How to get a mobile home loan?


LoanSafe Member
Dec 22, 2010
To start this out, I'm 68 years old, and me and my wife are about to start shopping around for a mobile home loan. I have several questions within this question. We're getting old and just need a small little place to maintain our lifestyle. Currently we're staying with one of our children. We just moved out of our apartment and before that we only owned one mortgage which we lived in for 30 years when we sold, and moved into an apartment. Would that variable of only owning one home be a problem when applying for a loan at our age? My wife gets social security, and I get retirement from working in the police force. Would those be counted as income to apply a loan for a mobile home, or any loan for that matter?

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
San Diego, California
Life on the road can be quite exciting – there’s nothing quite like exploring the texture of America through its wandering highways and varied landscapes. With a traditional home, you may feel a bit constrained and anchored to your existing town.

In order to inject some adventure and mobility into their lives, a growing number of potential home owners are seeking out mobile home options. With a mobile home, you retain the ability to potentially transfer your home at some point in the future to a new location, and you can also use the money you save to truly enjoy your new settings.

As a first step, you should evaluate what is the right type of loan for your situation. If you are planning to anchor your mobile home to a permanent foundation, you might need a mobile home mortgage loan to cover the land, as well as the home itself. Also, if you’re buying an existing home, you should factor any repair costs into your financing request, as you’ll likely have to satisfy the requirements of an inspection to get a loan.

On the other hand, if you’re a bit more transitory, you can get a standard personal property loan for rented lots. It’s best to approach your loan with an open mind which will allow you to seek out the best potential loan situation.

With a mobile home, not only will you have the flexibility of the road, but you also will have a variety of loan options to chose from. The primary type of loan are the Federal Housing Administration (FHA) Title I and Title II long-term loans at a fixed interest – while these loans are capped, most mobile homes will fall within this price range.

If you live in a rural area or are a veteran, you may qualify for better terms on your federal loan. Another option for government loans if by going through State-based programs for first-time mobile buyers, which can offer better terms than comparable bank loans. You should always explore government-backed solutions whether you take advantage of them or not.

Borrowers can also pursue standard private loan programs, although you may find these somewhat limited in today’s real estate environment. Generally, jumbo long-term fixed rate loans as well as ARMs have been available, although lenders are much stricter today than they traditionally have been. Unless you qualify for grade “A” prime financing, you may find your loan requiring a high initial deposit and interest rate – always try to improve your credit score as much as possible in advance of a major financing purchase.