Best Mobile Home Loans | Find the Best Loan for You

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A mobile home is usually more affordable than a traditional home, but you still might need financing. Learn more about how mobile home financing works and how to get a loan that suits your needs.

What Are the Best Mobile Home Lenders of 2021?

Chase

3% Min. Down Payment
Not disclosed Min. Credit Score

USAA

0% Min. Down Payment
Not Disclosed Min. Credit Score

Lender

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3% Min. Down Payment
Not disclosed Min. Credit Score

Lender

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0% Min. Down Payment
Not Disclosed Min. Credit Score

Best for digital customer care

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, Refinancing, FHA, VA, Jumbo, USDA
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 0.03
  • Better Business Bureau rating: A+

Best Features

  • Homebuyers can choose from a variety of mortgage products.

  • Home loans are available nationwide.

  • Down payment and closing cost assistance is available.

See full profile

Best for online mortgages with cash back rewards

Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank is insured by the Federal Deposit Insurance Corp. and offers everything from persona; and business savings and checking accounts to auto and home loans.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, Fixed-Rate, ARM, Jumbo, Home Equity Loans, HELOC, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Earn 3% annualized cash back — 0.25% monthly — if you have an Axos Bank checking account and use it pay your mortgage.

  • Reduce or eliminate the $995 lender fee with an Axos Bank checking account.

  • On-time closing is guaranteed for buyers of single-family homes.

  • Access mortgage lona consultants to discuss your home financing needs.

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Best for low costs

Chase, one of the nation’s largest banks, offers mortgages, refinance loans and home equity loans for qualified borrowers.

Before You Apply

  • Mortgage types offered: Conventional, FHA, VA, Fixed Rate, ARM, Jumbo, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Down payments as low as 3% are accepted.

  • Fixed- and adjustable-rate mortgages are available.

See full profile

Best for product availability

ConsumerDirect Mortgage is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. ConsumerDirect Mortgage offers home purchase and refinance loans to eligible borrowers.

Before You Apply

  • Mortgage types: Conventional, FHA, Fixed Rate, ARM, Jumbo, Refinancing, VA
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: Not Disclosed
  • Better Business Bureau rating: A+

Best Features

  • Fixed and adjustable-rate mortgages are available. A lender credit for third-party closing costs is available for many loans. <br/>Loans are offered in 49 states; ConsumerDirect Mortgage does not lend in Maryland.

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Best for low down payment

PNC Bank is one of the largest U.S. banks, serving more than 9 million customers in all 50 states. PNC offers most types of mortgages.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA< VA, ARM, Jumbo, HELOC, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Multiple types of mortgages are available.

  • PNC supplies an online home ownership cost tool.

  • Some mortgage options require no or low down payments.

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Best for low APR

New American Funding is a national mortgage lender offering a variety of home loan options to homebuyers and homeowners. The company was founded in 2003 and is headquartered in Tustin, California. The lender has originated more than $50 billion in mortgage loans to date.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, VA, FHA, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The company has multiple mortgage options, including low-down-payment loans and loans where you set your term length.

  • You can choose between fixed- or adjustable-rate loans.

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Best for bad credit

Carrington Mortgage Services makes a range of mortgages, including refinancing, available to borrowers nationwide. The company, which provides conventional and government-backed mortgages, has funded $22 billion in home loans since 2011.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, USDA, Fixed Rate, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Applicants with credit scores as low as 500 are accepted for some products.

  • The Home Possible Advantage loan program can require a down payment of as little as 3%.

See full profile

Best for mortgage variety

AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite, digital mortgage experience for customers. The company says it has financed more than 390,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.

Before You Apply

  • Mortgage types: Conventional, Jumbo, Fixed Rate, ARM, FHA, VA, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • FHA, VA and USDA loans are available, in addition to conventional fixed-rate and adjustable-rate mortgages.

  • Potential borrowers can get prequalified without a hard credit inquiry.

  • Borrowers can complete the majority of the application process online.

See full profile

Best for product availability

Freedom Mortgage is one of the country’s largest loan originators and servicers operating in every state, plus Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. Loan options include conventional, adjustable rate, jumbo, refinance, Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture.

Before You Apply:
Mortgage types offered: ARM, Conventional, FHA, Fixed Rate, Jumbo, Refinancing, USDA, VA
• Minimum FICO score: 620
• Minimum Down Payment: 3%
Better Business Bureau rating: A+

Best Features

  • Offers wide selection of mortgages.

  • Helps qualify borrowers with fair credit.

  • Focuses on FHA and VA loans.

See full profile

Best for customer service

Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985 as Rock Financial. With headquarters in Detroit, the company offers a completely digital home lending process. On July 31, 2021, the lender changed its name to Rocket Mortgage. It was previously known as Quicken Loans.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA, ARM, VA, Refinancing, Jumbo,
  • Minimum FICO credit score: 620,
  • Minimum Down Payment: 3%,
  • Better Business Bureau rating: A+

Best Features

  • Rocket Mortgage services 99% of the loans it originates.

  • The company offers customizable loan terms.

