Financing for Single Wide Mobile Homes
Whether you are purchasing a new single wide mobile home or refinancing an existing loan, at eLEND we work hard to keep the financing process simple and affordable.
Single wides and other types of mobile homes generally require specific financing programs that are not offered by all lenders. Some of the requirements may be a little different from a mortgage for a stick built home, but in most ways they are very similar.
Low Rates for Mobile Home Loans
eLEND’s mobile home financing program is a specialized FHA loan backed by Federal Housing Administration mortgage insurance. This allows lenders to offer more favorable terms to borrowers such as affordable pricing.
Buy a Home with Less Money Down
Because this is an FHA loan product, the down payment requirement is typically lower than with many comparable conventional loan programs. Borrowers may qualify to put down as little as 3.5% on a mobile home purchase, making home ownership an option for many who would otherwise have to wait several years as they saved enough for a larger down payment.
Less Than Perfect Credit Considered
Many borrowers, even those with blemished credit, find it simpler than expected to gain approval for this home loan.
Some Basic Requirements
In order to be eligible for single wide financing through eLEND, several requirements must be met such as:
- The mobile home must be no smaller than 400 square feet
- The home must be constructed after June 15, 1976
- A credit score of 620 or higher is required
- The loan must also cover the land the home sits on
- The home cannot be located in a flood zone or trailer park
- The home must be situated on a permanent foundation
Additional terms and conditions will apply. Contact eLEND for more information.
Learn More Today
Learn more about manufactured home loans at eLEND.com