Mobile home loan products are offered to qualified applicants to purchase a new or used mobile home, or, to refinance an existing mobile home loan. Mobile home loans that are offered for homes that are on rented land such as a park are called "chattel mortgages" and mobile homes that are situated on their own land and the lender is financing both the mobile home and the land together is a real estate mortgage. Interest rates are typically higher and loan terms shorter for chattel mortgages since the lender is not securing the real estate with the mobile home.Typical chattel mobile home financing and refinancing guidelines:
Double wide mobile homes 1976 and newer
Single wide mobile homes 1993 and newer
Down payments as low as 5% for homes 1993 and newer
Mobile homes must be on rented land such as a park
Minimum 660 credit scores and above
Debt to income ratio cannot exceed 45%
Housing ratio cannot exceed 34%
Minimum 700 credit score for debt consolidation refinance
Home values are based off of NADA or AppraisalPlease note that meeting the minimum guidelines does not guarantee approval. This information is to be used for guideline purposes only. All finance programs have qualifying criteria and are subject to change without notice.Manufactured homes are single-story and delivered to the home site in one, two, or occasionally three sections. Flooring, cabinetry, fixtures, appliances and plumbing have been installed at the factory. If the home has multiple sections, the sections are joined at the site, with minimal finish work completed by the installer, such as the joining of carpet and the connection of utilities. Manufactured homes may be placed on private property or in a manufactured home community.
