Getting financing for a home is a complicated process that requires you to have a high credit score and meet other requirements by the lender. The process is a bit more complicated for individuals looking for loans for mobile homes in parks.
Unlike in traditional mortgage loans where you can get a mortgage from most banks and financial institutions, you will need to carry thorough research before you can find a loan lender for mobile homes in parks.
Most mobile homeowners do not qualify for the traditional mortgage as they do not own the land where the mobile home sits. In such a case, the mobile home is real property and not a real estate property, making it impossible to qualify for a real estate mortgage.
Nevertheless, it is still possible to get loans for mobile homes in parks, but you will have to look for lenders that specialize in mobile home financing. If you are looking to invest in a mobile home in a park in 2021, we have reviewed the top ten financiers for mobile homes.
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The 10 Best Loan Companies For Mobile Homes In Parks
1. Manufactured Nationwide
When you are looking to venture into new territory, you need a partner who understands the industry. Manufactured Nationwide has over 100 years of combined experience in mobile home financing.
It is the first on this list for its wide experience broad financing solutions for mobile homeowners. Unlike other financing institutions that have a division that focuses on mobile home financing, Manufactured Nationwide is a pure mobile home lender, offering specialized services. It offers to finance individuals who may not qualify for mobile home loans elsewhere.
Manufactured Nationwide offers loans for mobile homes in parks in all 50 states with competitive fixed rates. The application process is quick, taking between 30 and 60 days to get a loan for your new home.
The institution has a wide range of mobile home financing solutions, including modular prefab and stick-built properties, among other alternatives. The firm offers loans for new or used homes and triple, double, or single-wide mobile homes.
Highlights
- A+ rating with Better Business Bureau
- 15 or 30 years loan term
- 500 minimum FICO score
- 43% debt-to-income ratio
- Low down payments
2. 21st Mortgage Corporation
Finding a mobile home lender for people with bad credit is a frustrating process that can make you give up on your dream of living in a mobile home. Thankfully, 21st Mortgage Corporation offers bad credit loans for mobile homes in parks, making it possible for almost everyone to own a mobile home. Founded in 1995, 21st Mortgage Corporation operates in 46 states and Washington DC.
It is a subsidiary of Clayton Homes and does not have a minimum credit score you must meet to qualify for a loan. The institution offers fixed-rate products whether you are looking to finance a home in a park or a community in leased land. The loan is for homes with permanent or non-permanent home foundations.
21st Mortgage Corporation brings flexibility and options to mobile homeownership. You can get financing for new or pre-owned mobile homes. The loans start at $14,000 for retailer-based properties and $22,000 for person-to-person lending.
However, you will need a debt-to-income ratio of under 43-percent to qualify for a loan without a co-signer. The application process is easy. You can apply and complete the entire process online and get a loan in four to six weeks.
Highlights
- Available in 46 states and Washington DC
- It does not have a minimum credit score requirement
- It finances homes with permanent and non-permanent foundations
- 43% debt-to-income ratio
- It does not have prepayment penalties
- 0 down loan products available
3. Vanderbilt Mortgage and Finance
You will find Vanderbilt Mortgage and Finance attractive if you are looking for a financier with conventional and bi-weekly loan products. It has a partnership with Clayton Homes, allowing it to serve a large share of mobile homeowners. The company focuses on the manufactured housing industry, providing loans for used and new homes.
Its products range from mobile homes to traditional home loans with fixed and adjustable solutions. Vanderbilt offers loans that start as low as $75,000 to $600,000 in most states.
The application process is not complicated. You can get financing for your home in less than two weeks. However, you will need to have a maximum debt-to-income ratio of about 40 percent to qualify for a loan. A credit score of 580 and a 3.5 percent down payment may also apply. The interest rates vary from 5 to 10 percent.
Highlights
- Loans available for new and used homes
- Loans start at $75,000 to $600,000
- 580 minimum FICO score
- 5 to 10% average interest rate
- 15 or 30 years loan term
4. ManufacturedHome.Loan
People with good credit scores find ManufacturedHome.Loan the best lender for its competitive loan rates and a friendly online platform. The firm is a nationwide mortgage broker, providing multiple competitive services to home buyers. The platform tends to have the best rates and terms for most people looking for a traditional mortgage or mobile home loan.
The institution expands your options by providing financing for vacation homes and mobile homes in a park. ManufacturedHome.Loan offer loans as low as $75,000 to as high as $2,000,000 with varying terms and conditions. Prequalification is quick, taking less than 24 hours.
Highlights
- Offers first-time homebuyer programs
- Supports different types of homes
- Competitive loan rates with friendly terms
- Easy pre-qualification process
5. eLEND
It is not everyone who can afford the high down payment common with most lenders, bringing eLEND into the fold. eLend offers 100 percent financing on VA and USDA loan programs with a down payment assistance program of 2 to 3.5 percent of the purchase price. The lender has some of the best loans with low down payments, making mobile home ownership affordable.
Its services are friendly to existing and new homeowners. eLend utilizes the latest technology to deliver smooth services to its customers. It further offers educational materials, simplifying the loan application process.
eLend provides several mortgage solutions, including VA, FHA, USDA, fixed and adjustable-rate loans, allowing you to choose the most ideal financing solution for your needs. The down payment can be as low as zero to 3.5 percent if you qualify for government-backed programs.
