Purchasing a Mobile Home

manufacturedhousing.org - August 25, 2006
Your all-in-one center for buying your own home

Considerations Check List
How do you want your home to look?
What size home and floorplan do you want or need?
What custom options and features are available?
What appliance packages are available?
What energy-efficiency options are available?
What ventilation options are available?
Will state laws on transporting oversized loads prevent you from moving your home?

Your Financing Options

If you are like most homebuyers, you will require a loan or mortgage to finance your new home. The retail sales center where you buy your home can provide information on financing and assist you in submitting an application for a loan. You also have the option of shopping for your own financing.

Most lenders require a minimum down payment of 5 to 10 percent and will have loan terms ranging from 15 to 30 years.

If you are buying the home and the land together, or plan to place the home on land you already own, some financial institutions offer traditional real estate mortgages with similar interest rates. Should you be purchasing the mobile home separately from the land on which it will be located, it will probably be financed as a personal property mobile home loan.

FHA-insured and Department of Veterans Affairs-guaranteed, called FHA and VA, loans are available to mobile home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. They require more paperwork during the credit application and approval process and, therefore, may take longer for approval than a conventional loan.