Financing for mobile homes is a specialized market
Financing for mobile homes is a specialized market and not all banks or mortgage brokers know where to seek financing, but we can help. Over the last 8 years we have been working with several lenders and are knowledgeable about financing for mobile homes.
If you are needing financing for a mobile home there are a few things to keep in mind:
All borrowers will need to have a down payment.
There are a lot of government lending programs for traditional homes that offer no-money down but not for mobile homes in parks. If you don’t have any money to put down, unfortunately purchasing a mobile home in a park will be difficult.
The down payment will vary from home to home and it also depends on you, the borrower. We have seen down payments range from 10% – 50% down. Again, it all depends on the home (year, condition, location) you are purchasing and the credit worthiness of the borrower. The more money down, the better!
Know what home you want to purchase
Unlike traditional homes, finance companies for mobile homes do not provide “pre-approval” amounts. Every lender whats to know the address of the home, the lot rent (space rent) amount, the year of the home, dimensions, and Serial Number (VIN) of the home. Without this information a lender will more than likely reject your application until you can provide it.