The Beginner’s Guide to Financing a Mobile Home

Financing is one of the most important tools available to buyers throughout the home sales process. Most simply put, financing is the process of providing funds for making purchases or investing in something. It can allow interested buyers to purchase a home that may be slightly out of reach for them by allowing them to pay for it over time instead of all at one time. The process can be tricky, so today we are going to break things down to much simpler terms.

The most important thing to know is that financing is not only an option for those that have great credit.  Even if you have less than perfect credit, financing may be an option for you. Once you determine your eligibility for financing, it is important to understand the basics before you get started.

  1. What Type of Loan Do I Need? The first thing to understand is the type of loan you will be working with. The loan contract used to finance a mobile home is called a chattel loan. This type of loan is specific to mobile homes located in mobile home communities. Generally, a down payment of at least 10% of the sales price is provided at the time of purchase.
  1. What Must I Provide to Begin the Process? Obtaining a loan requires a number of documents to be completed, which include personal information you provide to your lender. These documents typically include:

A completed loan application

Required supplementary forms

-Proof of identification (in the form of a driver’s license and Social Security card)

-Proof of income

  • Are There Any Other Requirements? There are not many other requirements to finance a mobile home, but there are a few other costs associated with owning a home in a mobile home community. The first of these is site rent, which is the amount you pay per month to live on the land the home is set on. Homeowner’s insurance is also necessary to protect from any damages. Lastly, mobile home taxes may also be in place. These are determined strictly by the municipality in which the home is located.  

Financing your mobile home can be a great option if you understand the process and what is required of you throughout. To view our full inventory, please visit

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