November 25, 2022

5 Mistakes To Avoid When Financing A Manufactured Home

Modern Manufactured Home Interior

4 questions to consider before buying a home

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Simple steps to buy a home successfully

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Consider your finance options, and then choose the best one available

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Make an offer with some wiggle room for negotiation

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Which other tips do you recommend when buying a home?

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If you're planning to buy a manufactured home, it's important that you know about the financing options available. After all, there are several different types of loans that can be used to purchase a manufactured home. These include land loans and construction loans; however, there are other options as well that might not be immediately obvious. Here are some common mistakes to avoid when financing your manufactured home:

Don't Skimp On The Credit Score

A credit score is a number between 300 and 850 that reflects your ability to pay back a loan. The higher your score, the better.

If you have poor credit or no credit history, you may be rejected for financing. If that happens, consider working on building up your credit by finding an established secured line of credit first. You can also ask friends and family to co-sign with you if they have good enough credit scores themselves—but only if it's absolutely necessary!

Don't Forget About The Down Payment

Many people who buy a manufactured home don't realize that they need to make a down payment. This is one of the most common mistakes when financing a manufactured home. The down payment can be anywhere between 5% and 25% of the purchase price, so it's important to know what your lender requires before looking for loans.

Another common mistake is forgetting about closing costs, which are fees associated with purchasing or refinancing the property. Closing costs include appraisal fees, attorney fees, and title search fees, in addition to other expenses like recording fees and government charges (e.g., taxes). They're usually around 2-3% of the loan amount but may vary depending on state law; some states require sellers or their real estate agents to pay for them upfront before the closing day arrives!

The good news is that many lenders offer help with these costs by waiving certain fees during preapproval processes for potential clients—but this doesn't mean those same lenders won't charge them later on down in line once banks or investors have approved everything! 

Don't Miss Out On The Power Of Land Loans

The next mistake you want to avoid is missing out on the power of land loans. Now when we say land loan, we mean a mortgage for the land and the manufactured home that sits on it. We're not talking about a contract or lease for the land; we're talking about financing both together as an entire package.

Land loans are great because they allow you to purchase your property in one single transaction instead of splitting up these two big purchases into two smaller ones: one for just buying the plot of land and one more time for purchasing your manufactured home alone. 

Don't Ignore Construction Loan Options

Construction loans, more commonly called construction-permanent (CTP) loans, are short-term loans that can be used to finance the construction of your home. They're usually used for both the land and the home itself but can also be used for manufactured homes.

Typically, when you apply for a construction loan, you'll be given an interim financing plan in which you pay back a small amount of principal each month until the completion of your house. Afterward, the interim payments are replaced with permanent payments on the loan.

Settling For Any Lending Agent

Don't be afraid to ask questions when searching for the right lending agent. Do they have experience with manufactured homes? Do they know how to navigate the unique financing needs of a manufactured home? If you're not sure about something, ask! It's also essential to find out if they work with lenders specializing in manufactured housing loans. When you settle for any lender, even if it's an experienced one, you risk getting stuck with an unfavorable interest rate and loan terms that aren't perfect for your situation.


If you're thinking about financing a manufactured home, don't let these mistakes stop you. With the proper knowledge and preparation, you can find a lender that works for your unique situation. And best of all? Financing options have never been better!