Editor's choice: LendingClub personal loans
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You’ve done your research and found the perfect manufactured home. