Home loans in Maine, including mobile and manufactured home financing
eLEND offers a wide variety of home loan options in the state of Maine! Let our team of experienced mortgage professionals help you find the best home financing for your financial situation.
Thinking of buying a mobile home, manufactured home or modular home? Factory-built homes have come a long way in the past few years, an still remain one of the most affordable options for those who dream of homeownership in Maine. Ask an eLEND home loan specialist about purchasing a singlewide or doublewide manufactured, mobile, or modular home on owned land.
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Maine home loan options
- Fixed Rate Mortgages – Conventional loans available in 30, 20, 15 and 10 year terms, eLEND offers competitive interest rates for the life of your loan. Be sure to ask an eLEND mortgage professional about our government backed products including FHA, USDA, and VA loans which offer low and no money down financing options.
- Adjustable Rate Mortgages –The FHA 5/1 ARM provides you with some breathing room before your interest rate adjusts yearly for the rest of the loan.
- Jumbo Loans – These are available in both fixed and adjustable rates, and are a good option if you’re looking to buy a single-family or multi-unit home in a high market value area of Maine. Jumbo financing is needed when you require a loan higher than current conforming loan limits. PLEASE NOTE: THIS PROGRAM HAS BEEN TEMPORARILY SUSPENDED
- VA Loans – Eligible military veterans, active duty personnel, and surviving spouses may be able to take advantage of no money down and no private mortgage insurance loans backed by the Veterans Administration. Speak with an eLEND consultant at (800) 634-8616 for more information about VA eligibility guidelines.
Benefits of Owning a Mobile or Manufactured Home
What are the advantages of manufactured and mobile housing?
From Portland to Brunswick to Bangor and beyond, eLEND is pleased to offer mobile home financing throughout the beautiful state of Maine. Enjoy the perks of homeownership for a fraction of the cost! Mobile homes and manufactured homes have become more advanced and efficient than ever, offering you the opportunity to enjoy a low maintenance, minimalist lifestyle. Plus, the lower costs can open up many doors to financial freedom.
For homebuyers on a tight budget, a mobile or manufactured home loan makes sense. Mobile homes are often less expensive than traditional stick-built homes. Plus, smaller space and higher energy efficiency means lower utility costs.
Even homebuyers who can afford a bigger house but prefer to live below their means can benefit from mobile homeownership. Just imagine what you could do with the savings you’d gain from purchasing a mobile home.
Maine mobile and manufactured home loan guidelines
To be eligible for our mobile home loan program, some of the requirements that must be met include the following:
- The home must be a minimum of 400 square feet.
- The home must have been built after June 15, 1976, and in conformance with the Federal Manufactured Home Construction and Safety Standards (there will be a certification label to signify this).
- The home must be on a permanent foundation and cannot be located in a mobile home park.
- The loan must also cover the land that the manufactured home sits on. If it does not, and the mobile home is on land you do not own, we can still help you! Our personal property loans are *powered by MHL. Talk to one of our home loan specialists today!
Looking to refinance instead? Learn more about refinancing a manufactured home or refinancing a mobile home with eLEND!