is it hard to get a loan for a mobile home

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Historically, getting a loan on a mobile – or, more accurately, manufactured – home has been more difficult than getting a conventional home loan. This is less the case today, but the interest rate.

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If you are attempting to get a mortgage with a package that includes both land and manufactured home, your chances of getting conventional financing are significantly higher. generally, banks and traditional home mortgage loan providers will not approve a conventional loan if the mobile home will be on a leased property.

You could get a personal loan to purchase or refinance a manufactured home. Approval times are fast and you might have an easier time getting approved for a personal loan rather than a mortgage.

Mobile homes that don’t rest on a permanent foundation. homes situated in a park or lease community. Sometimes it’s a bit harder to get a real estate loan on a single-wide, but persevere-you will find one. There is still chattel loans, personal loans, owner financing, or rent-to-own options.

If you’ve just found your dream manufactured home, the next thing you need to do is find out if you qualify for a manufactured home loan.Given that financing the purchase of a manufactured home is different than traditional home buying, below we analyze the three most important factors that can prevent your conditional approval.

How to buy a mobile home: mortgage loans for older manufactured housing. This article resulted from a question asked by one of our readers. It turns out that many other visitors also wanted to.

For example, the maximum loan amount for a manufactured home only is $69,678, while the maximum amount on a loan for a home including the lot it sits on is $92,904.

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Financing is challenging for any homeowner, and that’s especially true when it comes to mobile homes and some manufactured homes. These loans aren’t as plentiful as standard home loans, but they are available from several sources and government-backed loan programs can make it easier to qualify and keep costs low.