If you are purchasing a home separate from land, then you are eligible for a personal property loan. The home itself is used as collateral for the loan. This is popular when a manufactured home is placed in a land-lease community.

If you are purchasing a home and land together as a single real estate transaction, then a real estate mortgage loan is right for you. In some cases, you may finance the manufactured home and land with one of participating lenders who offers traditional mortgage loans secured by your manufactured home.

LENDERS APPLY HERE

Under the affiliate lender program, approved lenders make loans to eligible borrowers to finance the purchase of a manufactured home and/or lot, Credit is granted based upon the applicant's credit history and ability to repay the loan in regular monthly installments.

Manufactured home loans have interest rates that are fixed and generally based upon the prevailing market rate in the area at the time the loan is made.

Financing may be used for the purchase or refinancing of a manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrowers.

Manufactured homes are usually purchased through dealers or retailers that sell the homes. The names of lenders in your area which specialize in financing manufactured homes can be obtained from local retailers. These retailers are listed in the yellow pages of your telephone directory. They have the required application forms. Manufactured homes financed must comply with the National Manufactured Home Construction and Safety Standards. 

Eligible buyers must have sufficient funds on hand to make the minimum required down payment.  Be able to demonstrate that they have adequate income to make the payments on the loan and meet their other expenses. Intend to use the manufactured home as their principal residence.  Have a suitable site on which to place the manufactured home. The home may be placed on a rental site in manufactured home park, or on an individual homesite owned or leased by the borrowers.

Equal Opportunity in Housing

The Fair Housing Act prohibits discrimination in housing and related transactions--including mortgages and home improvement loans. Lenders may not deny funds or offer less favorable terms and conditions in lending on the basis of the borrower's race, color, religion, sex, national origin, familial status (i.e., the presence or number of children in a household) or disability. In addition, lending decisions may not be based on the race, color, sex, religion, national origin, familial status or disabilities of persons associated with the borrower or with the area surrounding the property. If you believe you have been the victim of discrimination in mortgage lending on one of the prohibited bases, you may file a fair housing complaint by contacting a local fair housing advocacy group, the Office of Human Rights for your state or local government, or by calling the national Fair Housing Hotline at (800) 669-9777 or TTY: (800) 927-9275.