If you are wondering how to get a loan for a mobile home, you’ve come to the right place. Thankfully, mobile home financing is not difficult to achieve; in fact, most mobile homeowners benefit from debt-free financing for their new and used mobile homes!
But how does financing work on a mobile home, exactly? Can you get a loan for a mobile home if you are on a very small budget? A mobile home loan is a life-saving financial grant that can help you stay in your mobile home without worrying about going into debt. Keep reading to learn more about mobile home financing and whether or not you may qualify for a beneficial loan!
Who Can Get a Manufactured Home Loan?
If you have any experience with a traditional home loan, you shouldn’t worry about how to get financing for a mobile home. Manufactured home loans are typically a lot easier to get comparatively other types of housing loans.
The type of mobile home loan you qualify for depends on what kind of building your home is considered to be. For example, some manufactured homes are classified as vehicles rather than real estate. In that case, you would go through a different loan process.
Our Manufactured Housing Consultants pros can qualify you for a manufactured home loan if your home is:
- Taxed as a real piece of property
- Over 400 sq. ft. in measurement
- Located on government-approved permanent foundations
- Without major damage or disrepair
If you are still unsure about how to finance a mobile home because it doesn’t meet the above requirements, you can schedule a financing consultation with one of our specialists.
Requirements for Mobile Home Financing
Whether you qualify for an FHA loan, a VA loan, or a personal loan, there are several financing requirements you must meet in order to be granted the loan amount. Check out some of our FAQ on mobile home financing and how to meet those requirements:
1. Who finances mobile homes?
You can get several different types of manufactured home loans from the U.S. government, including a HUD loan. There are many personal banks and private lenders who can also grant mobile home loans.
2. What credit score is needed to buy a mobile home?
The credit score requirement will change depending on the institution granting the loan. For example, the VA usually requires a credit score of at least 620. The FHA loans may not require as high of a score depending on your circumstances.
3. How long can you finance a mobile home for?
Depending on the loan you qualify for, you may be able to finance your home for 15, 25, or 30 years. There are short-term loans available for those on a budget. You can settle on the terms of the loan when consulting with your financial advisor.
4. Are mobile home loans hard to get?
It is very easy to get a mobile home loan. Speak with your manufactured home sales expert to start the mobile home financing process.
Finance the Mobile Home of Your Dreams Today!
It is very easy to get started with the mobile home loan process. No matter which lender you choose, they will use a number of requirements to determine whether or not you qualify for mobile home financing. Your credit score, financial stability, and average income can all play a part. To learn more, reach out to us at Manufactured Housing Consultants today!
