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Can You Get a Loan for a Mobile Home?

Can You Get a Loan for a Mobile Home?

Thirty-year fixed-rate mortgages are available, as well as 7/1 and 10/1 adjustable-rate loans

Mobile homes can provide the stability and comfort of a traditional home, but at a much lower price. The catch? If you want to buy a mobile home and finance the cost, it can be more difficult than taking out a regular mortgage loan. Here’s what you need to know if you want a mobile home loan.

When shopping for a mobile home loan, you might also come across the term « manufactured home. » Mobile and manufactured home loans are essentially the same thing; « mobile homes » are factory-built before June 15, 1976, and « manufactured homes » are mobile homes built after this date.

These loans come with terms of up to 30 years and allow for down payments as low as 3

Manufactured homes are subject to construction and safety standards put in place by the U.S. Department of Housing and Urban Development. HUD’s Manufactured Home Construction and Safety Standards regulate thermal protection, plumbing, electrical, fire safety and more.

« Financing a mobile home is more difficult than financing a conventional home, but getting a loan for a mobile home is still feasible, » says Daniela Andreevska, content marketing director at Mashvisor, a real estate data analytics company. (suite…)