Mobile Home Financing made Simple!

There are some very beautiful mobile homes on the market today but finding Mobile home financing is not the easiest to do. 

The Mobile home or commonly called manufactured homes come in a variety of sizes ranging from single wide to triple wide. If you've ever been in one it is extremely remarkable how luxurious they can be.

Mobile homes are constructed in a factory. The pieces are put together at the housing site. They are usually transported on a chassis that has wheels attached to it.

They are less costly than regular homes and generally decrease in value as apposed to stick built houses that increase in value.

There are still a few lenders that will do mobile home financing see my best lender list most of them require that it be financed on an FHA loan.

Some of the requirements that must be met for the mobile home to be financed on an FHA loan are as follows. The manufactured home must be built on a permanent chassis in compliance with the national manufactured construction and safety standards by the Department of Housing and Urban Development better known as HUD.

A HUD Certification Label must be permanently affixed to each transportable section of the manufactured home. The manufactured home must be a one unit dwelling that is legally classified as real property.

The manufactured home must be permanently affixed to the land and the land must be owned by the borrower.

It must be at least 12 feet wide and have a minimum of 600 square feet built on or after June 15, 1976. The wheels, axels and towing hitches must be removed from the manufactured home.

When applying for mobile home financing expect to pay some additional costs to close the loan because there are additional requirements that must be met.

For example, the appraisal process is more difficult and you will be charged a slightly higher fee than for a typical house appraisal.

In my opinion an FHA loan is your best option if you’re financing a mobile home with the exception of the homebuyer putting down a 20% down payment.

In this case if you can find a conventional loan product with good rates then you might look at that and compare.

I hope that the information in this section has helped. If your looking for a lender who can finance mobile homes look through my best lender list and you should find one.

If you have any questions or would like to make a comment please use our contact us form and I would be glad to help you anyway I can.

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