How to Get a Loan for a Mobile Home

Financing is available for mobile home buyers.

Most banks, credit unions and mortgage lenders accept applications for a mobile home loan or mortgage. Before you apply for a loan, make certain the construction of the mobile home meets all prerequisites for securing a loan. The house lot and the size of land on which the mobile home sits may impact the issuance of a loan. Before collaborating with a bank or mortgage loan originator, take action to make sure your mobile home meets the lender's requirements. Do everything you can to make your loan application as favorable as possible.

Instructions

1. Conduct a search for a mobile home loan or mortgage lender by using the telephone. Contact banks, credit unions and mortgage companies. Schedule meetings with their loan representatives.

2. Select a financial institution with a mobile home loan program that best suits your needs. Build a relationship with the lender by asking for advanced loan qualification. This makes it possible for the lender to check your credit and income history, prior to your making a formal loan application.

3. Arrange a time to inspect mobile home documents, including a copy of the deed, prior to making a purchase. The Department Of Housing And Urban Development will consider financing for mobile homes constructed since June 15, 1976.

4. Confirm that the mobile home, including land, appears on the county tax assessors records as taxable real estate. View a copy of the tax bill for verification.

Tips & Warnings

• Request a complete house inspection, by a certified and licensed home inspector, as part of the purchase and sale agreement.

• Before you assume ownership of your mobile home, make sure the seller pays outstanding Home Owner Association fees or dues.

References

• US Department Of Housing And Urban Development: Let FHA Loans Help You
• Real Estate Center Journal: Manufactured Homes: More Attractive Than Ever
• University Of Maryland University College: What About A VA Loan?