How to get financing for a mobile home

how to get financing for a mobile home in a park

Have you been wondering how to get financing for a mobile home?  Have you also been wondering if there are even banks or lenders out there that financing mobile homes?  These are great questions!  Since 2011, we have been searching for the answers to these questions and luckily we have found the answers for you!  Lets get started:

How do I get financing for a mobile home?

1. Need a down payment (if buying is a park)

First thing you need to decide is if you want to purchase a mobile home in a park or one on land.  The lending is different depends on which direction you decide go.  

If you want to purchase a mobile home in a park, you will need to have some money to put down.  If you want to purchase a mobile home on land, you MIGHT be able to purchase it with little to no money down.

Why would I be able to buy a mobile home on land with little to no money down but not in a park?  Here is another thing we get to blame on the government.  The government won’t provide loans such as FHA, VA or USDA for mobile homes in parks because the land is leased.

The government wants full control of the property the mobile home sits on.  If the home is in a park, that is less control for the government.

That doesn’t mean all hope is lost if you want to buy a mobile home in a park.  It just means that we need to go to direct lenders for financing.  Direct lenders are the actual corporations that are lending out their own money. 

These corporations want to see that you have skin in the game and have a vested interest in buying.  The down payment amount will vary from person to person.  The lender will look at variety of things such as your credit score, down payment amount, job history, debts, etc.

2.  Credit Score

Credit score is also a big factor.  If you credit is less an ideal, you can expect the lender to require a higher down payment.  Typically if your credit is fair (580-669) to poor (300-579) lenders may consider you a credit risk and ask you to front a bunch of money and charge you a higher interest rate. 

If you fall in these credit ranges, you may want to improve your credit some before buying.  By getting your score over the 670 range could really save you a bundle of money in the end. 

You can check your credit with everyday and it won’t hurt your score.

3.  Proof of income

To be able to get approved for a loan, you will need to show that you have income.  Income can come from your job, social security, pensions, disability, child support, self-employment, etc. 

If you are getting paid under the table and in cash, it will be hard to convince a lender the income is real.  Lenders want to see the funds in your bank account and that it has been reported on your taxes. 

They simply aren’t going to take your word for it. If you are self-employed the lenders may want to see one to two years of tax returns before they will consider financing you.

4.  Finding the right home or park

It can be fun shopping for a home but finding one that makes financial sense can sometimes be challenging.  I recommend look at parks that have moderate to lower lots rents. 

Why?  This will help your buying power.  Lenders look at how much lot rent is going to cost you. 

If the lot rent is lower, you can buy more house.  If the lot rent is higher, you can buy less house.  The lenders consider lot rent a debt; one that never goes away. 

They take this into consideration before they will give you a loan.


In conclusion, securing financing for a mobile home in a park might seem like a complex process, but armed with the right knowledge and a proactive approach, it becomes an achievable goal. By understanding the unique considerations of mobile home financing, exploring different loan options, and maintaining a solid financial profile, you pave the way for a smoother path to home ownership.

Remember, each individual’s financial situation is unique, and it’s crucial to consult with professionals, such as lenders and financial advisors, to tailor your approach to your specific needs. With determination, education, and the right resources, you can confidently navigate the financing landscape and turn your dream of owning a mobile home in a park into a reality. Here’s to embarking on your home ownership journey with clarity and confidence!

If you still have more questions about how to get financing for a mobile home? Read our other blog posts by click here

Angie Surratt
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