Mobile Home Loan (Home-Only): This type of loan is for the purchase of a manufactured home on a rented lot, as in a mobile home park. These are considered personal property loans and typically haved a 2-3% higher interest rate than a "stick-built" home on its' own parcel of land.
These loans usually have no application fees, no pre-payment penalties and are financed with fixed interest rate loans. Mortgage insurance is not normally required. The majority of all manufactured home loans do not have a pre-payment penalty.
The interest rate will vary depending on the age of the home, the amount of the down payment, your credit score and the size and type of home (ie: single wide, double wide etc).
Loans must be for a minimum of $15,000 and the home must be a 1976 or newer.
Your credit score and ability to pay will ultimately determine the down payment that the lender will require.
Your closing costs, including insurance, can be financed into the loan (except for the down payment).
The number of years that a home can be financed will be determined by the age of the home, with a maximum of 25 years for newer properties.
All manufactured home sales must go through the escrow process. An average escrow fee is $400.
There is no 100% financing available in the current real estate market, however, there are still a few lenders that will allow the down payment to be "gifted" to you by a family member in order to help you with your purchase.
You will also be required to qualify with the park in which you intend to reside. Each park has different requirements. Check with the park manager for the amount of any security deposit required and necessary income ratios.