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Even if your local lender did not qualify you for a traditional home loan, a mobile home loan can be a different story with a happy ending. The dream of homeownership can be realized with a new mobile home, so pull up your boot straps, change your home buying strategy and make your dreams come true. Qualifying for a mobile home loan is easier to attain because manufactured homes cost less per square foot than traditional homes. Listing data courtesy of the Internet Data Exchange Program of the Adirondack Champlain Valley Multiple Listing Service.

The processes involved with a home- only loan are more efficient and much less cumbersome for the home buyer than a land home mortgage. With land-in-lieu financing, instead of your personal investment in the loan being a cash lump sum, you are instead investing with your land. In the last couple of blogs we have gone over options for home buyers who do not yet own land and want to finance both their land and home into one home loan .
Assume Seller Debt
Overall, our top pick for a mobile home loan is Manufactured Nationwide. If your credit score isn’t where you’d like it to be, 21st Mortgage Corporation offers mobile home loans with no minimum credit score requirements and no prepayment penalties. Down payments for manufactured homes are typically cheaper than traditional home loans.

The cost for a mobile home down payment will likely surprise you. For over 30 years, they have been making beautiful manufactured homes affordable. Their financing department has the finesse to get a mobile home loan for many. Contact your local bank or credit union to discuss getting approved for a mobile home loan.
Best for Good Credit
The lenders we’ve reviewed and selected as the best can work with low credit scores in the 500 and 600 range. A mobile home loan is a loan for factory-built homes that can be placed on a piece of land. Styles may vary from modest trailers to dwellings that look like houses attached permanently to the land upon which they sit.

You can also contact the seller directly and ask them what their terms are. You'll want to ensure that the property you are interested in is the one that fits your needs and your budget. 21st Mortgage Corporation is our top choice for bad credit, offering loans to qualifying borrowers with credit scores as low as 575. Most home buyers will need to put down at least 3 to 5 percent or more of the cost of the home to get a mortgage. Use Zillow’s free mortgage calculator to help estimate your monthly mortgage costs or our affordability calculator to determine what you can truly afford. When you’re considering the cost of a mobile or manufactured home, don’t forget to factor in depreciation as an expense.
21st Mortgage Corporation
When you are ready to purchase a mobile home, it is important to know that you will need to pay a higher rent than market rates to obtain financing. While the interest rate on rent to own mobile homes may be higher than the market rate, it is still not bad for your credit score. If you are looking for a new home with bad credit, a rent to own mobile home can be an excellent option. With the right finance company, you can use the money you save to purchase a mobile home.
The company utilizes the latest technology and delivers educational resources to customers in an effort to simplify the mortgage process. 21st Mortgage Corporation offers innovative fixed-rate loan products for manufactured homes. It can also finance manufactured homes in a park or community on leased land, for both permanent and non-permanent home foundations. The company is our best overall mobile home lender because it lends in all 50 states and is an expert in low-down-payment, government-backed loan programs. The good news is that you don’t need a huge down payment for a mobile home loan. It is possible to only need 3.5% of the purchase price for a down payment if you can qualify for a HHL, VA or FHA loan; and some can even be qualified with no money down.
Lease/purchase the park
Allison Bethell is a real estate investor, broker, writer, small-business owner, and consultant with over 13 years of real estate experience. Check your buying power by getting pre-qualified for a mortgage with us at Zillow Home Loans. Right now, we're making it more affordable to get the keys to your new home. See Starlight Advantage Program for terms, conditions, requirements, and exclusions.
We compared firms to see who allowed borrowers to have lower credit scores, higher debt-to-income ratios, and whether they had low-down-payment programs. If you own the land or plan to buy the land together with the mobile home, you’ll have more lender options than if you want to buy a mobile home that sits in a rented lot in a mobile home park. For those wanting to use rented land, they can help you via a related company. It works to provide affordable home financing options to first-time buyers and existing homeowners.
Plus, some reports suggest that their values have been rising faster than single-family residences as well. For borrowers who don’t have a lot of cash on hand, eLend offers mobile home loans with up to 100% financing available. MHL can finance new or used mobile homes for purchase or refinance. While most mobile home lenders will only lend to you for your primary residence, and even then, only if you also own the land, and with good credit above 700, MHL can expand your options. You could finance a vacation home or buy a mobile home in a park where you lease the land.
Though the term “mobile home” is still used, these single, double and triple-wide prefabricated homes are now referred to as manufactured homes and average from 1,000-3,000 square feet in size. And the look of these manufactured homes has come a long way – many have a modern appearance and have some of the features of newly-built homes. Along with getting a mortgage with low interest rates, SONYMA even offers a down payment assistance program, which allows the applicant to borrow for down payment as well. In addition to down payment myths, buyers are often confused about their credit score, assuming that any score below 700 will be disqualifying when purchasing a home.
A complete mobile home setup will cover everything needed, from the foundation to the roof, on the inside and out. With Herrington's turn-key process, your mobile house will be customized to meet your specific requirements. Installing a mobile home or manufactured home onto your property requires means considering several things to ensure that your new home is safe and solid.
The lender will use your DTI and income to determine how much you can borrow. There are exceptions, however, and we’ve included them in this list. Some home lenders do have loans for mobile homes if they are attached to the homeowner’s land. Others, and there are fewer of them, will lend on a mobile home even if it sits on land you lease. Always feel free to contact Herrington’s to learn about who they use for financing and why.
Finding a no credit check mobile home for rent can be a challenging task. While some private landlords are lenient and will work with you regardless of your financial situation, there are ways to make your application stronger. You can ask for a co-signer or roommate with a good credit score, pay more of your expenses up front, and present proof of income and assets. Typically, your closing can be set three days after you sign your documents. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.
The viewer acknowledges ownership and validity of its copyright. The viewer is prohibited from copying, redistributing or retransmitting any of the data or information provided by MLSListing, Inc. Single-wides are 18 feet (5.5 m) or less in width and 90 feet or less in length and can be towed to their site as a single unit. Double-wides are 20 feet (6.1 m) or wider, and are 90 feet in length or less, and are towed to their site in two separate units, which are then joined together.