Do I Need a Down Payment?
To purchase a new or used manufactured/mobile home, in most cases, the answer is
YES.  A down payment is required.


Manufactured and Mobile Home Loans Only Where Land is Not a Factor
The amount of the down payment varies widely depending on a lot of variables in a borrower's
application, such as debt compared to income, credit history, employment history, other assets, etc.
When the manufactured/mobile home sits on leased land, such as a mobile home park or leased
private lot, the typical down payment is 5 percent to 10 percent for a primary residence.  For
secondary housing the down payment could be 10 percent to 20 percent.  Though often, depending
on the customer, our loan professionals will work hard to reduce the down payment requirement
as much as possible.

Manufactured and Mobile Home Loans Tied to Land by Mortgage and Deed
When the home sits on owned land and the manufactured/mobile home are tied by deed and mortgage,
this is a land home package.  Different guidelines apply because the home is considered real estate.

First, there are conventional loans which typically require a 5% minimum down payment for a 30 year
loan term.  Second, there is the very advantageous FHA and VA loans for manufactured/mobile homes
on land.  The FICO score is usually not a factor, and the typical down payment is 3 percent.  VA loans
may be secured with a valid coupon for 100 percent financing in most cases.

The FHA loan has another terrific advantage which can yield a 100 percent financing situation.  The
seller can give a gift of 3 % to the buyer to make the purchase work if the seller is willing.
Down payment money can also be obtained by a gift from a relative.  As long as the funds can be
verified through bank records, this form of down payment certainly qualifies.

We do strive to provide every possible option available to our valued customers.  It only takes a
moment to find out if your home purchase qualifies.  Our reliability and specialty in the
manufactured/mobile home industry is why after a purchase, many customers come back
to us to refinance their homes.

We know you have a choice when selecting a loan professional to assist you.  That's why we "Go
the Extra Mile" to make sure you receive the best experience possible.  
That's our promise!                                                                               Thank you for choosing us!
Mobile Home Financing, Mobile Home Loans, Mobile Home Purchase
Mobile Home Financing, Mobile Home Loans, Mobile and Manufactured Home Refinancing 1-800-608-6898
1-800-608-6898
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Mobile Home Purchase or Refinance Today!
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