How Do You Finance Used Mobile Homes?
Financing mobile homes can be challenging, since often banks won’t take mobile homes as collateral. However, mobile home buyers still have many options available to them when seeking to finance used mobile homes. Many mobile home sellers are willing to hold paper, or finance the homes themselves; certain niche lenders also provide this service. With some companies offering down payments as low as 5 percent, financed mobile homes can be an affordable option. Terms were traditionally 15 to 20 years but today many double-wides are financed for 20 to 30 years. Put the mobile home on land you own, if possible. Mobile home loans are most favorable when the manufactured home is most similar to an ordinary home, which is connected to real estate. Most mobile home owners don’t own the land and they can still obtain financing but they will likely have to pay a higher interest rate. Shop around for the best rate. Often mobile home buyers can obtain financing directly from the seller of the mobile
