2019’s Best Mobile Home Lenders
Finance your Dream Home with the Best Rates
Compare mortgage rates and lender offers to find the best loan for your new home.
2019’s Best Mobile Home Lenders
Compare mortgage rates and lender offers to find the best loan for your new home.
2019’s Best Mobile Home Lenders
Updated May 2020
Advertising Disclosure
Lending Tree
1
Our Score
9.8
  • America's largest mortgage marketplace
  • Best site for finding low mortgage rates
Popular Articles
Read All
Fed’s Near-Zero Rate Decision Means Cheaper Mortgages Probably on the Way
Surprisingly, mortgage rates went up immediately after the Federal Reserve slashed the benchmark interest rate to near-zero on March 15. This was probably just a temporary bounce, and in all likelihood mortgage rates will quickly begin moving downward again. In otherwise difficult times, low mortgage rates will bring cheer to people hoping to buy or refinance
Read More
Find the Best HARP Loans Lender
If you find yourself unable to refinance your mortgage because your home is falling in value, then there is a federal government program designed to assist you: the Home Affordable Refinance Program (HARP).
Read More
Find the Best VA Home Loans Lenders
VA home loans have helped more than 22 million veterans purchase their own home since the 1940s and continues to be available today through some of the nation’s best mortgage lenders
Read More
Answering the What, How and Why of Home Equity Loans
Is it a mortgage? Or is it a personal loan? If you’ve been searching the market for a loan, you’ve probably come across the home equity loan.
Read More
Best Lenders for FHA Loans
If you’re a home owner and find yourself in need of a large amount of cash to fund a major expense such as a renovation, medical expenses, or your kids’ college tuition, one type of loan you should consider is a home equity loan
Read More
Find the Best Lenders for First Time Home Buyers
If you qualify as a first-time buyer and have begun shopping around for a mortgage and a new home, we have good news to tell you: some of the nation’s best lenders will be willing to offer you a home loan with a down payment of less than the usual 20%. All you need to do in return is pay private mortgage insurance (PMI), which typically costs 0.5% to 1% of the value of the loan annually.
Read More
Guide to Mortgage Loans for Manufactured Homes
An estimated 20 million Americans live in mobile homes, and not all of them fit the overplayed stereotype of being poor. According to the most recent U.S. Census, there were 8.5 million mobile homes scattered throughout the country. Around 57% of these homes were occupied by at least one person in full employment, and an additional 23% were occupied by retirees.
Read More
10 Factors You Should Consider When Choosing Your Mortgage Loaner
If there is one thing that I have learned over my time, it’s that unless you’re a banker or a mortgage loaner, you probably don’t understand everything there is to know about mortgages. In fact, I’m willing to bet that you’re here because you’re looking for a mortgage loaner and aren’t sure where to start. This is where this guide comes in. When it comes to finding a mortgage loaner, it’s important to think everything through properly, which is difficult when you aren’t sure where to begin – so here are our top 10 things you should consider when choosing a mortgage loaner.
Read More
What is The Right Time To Refinance Your Mortgage?
If you’ve been weighing up whether or not to pay off your existing loan and replace it with another one, also known as refinancing your mortgage, then our handy guide is here to help. Sometimes refinancing sounds like a good idea on paper, but in reality it’s not always possible or practical. Lenders are tightening up their rules and regulations, making it more difficult to acquire a loan, so we’ve put together a complete guide to help you decide whether it’s the right time to refinance.
Read More
Types of Mortgages Loans
Whether it’s your very first home, or you’re moving for the third time in your life, moving house is always an exciting process. Amongst all of the giddiness though, there is usually a lot of stress involved. We all know that mortgages aren’t cheap, and that if we want to be able to cope with the monthly payments, we have to choose the right one for our needs and lifestyle. In 2017, homebuyers are left with a very difficult decision, as there are numerous types of mortgage loans on the market, all offering something unique but useful. If you’re amongst the thousands who are struggling to make a final decision, hopefully this in depth guide will help you to identify the right mortgage loan for you.
Read More
Why Credit Score Matters in Mortgage Applications
In most cases, maintaining a strong credit score is the most important thing you can do to ease your mortgage application process. You credit score and report help your lender determine your ability to pay back your home loan. Therefore, your lender will take into account your score and report when assessing whether to offer you a mortgage loan and when calculating your rate and terms.
Read More
Mortgage Industry Review 2017
American home buyers had a fantastic 2017, with the average 30-year fixed-rate mortgage falling from 4.32% to 3.95% (before rising back to around 4.5% by May 2018) and total home sales rising 1% to 5.51 million, the highest figure since 2006. Beyond that, there was plenty of other big news in the mortgage industry last year, which we recap in this article.
