Financing for Mobile Home

Can you please give me advice on how to get financing for a mobile home that will be in an upscale Pennsylvania private community? Banks in our area plus our credit union no longer finance mobile homes in private communities. I was advised to go online and apply. I am hesitant to do this. I don’t know how safe this is to do. Is there any online finance companies that are trustworthy? How would I know which ones are considered safe? Thank you for all your help.

Terry Says:   Well, this was a tough one for me, and I had to resort to Google to get you some information.  I can assure you that it is safe to work with a lender online, if you choose one with a good reputation. BUT first, I think you need to do some more local homework.  You should ask the community management for some referrals to lenders. Surely, this can’t be the first time they’ve had this question.

Now, I’m assuming you are talking about a stationary home, not one on wheels.  Here’s a link to a HUD page, which explains how they finance “manufactured homes” which must be on a foundation.  And if it is a new manufactured home, this paragraph from HUD should provide direction:

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.

For more information, call the HUD hotline at:  (800) 569-4287.

But if you are buying from an existing homeowner and don’t have the cash it may be more difficult to find financing.  Even QuickenLoans doesn’t finance manufactured homes according to their website.  The seller may offer financing, but you’ll need an attorney to set up the contract..