10 Best Mobile Home Loans

Best Mobile Home Loans Quick Takeaways

21st Mortgage Corporation is best for mobile homes in a community or park, Amerisave is best for fast approval, and Caliber Home Loans is best for veterans.

• Check whether you need a personal loans or a mortgage to finance your mobile home
• Most lenders require a minimum credit score of 600 or more
• Mobile home loans usually have specific requirements, such as square feet, being fixed to a foundation, and age and condition guidelines
• Mobile homes often depreciate in value, similarly to automobiles

Mobile homes may be more affordable than traditional homes, but purchasing one still often requires a loan. However, the types of mobile home loans offered by each lender may vary. Many companies offer personal loans for mobile homes, while others offer a mortgage loan option for those who qualify.

To help you find the best mobile home financing, we looked at some of the best mortgage lenders and researched their loan offerings. Whether you’re interested in the best home equity loans or loans for investment properties, we looked into the best lenders for each situation.

Our Top Picks for Best Mobile Home Loans

The companies listed below are in alphabetical order.

• 21st Mortgage Corporation: Best for mobile homes within a community or park
• AmeriSave: Best for fast approval
• Caliber Home Loans: Best for veterans
• eLEND: Best for first-time buyers
• Guild Mortgage: Best for protection packages
• ManufacturedHome.Loan: Best for good credit scores
• Manufactured Nationwide: Best for low credit scores
• PenFed Credit Union: Best for high personal loan limits
• USDA: Best for rural areas
• Vanderbilt Mortgage and Finance: Best for a variety of loan options

Best Mobile Home Loans Reviews

Why we chose it: 21st Mortgage Corporation stands out as a company that will finance both new and used mobile and manufactured homes on leased land. Loans are available to borrowers in every U.S. state except Alaska, Hawaii, Massachusetts, and Rhode Island.

21st Mortgage Corporation doesn't require a minimum credit score, and down payments on property range anywhere from zero to 35%. If your credit score is below 570, a 35% down payment is required. Fortunately, this down payment can come in the form of land equity, trade-in, cash or any combination of the three.

Borrowers must have a debt-to-income ratio below 43% to qualify without providing additional documentation or a co-signer. The company will lend up to $16,000 for a mobile home property purchased through a retailer and $25,000 for refinanced properties or those purchased from another individual.

Borrowers can apply online, and the process takes approximately four to six weeks for home-only loans. If land is included in the loan, the processing time may take six to eight weeks.

One drawback to 21st Mortgage Corporation is that it does not offer a prequalification option, so you may not know how much you are authorized to borrow until you've already applied.

Why we chose it: If you plan to finance your mobile home with a personal loan, AmeriSave offers approval in just minutes, zero origination fees, fixed rates and loans from $5,000 to $50,000. AmeriSave has a simple, user-friendly application process that can be completed from any mobile device.

AmeriSave offers some of the best mortgage refinance and purchase loans with adjustable and fixed rates. Government-backed loans like VA, USDA and FHA loans are also available in every U.S. state except New York. Cash-out refinances are available, but home equity loans are not.

Why we chose it: Caliber Home Loans provides a wide range of resources for U.S. military borrowers, including assistance to those who are lacking sufficient funds to make a down payment. The company offers both conventional and government-backed loans with fixed and variable interest rates.

Caliber Home Loans has a special in-house team dedicated to helping members of the U.S. military and provides personalized customer service to those utilizing VA loans. The company has branches throughout the U.S. as well as a mobile app that keeps you updated during the borrowing process.

The drawbacks to Caliber Home Loans are that it doesn't offer home equity loans or lines of credit and that its current interest rates are not posted on its website.

Why we chose it: eLEND provides loans for new homes, first homes, multi-family homes, investment properties and vacation homes. It's a good option for first-time borrowers because the down payment requirements are low and the company educates borrowers about loans. eLEND also offers down payment assistance for those who need it.

One of the drawbacks to eLEND is that it only offers mobile home loans in rural zones, as determined by the USDA. The minimum credit score required is 620, but those with a score of 660 or above are eligible for more programs. Down payments can range from zero to 3.5% for those who qualify. Loan terms may extend up to 30 years. To be approved for a mobile home loan from eLEND, you must own the land your mobile home is located on or take out a personal property loan to purchase it.

Why we chose it: We like Guild Mortgage for its e-closing options, seamless application and submission process, and wide variety of loans for homes and investment properties.

Guild Mortgage offers robust protection packages for borrowers. The Homebuyer Protection program includes Credit Approval Protection, which protects those who are unable to close with a lender, offering up to $5,000 in lost earnest money and $1,000 for certain expenses. It also includes the Homebuyer Express guarantee, which provides a 17-day closing guarantee or the borrower will be reimbursed $500 in closing costs and a Lock and Shop program that locks in your interest rate for 120 days.