Read More
First Time Buyer Guide
Buying your first home is an equally exciting and daunting process. After months of renting properties, or even living at your family home, you finally have the money ready to begin the process… But where do you start? There are several legal and financial steps to take before you can buy a home. Read on for our complete first time buyer guide, which will help you get to grips with all of the steps required to purchase your very first house.
Read More
What is a Mobile Home Loan?
Mobile home loans are loans backed by the Federal Housing Administration (FHA) for manufactured homes. There are two types of mobile home loans: regular FHA loans and personal property loans. FHA loans are fixed-rate loans with low down payments and flexible credit requirements that may be used for mobile or permanent homes. Personal property loans, also known as chattel or Title I loans, are fixed-rate loans payable over a 20-year term. VA loan and conventional loans may also be used to purchase manufactured homes, although these types of loans cater to the general public and don’t cater specifically to mobile home buyers.
What are Mobile and Manufactured Homes?
A mobile or trailer home is a prefabricated structure built in a factory on a permanently attached chassis before being transported to a physical residential site. It can be used as a permanent or temporary home and can be moved by towing or trailer. By definition, mobile homes built since 1976 are known as manufactured homes and must adhere to the FHA’s building codes.
More than 22 million Americans live in the approximately 8.5 million mobile homes scattered around the country. The average sales price of a manufactured home stands at around $72,900, and manufactured homes account for around 70% of all new single-family homes worth less than $125,000. According to a study by the Manufactured Housing Institute, it can cost 10-20% less to build a manufactured home than an equivalent conventional home. With these sorts of advantages, it should come as no surprise that manufactured home production has increased for 8 straight years from 2011-2018.
Manufactured homes are not the same as modular homes, which are made of several separate prefabricated parts that are assembled on a permanent foundation to give the look of a conventional home.
Types of Mobile Home Loans
FHA loans are fixed-rate loans with terms of 15-30 years insured by the U.S. Federal Housing Administration (FHA). Home buyers with a credit score of 580-619 are eligible for an FHA loan with a minimum 3.5% down payment. Buyers with a credit score of 500-579 are eligible for an FHA loan with minimum 10% down payment. Recipients of FHA loans must pay monthly private mortgage insurance (PMI) until their home equity reaches 20% of the home’s value. PMI requires an upfront payment of 1.75% of the loan amount plus a 0.45-0.85% annual premium.
Title I loans are fixed-rate loans with terms of 15-25 years that are also insured by the FHA. The borrower must sign a Placement Certificate with the Department of Housing and Urban Development (the HUD, which oversees the FHA) in which they confirm that the home has been installed and set-up to their satisfaction by seller. After moving in, the borrower can contact the HUD for assistance about any problems with construction of the home.
VA loans are another type of loan backed by the federal government – in this case the Department of Veterans Affairs. This type of loan is open to veterans of the Military, National Guard, Reserves, and surviving spouses who meet certain requirements. Qualifying veterans may use a VA loan to purchase a mobile or permanent home with zero down payment or a low down payment, and without having to pay PMI.
Mobile Home Loan Eligibility Requirements
People who wish to finance their manufactured home and land with one loan and whose manufactured loan is built on a permanent foundation may apply for a standard FHA loan with a term of up to 30 years. To qualify for an FHA loan involving a manufactured home, the home must meet certain minimum requirements. The floor area must be at least 400 square feet. The home must have been built since 1976 and adhere to the 1976 safety code. It must be classified and subject to taxation as real estate. It must be on a permanent foundation built to FHA requirements. It cannot be located in a flood zone.
People who wish to finance a home being built on a non-permanent foundation, i.e. on leased land or on the borrower’s own land, may apply for a personal property loan. These types of loan may be used to purchase or refinance a manufactured home, developed lot, or a combination of home and lot. Personal property loans are fixed-rate loans with terms of 15-25 years. The maximum loan amount for a personal property loan is $69,678 for home only, $23,226 for lot only, and $92,904 for home and lot.
Comparing Lenders for Manufactured Homes
Most of the nation’s top lenders offer FHA and VA loans for use with mobile or permanent homes. Some lenders also offer conventional home loans for the purchase of a manufactured home or lot. No matter what type of mobile home loan you’d like to apply for, we recommend shopping around between the best direct lenders or using LendingTree to pre-qualify for multiple lenders in one go. LendingTree is an online marketplace that helps users connect to the best lenders for FHA loans, VA loans, conventional loans, and other types of loans in minutes. To compare pre-qualified mortgage rates, simply enter basic information about yourself and the home you’re purchasing, including location and loan amount, and LendingTree’s automated system will select the best loans from its network of lending partners.