  • The digital application process is user-friendly, and loan status information is always available.

  • Rocket Mortgage has an excellent customer service reputation.

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What Is a Mobile Home Loan?

Mobile homes aren’t the same as traditional “stick-built” or “site-built” homes, which are built directly on top of the site where they’ll stand. Instead, mobile homes, also known as manufactured homes, are prefabricated and then moved to the location where the owner wants to live.

Getting a mobile home loan may be different from taking out a traditional mortgage. It will depend on the specific characteristics of your home. For instance, if you pay fees to the state department of motor vehicles or the mobile home still has wheels, it’s considered a vehicle or personal property. If that’s the case, you’ll need to rely on a chattel loan or personal loan to finance the mobile home purchase.

If your mobile home meets certain requirements, it may be considered real property and can qualify for mobile home financing.

  • The home needs to be at least 400 square feet.
  • It should have its wheels removed and be permanently affixed to a foundation.
  • You need to own the land under it.
  • The home must meet strict guidelines regarding its age and condition.

What Do You Need to Get Approved for a Mobile Home Loan?

Whether you’re looking to get a mobile home loan, chattel loan or personal loan, lenders will expect you to meet certain qualifications. You’ll need to show that you’re a trustworthy borrower in order to qualify for a loan and the best terms possible.

“There is usually a slightly higher loan cost with manufactured homes on a permanent foundation, and the financing rules are slightly stricter,” says Khari Washington, a mortgage broker and owner of 1st United Realty & Mortgage of Riverside, California. “To get approved for a mobile home loan, a person needs the same things they need for any other home.” These are the major requirements:

  • Down payment. If your mobile home meets the standards for being considered “real property,” you can get a loan with as little as 3% to 5% down, depending on the type of loan and individual lender requirements. However, if you pursue a conventional mortgage to finance your mobile home purchase, some types of property may be ineligible, such as single-wide homes or investment properties.
  • Credit score. Generally, you’ll need a credit score in the mid-600s to qualify for a conventional mobile home loan. However, the best interest rates and loan terms are reserved for borrowers with scores of more than 650. If you finance using a Federal Housing Administration loan, you may qualify with a score as low as 500, provided you pay a 10% down payment.
  • DTI. Your debt-to-income ratio measures how much of your monthly gross income goes toward paying off debt. When financing a home in general, most lenders prefer that your back-end DTI, which includes your potential home loan payment along with all other debt obligations, be no more than 43%. Some allow up to 50%. However, when financing a mobile home, some lenders may require a lower DTI.

Do You Need to be a Landowner to Get a Mobile Home Loan?

Whether you need to be a landowner or not depends on the type of loan you are going to get. Most mobile homes are on leased land, says Dawn Pfaff, president of My State MLS, a nationwide multiple listing service. In those instances, the home is considered chattel, or personal property, and you’d get a corresponding chattel or personal loan.

“When you buy a mobile home on land that you own, as long as that home is permanently affixed to the land, the terms are much different,” Pfaff says. In this case, you can borrow a mobile home loan that works essentially the same as a mortgage. However, not all mortgage lenders approve loans for mobile homes, so you’ll need to find one that offers this type of financing.

What Is a Good Interest Rate for a Mortgage Home Loan?

Because mobile home loans are not as common as traditional mortgage loans and the terms tend to be a bit stricter, it’s difficult to pinpoint the average mobile home rate. The interest rate you’re offered will depend on a number of factors, including your creditworthiness, the type of property, the size of the loan and more.

That said, for a mobile home on a permanent foundation, a good interest rate would be around 3%, according to Washington. That’s just slightly higher than the average mortgage rate for a 30-year, fixed-rate loan.

When shopping around for a mobile home loan, it’s important to compare offers from several lenders to ensure you’re getting the lowest rate possible.

Will the FHA Finance a Mobile Home?

The FHA offers two types of mobile home loans.

The FHA Title I program is designed for homes that are considered personal property and not real estate. To get a Title I loan, you don’t need to purchase or own the land the mobile home will be sitting on. Pfaff notes that the amount you can borrow under the Title I program is capped, depending on the use:

  • Manufactured home: $69,678
  • Manufactured home lot: $23,226
  • Manufactured home and lot: $92,904

There are also maximum loan repayment terms, depending on the property type:

  • Manufactured home or a single-unit home and lot: 20 years
  • Manufactured home lot loan: 15 years
  • Multiunit manufactured home and lot: 25 years

The FHA Title II program is for mobile homes that qualify as real property and are taxed as real estate. It works the same way for mobile homes as it does for traditional homes. You can put down as little as 3.5% if your credit score is at least 580, or 10% if your score is between 500 and 579. You will be required to pay a mortgage insurance premium, regardless of the down payment amount. The home must also be your primary residence, and the repayment term can last up to 30 years.

When Do You Need a Mobile Home Loan?

Though mobile homes can be more cost-effective than traditional stick-built homes, they are still pricey. The average sale price of a new manufactured home was $98,100 as of March 2021, according to the U.S. Census Bureau. Opting for a double-wide or a home with certain customizations can drive that price much higher. If you don’t have the cash saved up for the full purchase price of a mobile home, it may be worth taking out a loan to cover the cost.