Minimum credit score requirements vary based on the type of loan. For VA or USDA loans, you must have a credit score of at least 540. For conventional loans, your credit score must be at least 620, and for jumbo loans, it must be at least 680.

Guild Mortgage works with more than 500 down payment assistance programs to provide support to first-time homebuyers with little savings. The drawback is that it isn’t available in all 50 U.S. states and doesn't offer home equity lines of credit or loans.

Why we chose it: A licensed nationwide mortgage broker, ManufacturedHome.Loan works with eLEND to offer competitive terms to borrowers. Those with higher credit scores may be able to access lower interest rates because the company offers a variety of borrowing options through eLEND.

Even those with low credit scores can borrow through the company's government-backed programs like FHA and VA loans, and the company offers special programs for first-time home buyers. Loan maximums, interest rates and down payment requirements vary based on credit score.

ManufacturedHome.Loan is unique because it will finance a mobile or vacation home that is situated on leased land. The company finances and refinances both new and used mobile home purchases.

ManufacturedHome.Loan also offers chattel loans for mobile or manufactured homes that are not affixed to the land. For existing homes, terms are set at 23 years, and for new homes, terms are set at 25 years.

ManufacturedHome.Loan doesn't post interest rates, so you'll need to speak to a representative or fill out an application to request more information. Compared to the other sites we studied, the company's website is somewhat less user-friendly.

Why we chose it: Manufactured Nationwide is a suitable option for those with low credit scores because there are different credit requirements depending on the desired loan. Borrowers must have a minimum credit score of 620 for VA loans, 640 for manual underwriting and 660 for conventional FHA loans. Down payment requirements vary based on the loan, but in some cases, you don't need to put any money down.

Owned by The Federal Savings Banks, a federally chartered, veteran-owned organization, Manufactured Nationwide made the list because of its extensive work with government-backed, low-down-payment programs. The company lends in all 50 U.S. states and offers FHA, VA and USDA loans.

Loan terms are set at 15, 20 or 30 years, and it also offers competitive fixed rates guaranteed by government-backed programs. One such program enables consumers to borrow up to $3 million.

Manufactured Nationwide does have a lengthy closing process and doesn't offer loans for mobile homes on rented land or in parks unless approved by Fannie Mae.

Why we chose it: PenFed offers personal loans with a limit of up to $50,000, a high amount for those who choose to use this type of loan to finance a mobile home. It also has various types of loans available: FHA, jumbo, adjustable rate mortgage, conventional fixed, VA and Power Buyer loans. The credit union also provides a home equity line of credit, refinancing options and VA Interest Rate Reduction Refinance Loans.

The second largest credit union in the nation, PenFed was formerly only available to members of the U.S. military but is now open to any eligible borrower. In order to qualify for a loan, borrowers must also maintain a member savings account with PenFed.

Most of the personal loans offered by PenFed have terms of 12 to 60 months. If you qualify for a mortgage loan to finance a mobile home, no down payment is required. Flexible income and credit requirements make it easier for first-time homebuyers and those with no credit to qualify for a mobile home loan.

If you are looking to improve your credit, PenFed may not be the best option because it only reports payments to one major credit bureau.

Why we chose it: The United States Department of Agriculture (USDA) offers Section 502 direct and guaranteed loans and Section 504 home repair loans. Most USDA loans offer 100% financing, requiring no down payment, and are intended to help low- and moderate-income households afford a home purchase.

USDA loans are offered through many of the lenders on our top ten lists, but buyers can also apply through the USDA Rural Development Loan program. These loans can be used to purchase, build, repair, or refinance a primary residence, including a mobile home, and you can borrow 100% of the home's value, so there is no down payment.

Most USDA loans do not come directly through the USDA, but rather through other lenders, and the USDA backs and guarantees them. Borrowers who apply through third-party lenders will be subject to a guarantee fee, which, similar to mortgage insurance, is generally rolled into the total amount of your loan. USDA loans have some eligibility requirements, including a credit score of 640, a willingness to repay the mortgage and United States citizenship or legal permanent residency.

Why we chose it: Vanderbilt Mortgage and Finance (VMF) has been around for almost 50 years and is a Berkshire Hathaway company and a partner with Clayton Homes. We included this company on our list because of the many types of loans it offers as well as its long-term financing and fast approval. The partnership offers loans to borrowers in all 50 U.S. states.

VMF loans are available for mobile homes and manufactured homes. They can also be used for home improvement and to upgrade your home’s energy efficiency through the eScore program. The company offers traditional home loans, FHA-backed loans, variable loans and fixed-rate loans. The company has six types of loans in total:

• Pre-owned financing
• Home upgrade loans
• Land and home mortgages
• Fresh start home loans
• Portfolio home loans
• Biweekly advantage loans

Loan values start at $10,001.00, except in Kansas, where the minimum is $25,001.00. Repayment terms vary, and loans are usually funded within three days of closing. Borrowers also have five options for making monthly payments: money transfer service, money order or check, phone, automatic payment or online payment.

