Manufactured Home Loans

Manufactured Home Loans

FSBO, For Sale By Owner, For Sale By Owner Real EstateFinancing a Mobile Home – Know your options before taking the plunge.

According to recent reports, there are many mobile homes now and they say that about 20 million people are living in such mobile homes and this is gradually becoming a style of housing which is soon becoming popular among those Americans who are trying to realize their dream within a limited budget. Due to the improved material that is being used for building the mobile home loans nowadays, they bear no such resemblance to the tin cans on wheels that we saw earlier. While financing a mobile home, the key is the word ‘mobile’ as the less mobile the home is, the better will be the financing deal that a consumer can grab. If you’re not aware of the different loan options that you might be offered while taking out a mobile home loan, here are some that you may consider.


  • Personal property loans lent for mobile homes: You must be aware that there are mobile home parks that rent places and if you’re trying to buy a mobile home on such a rented land, placed within the mobile home parks, you can get yourself a personal property loan. Like a conventional mortgage loan, here too you have to pay down a certain amount but here it is 10% of the total loan amount. The interest rates on such loans are at least 2-3% higher than the normal mortgage loans. In case you wish to refinance your personal property mobile home loan, you need a low DTI ratio and a good credit score.
  • Mobile home loan: There are mobile homes that have a permanent foundation and if you wish to purchase such a home with a foundation, you may get a mobile home loan both for the land and the home. As long as the sales price of the home is almost equivalent to the appraised price of the home, the loan will include the sales price. Such mobile home mortgage loans are available from lenders, the people who sell mobile homes or even through the help of the mortgage brokers.
  • Federal mobile home lending options: There are Title I loans offered by the Federal Housing Administration for the borrowers who are interested in buying mobile homes and such loans offer a repayment term of 20-25 years and also carries a fixed rate of interest. Apart from this, the VA or the Veteran’s Administration guarantees some manufactured loans through which you can borrow up to 95% of the buying price of the home.
  • Conventional mobile home loans: Such conventional loans are offered by some private lenders along with the jumbo mortgage loan packages that range from 15-20 year fixed loans. There are 6-month ARMs, 1 year ARMs and Hybrid ARMs. Such loans are also available from local mortgage lenders.
  • Poor credit mobile home loans: There are many people who don’t have a good credit score and yet they’re in need of mobile home loans. They can be fixed rate mortgage loans as well as Adjustable rate mortgages. However, the only bad thing about such loans is that the interest rates that you will be charged are higher than their normal counterparts. After the recent crush in the mortgage market, such loans are tough to find.

So, if you’re wondering about the ways in which you can snag manufactured home loans for buying a mobile home, you can take into account the above-mentioned options. Choose the one that best suits your present financial condition so that you can bear the payments throughout the term of the loan.

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