Skip to content

Best Mobile Home Loans

How to Finance Your Mobile Home

We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

A mobile home, also known as a manufactured home, is a transportable, prefabricated structure moved via truck to a location and used as a permanent residence. More than 17.5 million people in the U.S. live in manufactured homes. 

The process for getting a mobile home loan is different than getting a traditional home loan. This is primarily because most mobile homeowners don’t own the land the mobile home sits on. They own the home itself and pay rent for its lot, rendering the mobile home real property. So instead of getting a traditional mortgage for your mobile home, you'd likely need a personal loan to cover the cost. These loans typically have a shorter repayment term and come with a higher interest rate than a mortgage. 

Since most people who want to buy a mobile home will need a loan, we reviewed more than 10 mobile home loans and narrowed them down to the top four. The best mobile home loans were chosen based on the types of mobile homes they finance, their coverage area, the types of loans they offer, and company reputation. 

Read on to find out which mobile home loan is right for you. 

The Best Mobile Home Loans of 2022: Choose the Best Loan for You

Best Overall : Manufactured Nationwide


Manufactured Nationwide

 Manufactured Nationwide

  • Availability: All 50 U.S. states
  • Minimum credit score required: 620
Why We Chose It

Manufactured Nationwide is our pick for best overall mobile home lender. It specializes in loans for different types of manufactured homes and offers personalized service to help you find the best loan.

Pros & Cons
Pros
  • New purchase loans available in all 50 states

  • Up to 100% financing

  • Specializes in mobile home loans

Cons
  • Not easy to view rates or terms online

Overview

Manufactured Nationwide lends in all 50 states and has over 100 years of combined manufactured home lending experience. Unlike other lenders, they don’t just have a division devoted to manufactured and mobile home loans—their entire company focus is on these types of loans. Their goal is to provide loans to those who may not qualify elsewhere. 

We chose Manufactured Nationwide as our best overall mobile home loan provider because it offers competitive fixed rates, lends in all 50 states, and it offers loans for different types of mobile homes. Their process is also relatively quick. The entire loan process can take as little as 30 days to close on your new home. 

Unfortunately, Manufactured Nationwide has suspended their one-time close construction loans for manufactured homes, but they are still offering one-time close loans for true modular prefab and stick-built properties, and alternative construction loans for mobile homes are available.

Manufactured Nationwide’s services and features include:

  • Loans for new and used manufactured and modular homes
  • Loans for single-, double-, and triple-wide mobile homes
  • One senior banker to work with you throughout the entire purchase process
  • Construction loans
  • Offers government-backed loans including FHA and VA for qualifying homes that must be affixed to land that you own

Keep in mind that it doesn’t offer loans for homes in a mobile home park or on leased land. 

Loan requirements and pricing for Manufactured Nationwide:

  • Loans up to $1.5 million for purchases
  • Down payments range from 0% for a VA loan to 3.5% for an FHA loan
  • Minimum FICO score is 620

Unfortunately, Manufactured Nationwide's website does not contain detailed information about their rates and terms. The only way to determine what's available is to use their online quote tool.

Customers of Manufactured Nationwide like its customer service, timely responses, and the overall professionalism of the company.

Runner-Up, Best Overall : Vanderbilt Mortgage and Finance


Vanderbilt Mortgage and Finance

 Vanderbilt Mortgage and Finance

  • Availability: All 50 U.S. states
  • Minimum credit score required: Not listed
Why We Chose It

Offering lengthy repayment terms, flexible qualification requirements, and loans in all 50 states, Vanderbilt Mortgage and Finance, Inc. (VMF) is our runner-up for best overall.

Pros & Cons
Pros
  • Up to 30-year loan terms

  • Low minimum credit score requirement

Cons
  • Customer reviews are mixed

  • Down payment required

Overview

VMF is a national lender offering financing for manufactured homes. It has a partnership with Clayton Homes, a largely manufactured home builder, and is a Berkshire Hathaway company. It has been in business since 1974 and has closed more than 200,000 loans. 

