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With the average cost of a mobile home hovering around $84,000, manufactured homes are often a more affordable route to homeownership than traditional homes. That said, financing is still necessary for most homebuyers and there are a number of flexible lending options to meet each buyer’s unique needs.
The best mobile home loans can finance owner-to-owner sales and new construction, serve borrowers who intend to lease or buy property for their home, and assist applicants with a range of credit scores. This level of flexibility can be difficult to find in a lender, so we reviewed more than 10 options to narrow down the list to those that are best for individual borrowers' needs.
Best Overall: Vanderbilt Mortgage and Finance, Inc.
Why We Chose It: Vanderbilt Mortgage and Finance, Inc. stands out as our best overall mobile home loan provider because of its nationwide availability, comprehensive loan offerings, and robust customer support tools.
Loans are available nationwide
Closing takes as little as two weeks for home-only loans
Excellent customer reviews
Doesn’t disclose loan information or requirements on its website
Vanderbilt Mortgage and Finance, Inc. is a Berkshire Hathaway Company that provides borrowers manufactured and modular home-specific loans nationwide. An incredibly flexible option, Vanderbilt offers portfolio home loans as well as mortgages that can cover the purchase of both land and mobile homes.
What’s more, the lender provides both owner-to-owner mobile home loans and manufacturer loans, making it even easier to finance your next home. And, in addition to its mobile home loans, Vanderbilt extends long-term, fixed-rate financing for energy-efficient mobile home upgrades. This means the lender can serve you even after you’ve closed on your home.
Vanderbilt doesn’t publish loan requirements on its website, but borrowers with lower credit scores can take advantage of the Fresh Start Home Loan program, which makes mobile home loans more accessible. Vanderbilt Mortgage and Finance, Inc. also stands out from a customer support standpoint by allowing borrowers to select a biweekly payment plan that involves half payments every two weeks.
Best for Bad Credit: 21st Mortgage Corporation
Why We Chose It: 21st Mortgage Corporation specializes in manufactured home loans and doesn’t impose a minimum credit score requirement for most states, making it our favorite choice for borrowers with less-than-stellar credit.
Specializes in manufactured home loans
No minimum credit score requirement for most states
Can finance up to 100% of mobile home and land values
Does not offer a pre-approval process
Not available in Alaska, Massachusetts, Hawaii, or Rhode Island
Mobile home dealerships must be approved prior to loan application submission
Founded in 1995 and owned by Clayton Homes since 2003, 21st Mortgage Corporation specializes in financing manufactured homes in 46 states and the District of Columbia. The lender is also flexible in that it will finance single- and double-wide homes with or without a permanent foundation. 21st Mortgage Corporation’s loans also work for homes on rented land, in parks, on leased property, or on family land.
Even with those advantages, 21st Mortgage made our list because of how well-suited it is to borrowers with low credit scores. While the lender prefers a debt-to-income (DTI) ratio below 43%, there is no minimum credit score requirement in most states, and even those with a higher DTI may still be eligible.
Minimum loan amounts are $22,000 for owner-to-owner purchases and $14,000 if you are purchasing a mobile home from a manufacturer or other retailer. And, 21st Mortgage Corporation may lend up to 100% of the overall home and land value—though most applicants have to make a down payment of between 5 percent and 35 percent of the purchase price.
Interest rates typically range from 5.99 percent to 11.99 percent (as of February 2021) and are based on factors like creditworthiness, age of home, loan amount, and the loan-to-value ratio. Terms are also competitive and range up to 23 years. Plus, borrowers can save money by sidestepping private mortgage insurance.
Best for Good Credit: ManufacturedHome.Loan
Why We Chose It: As a mortgage broker, ManufacturedHome.Loan gives borrowers access to the most competitive rates available from its network of borrowers—making it the best option for borrowers with high credit scores that qualify them for the lowest rates.
Gives borrowers access to the lowest rates through a network of lenders
Can provide down payment assistance
Can finance homes in mobile home parks and those used as vacation homes
Doesn’t publish interest rates online
Quote process requires submitting an online request form
ManufacturedHome.Loan is a nationwide mortgage broker that offers a range of flexible loan options. Qualified borrowers can access 15- and 30-year fixed-rate home loans, as well as manufactured home U.S. Department of Veterans Affairs (VA), Jumbo and Super Jumbo, and Federal Housing Administration (FHA) loans.
Manufactured home construction loans are also available, so you can build a custom home and purchase land with a single loan. Likewise, ManufacturedHome.Loan customers can apply for in-park financing for all manufactured, mobile, and modular homes.
The broker really stands out, however, because of its nationwide network of lenders, which makes it easier to get the lowest available rates and terms. While all applicants can benefit from this structure, borrowers with good to excellent credit will be able to take advantage of the lowest rates. Plus, the pre-qualification process can take as little as 24 hours.
