Guide to Mobile Home Financing

You’ve decided to buy a mobile home and want some information about mobile home financing. The web is full of sites, so you want a simple page to get you started – one with no strings attached, and this is it. Here we will give you the basics on mobile home financing, and our other pages can help you with other relevant topics. Hopefully, you will take some time to acquire knowledge and make the best decisions. Any home is a large financial investment; for most of us it is the largest one we make.

Find Mobile Home Financing

Once you have decided who to buy from – a dealer, real estate agent, or the owner himself, and although these people may offer suggestions, you will want to shop all options for a lender. If you are looking to finance an older mobile home, much will have to do with the size and quality (in other words assessed value) of the home. Although some lenders may not have an interest in financing older mobile homes, especially single width units, there are others who will. They are listed in the yellow pages of the phone book, and you can also find them online. If, however, you have selected a new mobile home, the financing will be easier. Often, the newer models are built with better materials to look like constructed houses, and this makes it easier to get a lender. It also gives you the advantage of the latest design and energy efficient appliances generally a part of the package.

Prior to shopping for mobile home financing, get a copy of your credit report. If you find any discrepancies do your best to resolve these in advanced.

Market Analysis

This can provide information on recent sales, nearby mobile home communities, sold and for sale statistics, as well as dealers and lenders. You can research this information yourself, or you can find an analysis online by entering the keywords “mobile home market analysis”. Some online sites offer these for free, some others will charge, but the cost is low.

Other paperwork that you can get ready in advance before shopping mobile home financing are documents for other loans, bank statements, pay stubs, titles to vehicles and properties, etc. Most of this paperwork is listed on our page: Home Financing.

Many communities have zoning regulations and deed restrictions which limit you to certain areas where you can place a mobile home. If you are buying for property that you own, check the deed and zoning. Another consideration is whether the mobile home is fixed or actually mobile; this often comes to whether or not the wheels are attached or removed. It can make the difference in whether or not you need vehicle registration.

For more information on mobile home financing, refer to the related links contained in this article.