Financing a Mobile Home

When financing a mobile home versus a stick built house, the terms and conditions normally differ. Many lenders do not loan on mobile homes, which can make financing more difficult for borrowers. Lending laws can vary from state to state, and each lender might have its own requirements. If seeking financing on a mobile home that includes the land, the following steps will help ease the way.

Instructions

1. Search for a lender that has experience financing mobile homes.

2. Determine the age of the mobile home you wish to finance. Many lenders will not loan on mobile homes manufactured before 1976.

3. Discover the square footage of the mobile home you seek to finance. Lenders offer have a minimum square footage requirement, and some mobile home lenders will not loan on a single wide.

4. Obtain an Affidavit of Affixture from the county, which is often required by the lender. Without this document, lenders can consider the mobile home personal property, such as a car, as opposed to real estate, like a house with land.

5. Expect to pay higher interest rates and provide a larger down payment when financing a mobile home versus a house of the same price.

6. Prepare to obtain an Engineer’s Certificate on the foundation, if you are applying for an FHA loan.