We chose VMF as our runner-up for best overall mobile home loans because it offers loans nationwide, has competitive rates with flexible loan qualifications, and its partnership with Clayton Homes makes it easier for clients to go through the home buying process. Typically, your closing can be set three days after you sign your documents.

VMF services and features include:

  • New and used manufactured and mobile home loans
  • Home improvement loans including financing for energy-efficient improvements
  • Loan servicing for traditional loans
  • Fixed-rate, adjustable-rate, and FHA-backed loans
  • Traditional home loans

Loan requirements and pricing for VMF are as follows:

  • Loans start at $10,000
  • Down payment minimum is 3.25%
  • Minimum FICO score is typically 580 to 620 depending on the type of loan
  • Debt-to-income ratio is around 40%
  • Average interest rate is 5% to 10%
  • Loan term is either 15 or 30 years

VMF has average reviews. Customers primarily complain on third-party websites about high interest rates, but the reviews on their website were positive stating that securing financing was easy and they provide quality customer service.

Best for Bad Credit : 21st Mortgage Corporation


21st Mortgage Corporation

 21st Mortgage Corporation

  • Availability: 46 U.S. states
  • Minimum credit score required: 575
Why We Chose It

21st Mortgage Corporation is our top choice for bad credit, offering loans to qualifying borrowers with credit scores as low as 575.

Pros & Cons
Pros
  • Up to 100% financing

  • Low minimum credit score requirement (575)

Cons
  • Customer reviews are mixed

  • Not available in all 50 states

Overview

21st Mortgage Corporation operates in 46 states (excluding Alaska, Hawaii, Massachusetts, and Rhode Island) and Washington D.C. It was founded in Knoxville, Tenn., in 1995 with a staff of four and has grown over the past 25 years to over 800 employees. Clayton Homes acquired the company in 2003, and 21st Mortgage Corporation owns and services more than 180,000 mortgages valued over $9 billion. 

We choose it as our best mobile home loan for borrowers with bad credit because it does not require borrowers to have a minimum FICO score in most states and it also offers mobile home loans in mobile home parks, which not all lenders offer. Home-only loans take about four to six weeks to close and loans with land may take up to eight weeks to close. 

21st Mortgage Corporation's services and features include:

  • Mobile and manufactured home loans for new and pre-owned homes
  • Auto and mobile home insurance
  • Loans for homes located in mobile home parks
  • Loans for homes with permanent and non-permanent foundations
  • Innovative loan programs with down payments made up of cash, land equity, or trades

Loan requirements and pricing for 21st Mortgage Corporation are as follows:

  • Loans start at $14,000
  • Down payments range from 0% to 35% and can be a combination of cash, trade, and/or land equity
  • Minimum FICO score is typically 575
  • Debt-to-income ratio needs to be under 43%
  • Average interest rate is 5% to 10.99%
  • Loan term varies depending on the type of loan
  • Zero-money-down loan products are available for qualifying loans used on primary residences

While their customer service gets mixed reviews, customers find the company helpful with payments and making payment arrangements, and feel the company is professional and responsive.

Best for Low or No Down Payment : eLEND


eLEND

 eLEND

  • Availability: 46 U.S. states
  • Minimum credit score required: 620
Why We Chose It

ELend is our top pick for low or no down payments because it may approve qualified borrowers for up to 100% of a mobile home's purchase price.

Pros & Cons
Pros
  • Lengthy repayment terms

  • Down payment assistance available

Cons
  • Must own the land to get a mobile home loan

  • Relatively high minimum credit score required

Overview

Based in New Jersey, eLEND is a division of American Financial Resources, Inc., and combines innovative technology with educational resources in order to simplify the mortgage process. It strives to provide affordable home financing options to first-time buyers and existing homeowners.