Customers can also lower their down payment amount further if they qualify for the DPA program. Community service professionals like teachers, firefighters, EMT, police officers, military, or medical workers can qualify for the DAP program.
Highlights
- Low down payment loans
- Down payment assistance (DPA) program
- Convenient online portal
- Insurance included
- 100% financing available
6. Manufactured Home Mortgage Loans
Whether you are buying or refinancing a mobile home in the park, you can always seek assistance from Manufactured Home Mortgage Loans. The lender says yes where most financial institutions say no.
It offers a full array of loan products in California at attractive rates and competitive rates. The lender offers loans that start with as low as 5 percent down payments, allowing buyers with little saving to attain their dream.
Manufactured Home Mortgage offers to finance for new and pre-owned mobile homes. Parents can also qualify for children, making it ideal for parents who would like to buy a mobile home for their children.
The company further supports no owner-occupied financing, second home, and vacation home programs with a 20 percent down payment. It does not have a minimum credit score and offers terms of 10, 15, 20, and 23 years.
Highlights
- Low 5% down payments
- Double and triple-wide financing available
- 0 minimum credit score
- Parent qualify for children
- It supports new and pre-owned mobile homes
7. Crefcoa
Crefcoa is a multifamily lending platform that offers a suite of programs with competitive variable and fixed-rate pricing and flexible financing terms for mobile home parks and housing communities. The firm offers custom services, allowing individuals to own homes in parks with flexible payment terms.
The loans are available nationally and start at $500,000. You can pay for the loan at 3, 5, 7, and 10 years fixed rate or up to 30 years for Fannie Mae’s manufactured loan program. Crefcoa has several mobile home park financing options that include Banc Series Multifamily loans, Fannie Mae, Conduit Mobile Home Park Loans, and HUD FHA Mobile Home Park Loans.
The eligibility requirements for Crefcoa’s mobile home loans vary among programs. However, you will need a 15 pad minimum or 50 pad minimum for Conduit and Fannie Mae loans.
The parks should have paved roads, but those with gravel-packed roads can also qualify. Other requirements include; up to 25 percent of park-owned homes, off-street parking, amenity package, and communities with less than 10 homes per acre.
Highlights
- The loan starts at $500,000
- Up to 30-year amortizations
- Low fixed rates
- 3-star minimum rating for parks
8. Axos Bank
For individuals interested in working with traditional financial institutions, Axos Bank is a technology-driven financial services company that offers financial products and services nationally. Axos’s mission is to challenge the status quo by the traditional banking institution, liberating customers from rigid decisions.
It is a technology-driven institution that evolves to meet the market needs and stay ahead of the competition. The bank provides a range of financial solutions, including CDs, savings, checking, retirement, lending, money market, and asset financing.
Axos Bank further offers custom lending to individuals looking for loans for mobile homes in parks. The bank offers loans of up to $20,000,000 and a loan-to-value ratio of up to 75 percent. The loans have flexible credit parameters and amortization for up to 30 years. Axos can help you purchase, refinance and cash-out refinance programs.
Highlights
- Loan amounts of up to $20,000,000
- Flexible credit parameters
- Loan-to-value ratio up to 75%
- Single and double-wide coaches accepted
- 1-star parks considered
9. Community West Bank
Community West Bank is a leader in manufactured home loans in the coastal California communities from San Francisco to San Diego. The bank offers custom financial services to fit the needs of different individuals. The institution has dedicated staff that focuses on manufactured home financing, ensuring that you have a professional who understands your needs better.
The institution has over 2,000 manufactured home loans in over 300 California mobile home parks. Community West Bank offers mobile home loans at competitive loan rates. It also offers information and resources that you need to explore mobile homeownership.
Community West Bank offers different types of loans for various mobile homes, including wheeled homes and mobile homes in the parks. The bank offers to finance for single and double-wide mobile home parks.
However, the park should have an approved foundation and be taxed as real estate, rather than a vehicle. The interest rate varies depending on the age and condition of the mobile home.
Highlights
- Single and double-wide mobile homes loans available
- Variable interest rates
- At least 540 square feet
- Approved foundation and taxed as real estate
10. RMC Funding Financial Services
RMC is a leading financial provider that serves California property investors with diverse financial products and services. The company is popular with investors for a broad range of loan options, fast approvals, competitive rates, and rate protection. RMC offers a free no-obligation consultation, making it easy for individuals interested in mobile home loans.
The firm provides up to 100 percent of construction costs for new homes in the parks. It accepts cross-collateralization, bridge and gap financing, and up to 24 months for construction completion. The company supports a wide range of investments, including single-family, condos, apartments, mixed-use, and major remodeling projects.
Highlights
- Very competitive interest rates
- Second position seller take-back financing
- Up to 30 years of amortization
- Variable terms of between 20 and 30 years
Conclusion
Loans for mobile homes in parks differ from traditional mortgage loans as most lenders do not consider them as real property. Most traditional lenders are not willing to take a risk on mobile homes in parks, which explains fewer financial products.
Furthermore, you will need to meet strict requirements to qualify for the mobile home loan with the above lenders. Most providers will consider your debt-to-income ratio ceiling and income to determine the maximum mobile home loan they can offer.