Companies That Finance Mobile Homes

Financing a mobile home differs significantly from financing a traditional house. Because mobile homes, also known as manufactured homes, are often considered personal property rather than real estate (especially if not permanently affixed to land), traditional mortgages are less common. This creates a niche market served by specialized lenders and programs.

Several national and regional companies provide financing options for mobile homes. These lenders often offer chattel loans, which are specifically designed for personal property, including mobile homes. Key players in this sector include:

21st Mortgage Corporation: A prominent national lender specializing in manufactured home financing. They offer a variety of loan programs, including chattel loans and land-home loans, catering to different credit profiles and down payment capabilities. 21st Mortgage is known for its expertise in navigating the complexities of manufactured home financing and works with a vast network of retailers and communities.

CU Factory Built Lending (CUFBL): This lender focuses on serving credit unions and their members. They provide a wide range of financing options for manufactured homes, often at competitive rates due to the cooperative nature of credit unions. CUFBL offers both new and used manufactured home loans, along with options for refinancing and home improvements.

Triad Financial Services: Triad is another well-established lender dedicated to manufactured home financing. They offer fixed-rate loans with various term lengths and down payment options. Triad often works with individuals who may have difficulty obtaining traditional financing, and they are known for their personalized service and commitment to helping borrowers achieve homeownership.

Vanderbilt Mortgage and Finance, Inc.: A large national lender focusing exclusively on manufactured home financing. Vanderbilt offers a range of loan products, including land-home loans and chattel loans, and works with a wide network of retailers and communities. They provide online tools and resources to help borrowers understand the financing process and find the right loan for their needs.

Beyond these larger companies, smaller regional and local lenders also participate in mobile home financing. Credit unions, community banks, and specialized finance companies may offer competitive rates and personalized service, particularly for borrowers within their local market areas.

Government-backed programs like the FHA Title I loan program and USDA Rural Development loans can also be valuable resources for financing a mobile home. These programs often offer lower down payments and more flexible credit requirements, making homeownership accessible to a wider range of borrowers. However, these programs typically have specific eligibility requirements, such as income limits and property location.

Securing financing for a mobile home requires careful research and consideration. It’s essential to compare interest rates, fees, and loan terms from multiple lenders to find the best option. Working with a knowledgeable loan officer who specializes in manufactured home financing can be invaluable in navigating the complexities of the process and ensuring a successful outcome.