We chose eLEND as our best mobile home loan for low or no down payments because it offers multiple loans including government-backed loans with down payments as low as 0% and other loan programs offering down payments of 3.5% with down payment assistance for qualified borrowers. If you meet eLEND’s lending criteria but don’t have a large down payment, it may be the best mobile home loan for you.

eLEND's services and features include:

  • Mobile home loans
  • Vacation home loans
  • Multi-family home loans
  • Investment properties
  • Refinances

Note that eLEND only lends in USDA-deemed rural areas, so make sure to do your research and find out if where you are purchasing a mobile home qualifies. 

Loan requirements and pricing for eLEND are as follows:

  • Loans typically go up to $400,000
  • Down payments start at 0% to 3.5% and down payment assistance programs are available if you qualify
  • Minimum FICO score is typically 620, but a 660 or higher makes you eligible for more loans 
  • Debt-to-income ratio is around 41%
  • Average interest rates are 2.5% with a VA or USDA loan
  • Loan terms are typically 30 years

Online reviews for eLEND are mostly favorable, with customers appreciating the friendly customer service, responsiveness, and the multiple types of loan offerings.

Final Verdict

Financing a mobile home works slightly differently than financing a house. For borrowers interested in purchasing a mobile home, these lenders offer several options with competitive rates and terms.

If you are currently looking for a property, comparing loans from several lenders can make a lot of sense. As you shop around, look at the types of loans offered, available terms, rates, credit score requirements, and other factors like how each lender fares in terms of customer service. Doing so will help you find the best financing option for your situation.

Frequently Asked Questions

What Is a Mobile Home Loan?

A mobile home loan is a loan that is used to finance a mobile or manufactured home. Typical mobile home loans include government-backed loans such as VA and FHA loans, chattel loans, and personal loans. Conventional loans are rarely used on mobile homes unless they’re affixed to land that you own and not in a mobile park. 

Some mobile home loans can be used to finance mobile homes that are located on leased land or in mobile parks. Others require that you own the land the home is on and that the mobile home is permanently attached to the land.

Who Should Get a Mobile Home Loan?

Consider a mobile home loan if you’re interested in living in a mobile home but can’t afford to pay for one in cash. You might also want a mobile home loan if you’d like to own a home but might not qualify for a loan on a traditional home.

It’s not a good idea to get a mobile home loan if you’re not sure if living in a mobile home is right for you. It may be a better idea to rent one first and see how you like it. If you plan on renting a lot, you may need to pay cash for the mobile home or expect to get a personal or chattel loan with a higher interest rate. 

What's the Minimum Credit Score Needed for a Mobile Home Loan?

Keep in mind that if you want a mobile home loan, you will need to meet some minimum qualifications. If the mobile home is attached to property that you own, you might qualify for a government-backed loan with a minimum FICO score of 500. However, credit score requirements vary by lender and loan type, and may be as high as 620 or even 680. Talk with your lender about their requirements before applying for a loan.

How Much Do Mobile Home Loans Cost?

How much your mobile home loan costs depend on variables like loan amount, loan type, and interest rate. Your interest rate will likely be the most expensive cost, ranging from 2.5% for a VA or USDA loan to over 12% for a non-government-backed loan.  

A down payment is another cost to consider. Some loan programs offer zero down payments or down payment assistance if you qualify. Other loans require anywhere from 3.5% to 35% of the purchase price as a down payment. 

If you’re financing a mobile home on a leased lot, you will need to consider how much the land is costing you and how much you’re paying for utilities and mobile home insurance

How We Chose the Best Mobile Home Loans

We looked at more than 10 mobile home loans and narrowed them down to the best based on the types of loans they offer, including government-backed loans, as well as the types of mobile homes they finance. To evaluate mobile home loan providers, we looked for companies with solid reputations in the industry, quick loan closings, and multiple loan types. Company and third-party reviews, loan amounts, and loan qualifications were also important criteria when choosing our top four mobile home loans.  

Related Articles