How do I get a loan for a mobile home or modular home

(Last Updated On: July 7, 2017)

How to get your mobile home financedOne of the first things you need to do before shopping for a new or existing mobile home or manufactured home is to get prequalified by a reputable lender that provides this financing.  Many banks don’t want to handle these loans because they are too much hassle.  We don’t feel that way and provide mobile home loans and manufactured home loans nationwide.

Financing Available for Doublewide and triple wide mobile homes – In all cases, the homes must be converted from personal to real property.   In other words, the mobile home is treated like your car as personal property and to get a Mortgage on it then it must become fixed to the property and become real estate both physically and legally.  To obtain any type of financing it must have never been moved from its original location.  The terms modular home, mobile home, and manufactured home get tossed around and things can get confusing.

The terms modular home, mobile home, and manufactured home get tossed around and things can get confusing.  We will explain that in another blog in the near future.

Mobile home and Modular Home Financing options available nationwide

Nationwide Mobile Home Financing

  • Conventional Financing for double wide and triple wide mobile homes requirements are 5% down and allow you to purchase existing manufactured homes and new manufactured homes.  The mobile and manufactured home requirements are not quite as strict as the government loans VA mobile home loans, USDA mobile home loans, or FHA mobile home loans regarding the foundation and skirting requirements.  However, those requirements add value and so are a good idea to follow, especially if you intend on selling the home in the future.
  • USDA Manufactured Home Financing for doublewides and triple wide manufactured homes.  Think of this as an FHA manufactured home loan with Zero down with one exception.  You can use a USDA loan to purchase a doublewide manufactured homes purchased new from the dealer only.  See the USDA Fact Sheet here on Manufactured housing.
  • FHA manufactured home Mortgage Financing for doublewides and triple wide manufactured homes offer low down payment of 3.5% of the purchase price and allow you to purchase an existing home as well as a new manufactured home.  The Foundation, skirting and anchoring requirements add value, safety, and comfort of the home and improve its resale value.  HUD even has an entire department dedicated to the construction standards and financing of manufactured homes.
  • VA Financing for doublewides and triple wide manufactured homes offer a zero down option for our veterans that have served our country as well as active service members and surviving spouses.  VA Manufactured Home Standards and mortgages closely mirror that of FHA Mobile home standards and FHA Mobile Home Mortgages and allow you to purchase existing and new Manufactured homes.

*We’ve covered financing for double wide and triple wide manufactured homes in this blog.  There is financing available for single wide manufactured homes on a limited basis.  Just contact our office and we’d be glad to discuss your situation and recommend financing options for your single wide manufactured home.

When buying a new manufactured home your manufactured home mortgage what can it be used for?

  • what can you use your Mobile home loan forPurchase of an eligible lot or land site, if not already owned by you (only applies to new manufactured homes)
  • Purchase of an eligible New manufactured home, including transportation & set-up costs and reasonable site development work, i.e., foundation, driveway, walks, well, septic system, utility connections, etc.
  • Purchase of the mobile home and all development work must be done under a single contract

What you cannot do with manufactured home loan for an Existing manufactured home mobile home or new Manufactured home

  • Loan funds can not be used to finance furniture, including movable items of personal property, i.e., drapes, beds,
    bedding, chairs, sofas, divans, lamps, tables, televisions, radios, stereo sets, etc.
  • Amortization period can be no more than 30 years or the projected life of the home according to the appraisal, whichever is less

We offer Manufactured home loans and mobile home mortgages nationwide just call us with your situation and we would be delighted to assist you in purchasing your next manufactured or mobile home.

Where can you get a Manufactured home mortgage in America?

Your #1 solution for Manufactured home mortgages in America
The #1 source for Manufactured Home Mortgage Loans. We provide manufactured home mortgage loans nationwide.
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Here is where you can get a home loan for your manufactured home


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