Manufactured homes, also known as mobile homes, can be more difficult to finance than traditional homes. However, there are several types of lenders who may offer loans on manufactured homes:
- Manufactured home lenders: These lenders specialize in loans for manufactured homes and may offer a range of loan options, including chattel loans (which are loans secured by the home but not the land), traditional mortgages, and FHA-insured loans.
- Banks and credit unions: Some traditional lenders may offer financing for manufactured homes, although the terms and requirements may vary depending on the lender and the borrower's credit score.
- Online lenders: There are several online lenders that offer loans for manufactured homes. These lenders may offer a streamlined application process and fast funding, but may charge higher interest rates and fees than traditional lenders.
- Government programs: The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) offer loan programs for manufactured homes, which may offer lower down payments and more lenient credit requirements than traditional loans.
It's important to shop around and compare offers from different lenders to find the best terms and rates for your individual situation. Additionally, be sure to carefully read and understand the terms of any loan offer before signing any documents.
