How to Get Loans for Mobile Homes in Parks

loans for mobile homes in parks

You might be asking yourself, how do I get a loan for a mobile home in a park?  Are there really lenders out their that do loans for mobile homes in parks?

Yes! Since 2011, we’ve been helping buyers get connected with lenders that provide loans for mobile homes in parks. A big myth we often hear, “you can’t get a loan for a mobile home in a park, especially if the home is old.” NOT TRUE! We’ve helped folks get loans on mobile homes in parks that were built in the 1960s. Yes, that’s right…1960s!

A few things to keep in mind before applying for a mobile home loans:

If you want to buy a mobile home in a park, there are no first time home buyer programs or VA loans or we haven’t found them. What does that mean? It means that you are going to need money for a down payment. Since 2011, we have yet to see anyone get a loan for a mobile home in park and put 0% down. Even if your credit score is over 800. Unfortunately, the government loan programs like VA, USDA, FHA that offer little to no money down are not eligible for mobile homes in parks. Yeah, we are frustrated with that too. However, if you find yourself needing these loan programs to buy a home (anything but a mobile home in a park), research your states finance division and see what programs are available. In WA State, there are a few programs to help first-time home buyers.

Down payment is very likely. How much will you need? That is for the lender to decide. We’ve seen people get in for as little as 5% down but we’ve seen buyers needing as much as 35% down. There are so many variables that the lenders look at to determine your down payment. Besides down payment, you’ll still need funds for park application fee ($35 – $50 per adult), closing costs ($700 – $1,000), loan fees (a percentage of the amount borrowed), inspection (starting at $400), appraisal (approximately $350), property taxes (varies), insurance, moving expenses, mobile home park security deposit (not all have this but many do), etc. So….the more money down, the better!

Credit Score. As with most purchases in life, the better your credit score the more options you’ll have for lending. If your credit score is below 650 you may have fewer lenders competing for your business and might require a higher down payment. An easy way to view your credit score is by signing up with Credit Karma. It is free and you can check your credit daily without hurting your score.

Proof of Income. The lenders and the park management will need to see proof of monthly income. This ensures that you have the ability to pay the monthly lot rent as well as the loan. If you are receiving government aid such as SSI, SSDI, food stamps, etc. that all counts as monthly income. You’ll need copies of your pay stubs, bank statements, award letters, pension letters, tax returns (especially if you are self employed) and any other documents showing proof of your income. If you haven’t already, start getting these documents together. Don’t fudge your income on your loan application. It can give cause for the lenders to deny you.

Identification. You will need a copy of your Social Security card or your ITIN (for those who don’t have a SSN) letter from the IRS. You’ll also need current government issued photo ID. If you ID is expired, you’ll want to get it updated before applying. Lenders need to see it as well as the park management. There are many documents that need to be notarized and if your ID is expired, you can’t sign the papers for your new home.

Are you still interested in applying for a loan for mobile homes in park? Great! We are happy to help you begin your home search and get you on the path to home ownership! Click here to view our current inventory of homes for sale. Not finding what you like? That’s OK. There are other homes on the market beside our listings.

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Give us a call at 360-215-7372 and we can help you with your home search.

Angie Surratt
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