Who does financing on mobile homes?
There are a few options to consider when financing a mobile home. For example, it’s possible to get a loan from the same sources as traditional mortgages, such as FHA and VA loans, as well as specialized manufactured home loans through Fannie Mae and Freddie Mac. These mobile home financing options tend to give you longer repayment terms.
Who lends on mobile homes?
Manufactured Nationwide is a division of Magnolia Bank which was founded in 1919. 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.
How do you finance a mobile home?
FHA Loan: You may be able to get a Federal Housing Administration loan even if your score is as low as 500, and the loan can be used for many …Dealer Financing: Mobile home dealers are a common source of financing, and they’re often willing to work with buyers who don’t have perfect credit.VA Loans: If you served in any branch of the U.S. …More items…
Can you get a mortgage on a mobile home?
Mortgages are available on all types of mobile homes. To qualify for a traditional mortgage, the home has to be permanently affixed to land that you own. Many borrowers miss this detail and end up stuck in more expensive chattel mortgages with no foreclosure protections.