Buying a mobile or manufactured home without owning land beneath it? At TruPath Home Loans, we specialize in providing straightforward, flexible financing for manufactured homes, even if you’re leasing a lot or placing your home in a mobile home park.
What is a Mobile Home Without Land?
A mobile or manufactured home loan without land – also known as a “chattel loan” – is specifically designed to finance the purchase or refinance of your home separately from the land. These loans function similarly to auto loans and typically come with flexible approval requirements.
Benefits of our Mobile Home Financing:
- Flexible credit requirements (550 Credit)
- Low Down Payment options
- Competitive interest rates
- Fast approval and closing process
- Financing available even if renting or leasing land
- ITIN Available
What is a Mobile Home?
Mobile Homes are built in factories, and then transported and installed on a lot that is typically leased. One key feature is that the home is not permanently tied to the land, and it can be moved in the future. Because of this, these homes actually come with a state DMV title (rather than recorded as improved land with the county). The majority of Mobile Homes are installed in Mobile Home Parks, which typically have plenty of amenities, but the homeowner must pay lot rent each month (typically $200-$1,000/mo depending on amenities).
These homes are built to HUD standards to ensure safety and uniformity. Homes that were manufactured prior to June 15, 1976 did not have any national HUD standard to conform to, and the quality can range drastically. Homes prior to this can present additional challenges for lending.
Mobile Home Financing
Most banks and lenders won’t look at Mobile Homes! This is incredibly frustrating because this is becoming the entry level into today’s expensive housing market. Banks consider this type of financing as a “Chattel Mortgage” or “Chattel Lending”, which essentially means this is a loan on personal property that is movable (like an auto or trailer loan). Mobile Homes are not eligible for traditional real estate mortgages, like Conventional, FHA, or VA financing. Check your payment with our Mobile Home Loan Calculator.
TruPath Home Loans offers a handful of different Mobile Home Financing Options, and we are one of the most recognized Mobile Home Lenders in Utah! We are able to lend on mobile homes in California, Oregon, Washington, Idaho, Utah, Colorado, Florida, Georgia, and Texas. We are growing into other states, and we are always adding new programs.
Due to the complexity of these loans, we have an in-house team that specializes in these programs. They are able to simplify the process for buyers while ensuring a consistent and reliable experience.
TruPath Home Loans is able to help you with Purchasing a new or existing mobile home, or refinancing your current mobile home.
Mobile Home Loan Benefits
- 550 Credit Score Minimum
- No PMI (Mortgage Insurance)
- Low Down Payment Options
- Leased Land (in a park)
- Fixed & Step Rate Options
- 25-35 Day Close
- ITIN Available
- Finance to Value, not Price (can often finance closing costs)
Pros and Cons of Mobile Homes
Mobile homes aren’t just an affordable housing solution – they’re a lifestyle choice for many. We work with clients every day who could easily qualify for and afford traditional homes but choose to live in mobile home communities. Everyone’s situation and preferences are unique, so here’s a quick breakdown of the pros and cons to help you decide if it’s the right fit for you.
Benefits of Mobile Homes
- Affordable Housing Option
- Easier to Qualify for Financing vs. Traditional Homes
- Lower Maintenance Costs
- Flexible Placement
- Faster Construction
- Sense of Community
- Park Amenities
- Park Approvals (see FAQ)
Drawbacks of Mobile Homes
- Limited Appreciation
- Lot Rent Fees can change
- Park Approvals (see FAQ)
- Effectively Half-Renting, Half-Owning
- Limited Financing Options
- Relocation Costs
Why Choose TruPath Home Loans for Mobile Home Financing?
We understand the unique needs of mobile home buyers, and we have a team that specializes and works only on mobile homes. There’s a reason we are one of the top mobile home lenders in Utah.
- Expertise and experience in Chattel loans and mobile homes
- Transparent Terms and no hidden fees
- Simplified and Straightforward Process
- Personalized service from experienced loan officers
- Commitment to making homeownership accessible for everyone
Start Your Mobile Home Financing Today
Ready to finance your mobile home without land hassle-free? Get in touch with us today.
Frequently Asked Questions
Can I get a mobile home loan if I don’t own land?
Yes! We offer mobile home loans even if you’re leasing a lot or placing your home in a mobile home park.
What credit score do I need for a mobile home loan?
We have flexible credit requirements for mobile home financing. Many borrowers qualify with scores as low as 550, but higher scores will secure better terms.
How much down payment is required for a mobile home?
You are required to put money down, but the amount is very minimal. Down payment requirements vary based on credit score. Contact us to see what options you qualify for.
Are there special loans for manufactured home built before 1976?
June 15, 1976 is when HUD established national building standards for manufactured homes. Any homes built on or after this date are eligible, whether they are placed in a park, or set on a permanent foundation. Homes prior to this date may be eligible depending on the scenario.
How long does it take to get approved for a mobile home loans?
Most mobile home loans are approved and closed within 2.5-4 weeks, depending on the scenario.
Can I refinance my existing mobile home loan?
Yes! We offer refinancing options for mobile and manufactured homes, including lowering your rate or cash-out options.
What’s the difference between a mobile home loan and a traditional mortgage?
Mobile home loans (like chattel loans) finance the home only, not the land, and typically have different terms and requirements than traditional mortgages.
Are mobile home loans available for bad credit?
We work with borrowers of all credit backgrounds. Even with less-than-perfect credit, you may qualify for flexible mobile home financing.
Do mobile home loans cover setup and transport costs?
Many programs allow you to include setup and installation costs in your loan. Ask our team for details about your situation.
Can I use a mobile home loan to buy in a mobile home park?
Yes, you can finance a home in a mobile home park with the right loan program, even if you’re only leasing the lot.