How easy is it to get financing for mobile homes? Is the procedure same as with normal houses?

Question

Thanks!

Answer 1

If the home is not on a perm. foundation and its on rented land, it will be a lot tougher to finance at a bank or mortgage company.

Sometimes a seller of a mobile home will carry a private note.  In my market, I've seen 1000 down, payments of x permonth for x months.

Now in a case where the home is a newer model, on a perm. foundation on its own land, you can get FHA and conventional financing for those as long as you qualify. In that case, its just like financing a regular home.

Answer 2

The procedure is more like a car loan than a mortgage.  Mobile homes aren't considered real estate but private property.

There are many companies that finance mobile homes.  Many times the companies that sell them can recommend a finance company.