Another factor to consider is whether you will also need to purchase the land that the home will sit on. If you don’t already own a plot of land, but you want a mobile home that qualifies as real property, you may need to finance the land purchase along with the mobile home purchase.

View More Best Mobile Home Lenders

Best for government loans

Founded in 2008, PennyMac is a national mortgage lender with more than $473 billion in loans serviced. PennyMac offers a range of home loans, including conventional, Federal Housing Administration, Veterans Affairs and investment property mortgages.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, FHA, VA, ARM, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 0.03
  • Better Business Bureau rating: A+

Best Features

  • PennyMac accepts a 50% debt-to-income ratio for conventional loans in some instances.

  • Online capabilities include a 24/7 access center and email status updates.

See full profile

Best for product availability

Wells Fargo offers a variety of mortgage and home equity products in 36 states. The lender offers conventional, adjustable-rate, FHA, VA, USDA, jumbo and refinancing loans.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, Jumbo, FHA, VA, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Borrowers can choose from a variety of mortgage products.

  • Wells fargo offers specialized loans with additional loan options.

  • Borrowers can get prequalified and apply online.

See full profile

Best for client relations

SunTrust Bank, now known as Truist, is based in Charlotte, North Carolina, and offers mortgages through branches in 15 states and Washington, D.C. Loan types include fixed or adjustable rate, conventional, jumbo, refinance, Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture.

Before You Apply

  • Mortgage types: ARM, Conventional, FHA, Fixed Rate, Jumbo Refinancing, USDA, VA
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Offers FHA, USDA and VA loans.

  • Provides a doctor loan program.

  • Supplies an online mortgage application.

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Best for fair credit

Flagstar offers banking and lending products in every state. Borrowers can select from conventional or government-backed mortgages, such as FHA, VA and USDA loans, and opt for adjustable-rate mortgages.

Before You Apply

  • Mortgage types: ARM, Conventional, FHA, Fixed Rate, Home Equity Loans, Jumbo, Refinancing, USDA, VA
  • Minimum FICO credit score: 620
  • Maximum Down Payment: 10%
  • Better Business Bureau rating: A+

Best Features

  • Flagstar Bank provides a broad selection of mortgages.

  • Some mortgages require no or a low down payment.

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, HELOC, Jumbo, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Bank of America has a variety of mortgage products.

  • The lender offers origination fee discounts for qualifying Bank of America and Merrill Lynch clients.

  • Home equity lines of credit have no annual, application or cash advance fees or closing costs.

  • Bank of America offers a first-time homebuyer program.

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Best for no down payment

Alliant Credit Union is a nonprofit financial cooperative. The credit union serves customers in all 50 states. Mortgage products include conventional, jumbo and refinancing loans, and home equity lines of credit.

Before You Apply

  • Mortgage types: Conventional, Fixed, ARM, Refinancing, Jumbo, HELOC
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • No-down-payment mortgages are available for first-time homebuyers with excellent credit.

  • Those who buy or sell through the Alliant Home Rewards program are eligible for cash back rebates.

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Best for digital closing

Guaranteed Rate, founded in 2000 and based in Chicago, offers mortgage options including conventional loans, Federal Housing Administration loans, jumbo loans and interest-only loans to customers in all 50 states and Washington, D.C. Borrowers can take advantage of specialized loan products and Guaranteed Rate’s online application, documentation and loan payment options.

Before You Apply:

  • Mortgage types: ARM, Fixed Rate, Conventional, FHA, VA, USDA, Refinancing, Jumbo, Interest only
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 0.05
  • Better Business Bureau rating: A-

Best Features

  • Provides qualifying borrowers with a fully or partially digital closing process

  • Offers several mortgage loan products

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Best for Veterans Affairs loans

USAA serves more than 13 million members of the military and their families, offering financial products in every state and Washington, D.C. Qualifying borrowers can obtain mortgages, including VA, conventional and refinance loans. USAA is known for its customer service and specialization in products for service members.

Before You Apply:

  • VA loan products available: Jumbo, Refinancing, VA
  • Minimum FICO credit score: Not Disclosed
  • Minimum Down Payment: 0
  • Better Business Bureau rating: A

Best Features

  • Rates well for customer service.

  • Offers VA Interest Rate Reduction Refinance Loans, also known as IRRRL or streamline refinance.

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Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgage and home equity products nationwide. Options include conventional, adjustable-rate, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Veterans Affairs loans. Caliber has been in business since 2008, and is focused on home lending products.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, USDA, Fixed, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum Down Payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The first-time homebuyer program HomeOne can require a down payment of as little as 3% and borrowers may qualify with a minimum 620 credit score.

  • Government-insured loans including Federal Housing Administration, Veterans Affairs, and United States Department of Agriculture programs are available.

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Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, FHA, USDA, Refinancing
  • Minimum FICO credit score: 640
  • Minimum Down Payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • No down payment or mortgage insurance is required for VA loans.

  • Offers FHA, USDA and VA loans.

See full profile

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