The downside to VMF loans is that a down payment is required, and the company’s website provides limited information about its products and doesn't post a minimum credit score requirement.

Other companies we considered

New American Funding

Founded in 2003 and based in California, New American Funding offers home loan options to borrowers in all U.S. states except Hawaii. Borrowers can choose between adjustable and fixed-rate mortgages, and the company has programs to assist Black and Latino borrowers.

Why it didn't make the cut: New American Funding doesn't disclose its fees until after you've applied for a mortgage.

Rocket Mortgage

Formerly known as Quicken Loans, Rocket Mortgage was founded in 1985 and is the largest mortgage lender in the U.S. Borrowers benefit from a completely digital experience and access to jumbo, fixed-rate mortgage, refinance, VA, FHA, ARM and conventional loans.

Why it didn't make the cut: Rocket Mortgage doesn't offer USDA loans or home equity loans. There is no option for in-person service, so borrowing is more challenging for those who prefer a personal touch.

Mobile Home Loans Guide

Main things to know before choosing a mobile home loan

The type of loan you need will largely depend on your income, credit score, the lender you choose and the amount you want to borrow. For some borrowers, a personal loan may be sufficient, while others may opt for a mortgage loan to finance a mobile home. In most cases, a mortgage loan is preferable to a personal loan because the loan amounts are higher, the repayment terms are longer and the credit requirements are more flexible.

Before applying for a mobile home loan, consider doing the following:

• Check your credit score: If it's less than 600, research ways to raise your credit score.

• Save for a down payment: While some loans don't require a down payment, many offer lower interest rates and better terms to those who put some money down.

• Research loan types: Most lenders offer conventional loans, FHA loans, VA loans and USDA loans. Some even offer investment property loans and LLC loans.

What are the different types of mobile home loans?

In addition to personal loans, there are three primary types of mobile home loans:

• Construction mortgage: Enables you to borrow specific amounts of money at different times if you purchase your mobile home and land separately

• End mortgage loans: Provides financing for a residence that has already been built

• Chattel mortgage: Used to finance a residence that doesn't include land, such as those situated in a mobile home park or on leased land

Traditional mortgage loans include the following:

• Adjustable-rate mortgages (ARM loans): Involves interest rates that fluctuate throughout the life of the loan

• Conventional loans: Not backed by the government and available as both non-conforming (jumbo loans) and conforming (loans that meet the guidelines of Fannie Mae and Freddie Mac) loans

• Jumbo loans: Ideal for borrowers with good credit who need a substantial loan

• Government-insured loans: Ideal for those with low credit scores and no down payment; for example, FHA, VA and USDA loans

• Fixed-rate mortgages: Determines a fixed, predictable monthly payment for the life of the loan based on the mortgage rates at the time the loan is originated

What are the requirements for a mobile home loan?

The requirements for a mobile home loan depend on the lender you choose. Most lenders offer loans to those with a credit score of 600 or above, and many offer 100% financing so you don't have to provide a down payment. Some require collateral, which is property that is used to secure the loan.

How to get a loan for a mobile home?

The first step to securing a loan for a mobile home is to check your credit score and improve it as much as possible. Then save for a down payment and choose a lender that offers the flexibility and benefits you need. Finally, research the lender’s interest rates, loan terms, loan amounts and any other borrower qualifications.

How We Found the Best Mobile Home Loans

To find the best mobile home lenders, we studied a few crucial elements of each company:

• Loan types and terms: We checked the loan limits, the repayment terms and the types of mortgage loans each lender offers.

• Options for different types of borrowers: We researched the best loans for people in various situations, such as those with no cash for a down payment, those with low credit scores and those looking for the best mortgage refinance terms.

• Financing for homes with or without land: We investigated banks that finance mobile homes on purchased land and others that finance homes situated in mobile home parks or on leased land.

• Borrowers with low credit requirements: To help those with poor credit or no credit history, we also identified mortgage lenders willing to work with lower-than-average credit scores.

Summary of the Best Mobile Home Loans

The companies listed below are in alphabetical order.

• 21st Mortgage Corporation: Best for mobile homes within a community or park
• AmeriSave: Best for fast approval
• Caliber Home Loans: Best for veterans
• eLEND: Best for first-time buyers
• Guild Mortgage: Best for protection packages
• ManufacturedHome.Loan: Best for good credit scores
• Manufactured Nationwide: Best for low credit scores
• PenFed Credit Union: Best for high personal loan limits
• USDA: Best for rural areas
• Vanderbilt Mortgage and Finance: Best for a variety of loan options