Mobile Home Loans On Leased Land

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California
We have been receiving a large amount of calls on manufactured homes and I'd like to mention what we have the ability to do and what we cannot do.

First I'd like to explain Mobile/Manufactured Homes in Parks, typically the homes in the parks you are leasing the land and do not own it. Those types of homes are not considered real property, rather personal property because it's not considered real estate if you don't own the land underneath. When you own the land underneath at that point it's considered real property and many more financing options become available.

Right now if you are looking to purchase a home in a park, there are very few lenders that are willing to help and typically require a ridiculous amount down, including a high interest rate and loan requirements. In most cases you're better of finding a mobile/manufactured home that is already on it's own land as well as fixed permanent foundation.

Let's say you've exhausted all of your resources trying to obtain financing on a home within a mobile home park, what are the requirements if you look elsewhere:
  • Manufactured/Mobile Home Loan Requirements (Real Property):
  • You must own the land underneath
  • Property must be at least a double-wide
  • Must be on fixed permanent foundation (slabs, posts, piers, beams...etc.)
  • Property must have been constructed on or after June, 1976
  • Must be at least 600 sq foot or larger
  • Credit score of 620 or higher
Those are going to be the main requirements and again you'll end up with a much better product than some of the others on personal property. If you need help qualifying for one of these loans please feel free to reach out to us directly at 800-779-4547.