Background
Mobile homes are a form of manufactured housing built entirely in a remote facility, rather than on-site, and then taken to the place where they will be occupied by tractor trailer. They come in single-wide (16 feet or less), double-wide (2 units totaling 24 feet or more) and triple-wide varieties, with double-wide being the most common size to comply with community regulations.
Beneath their cosmetic foundations, mobile homes possess the hardware to be moved (heavy trailer frames, axles, wheels and tow-hitches), but most mobile homes remain anchored to the installation site for the life of the structure.
Mobile home lending
| LOANS | LTV | PROGRAM DETAILS |
|---|---|---|
Purchase program Refinance program Debt Consolidation program |
up to 125% |
|
Lenders suffered many losses associated with mobile home loans in the 60's and 70's and today they are much more careful as a result. Rapid depreciation, high loan default rates, abandonment, and a lack of land ownership all caused lenders to build risk into their loans. However, lenders will give you a better rate on your mobile home loan, if:
- your mobile home is a double-wide or triple-wide since these units are considered more permanent and do not depreciate as much
- you own the land where the mobile home will be set up
- you obtain a proper lease, since Freddie Mac will back such a loan
- you plan on buying a lot in a mobile home development
- you are close to public utilities
- your state and builder comply with the Manufactured Housing Improvement Act
Additional resources
Manufactured & Mobile Home Financing
The Pennsylvania Mortgage Store has extensive experience financing manufactured housing such as mobile homes. Whether your lot is in a mobile home development or in a rural area, on leased land or on your own land, we find you the most competitive mortgage deal. Contact us today to learn more about your options by either:
- filling out the form below or by
- calling us toll-free at (866) 928-0229.
