and construction types) as well as essential housing and mortgage terms every homebuyer should know.
What You’ll Learn
- The difference between factory-built, manufactured, and modular homes
- Common financing terms like chattel loans, mortgages, and down payment assistance
- Key programs and institutions such as MH Advantage®, CHOICEHome®, Fannie Mae, and Freddie Mac
- Important homebuying concepts, including appraisals, inspections, titles, and permanent foundations
- Energy efficiency and affordability terms that are frequently used in housing programs
Who This Is For
- First-time homebuyers
- Buyers exploring factory-built housing options
- Housing counselors and educators
- Anyone new to homebuying terminology