Best for Borrower Tools: eLEND
Why We Chose It: eLEND is our top choice for borrower tools because of the lender’s extensive and user-friendly calculators, quoting tools, and other online resources.
Offers borrowers numerous online tools and resources
Loans available to first-time and existing homeowners
Provides down payment assistance where borrowers qualify
Limited loan information available on its website
Homes must be on a permanent foundation and cannot be located in a mobile home park
Customer support only available via phone
A division of American Financial Resources, Inc., eLEND extends traditional mortgages as well as mobile home loans to first-time homebuyers and existing homeowners. Loans are available for single- and double-wide mobile homes, manufactured homes, and modular homes. That said, loans must also cover the land the home sits on and financed homes must be on a permanent foundation and not in a mobile home park or flood zone.
Although eLEND’s loan offerings are more limited than some other options on our list, the lender’s online resources make it an excellent choice for eligible borrowers. Not only does eLEND’s website feature a user-friendly rate quoting tool and application process, but borrowers can also track and manage their loans using the MyLoanCenter dashboard.
Prospective and current borrowers can also use several tools that are unique to eLEND, like the platform’s mortgage comparison tool that lets you upload another loan estimate and get a mortgage comparison. Similarly, there are also a number of mortgage calculators, including tools that calculate biweekly payments for an existing mortgage and compare 15- and 30-year mortgages. You can also consult various checklists and a glossary of relevant terms to guide you through the loan application process.
Best for Lot Owners: Manufactured Nationwide
Why We Chose It: Manufactured Nationwide Home Loans is our top choice for lot owners because it offers flexible loan options, 100 percent financing, and competitive rates to borrowers whose home will be located on their own land.
Available in all 50 states
Can finance the full sales price of a home
Quick online loan eligibility check with no credit hit
Loans limited to properties not located in mobile home parks or leased land
Like many options on our list, Manufactured Nationwide Home Loans (MNHL) is a manufactured home lender with national coverage. The lender offers up to 100 percent financing on single-, double-, and triple-wide mobile homes, as well as modular and stick-built properties. This includes FHA, U.S. Department of Agriculture (USDA), Federal National Mortgage Association (FNMA), and VA loans, as well as construction loans for manufacturers.
Keep in mind, however, that MNHL does not finance properties that are located in mobile home parks or on leased land. For that reason, you’ll have to own the property your mobile home will be located on to qualify and take advantage of MNHL’s favorable loan programs. If you’re not sure whether you meet this requirement, you can use the lender’s straightforward loan eligibility checker.
Because banks and traditional lenders aren’t always suited to mobile home loans, it’s important to find a mobile home-specific lender that meets your unique needs. Vanderbilt Mortgage and Finance, Inc., the best overall mobile home loan provider on our list, stands out due to the lender’s nationwide coverage, extensive loan options, and helpful borrower tools. And, while the lender doesn’t disclose eligibility requirements or loan information on its website, it has excellent online reviews.
Frequently Asked Questions
Is It Hard to Get a Mobile Home Loan?
Historically, mobile home loans were more difficult to get than traditional mortgages—partly due to the mistaken belief that manufactured homes may be of poorer quality than stick-built homes. Now, however, getting a loan for a mobile home can actually be easier than getting a traditional mortgage.
Not only are there more financing options available for mobile homes—chattel loans, traditional mortgages, and some personal loans—but these loans may also be easier to qualify for because of lower loan amounts and less competitive interest rates.
Do Banks Give Loans for Mobile Homes?
Banks and other traditional mortgage lenders are often more willing to give loans for mobile homes that are located on land owned by the borrower and permanently constructed on a foundation. For manufactured homes located in parks or on leased land, borrowers are better suited to mobile home-specific lenders and manufacturers.
Can You Get a 30-year Loan on a Manufactured Home?
Loan terms for manufactured homes vary by the type of financing, but they typically range from 15 to 30 years. For example, Federal Housing Administration (FHA) loans have terms from 15 to 25 years; Fannie Mae mortgages have 30-year terms; and Freddie Mac manufactured home mortgages have terms between 15 and 30 years.
How We Chose the Best Mobile Home Loans
To choose the best mobile home loans, we evaluated more than 10 lenders based on factors like loan availability and flexibility, geographic availability, and—where possible—rates and terms. Furthermore, we considered customer support resources like calculators, down payment assistance, and the ability to pre-qualify.
Based on these factors, we chose Vanderbilt Mortgage and Finance, Inc. as the best mobile home loan provider overall. Not only does Vanderbilt offer borrowers flexible loans nationwide, it makes it even easier to get financing by providing comparatively quick closing and flexible repayment schedules. That said, borrowers with poor credit should check out 21st Mortgage Corporation and those looking for the most competitive rates should check out ManufacturedHome.Loan.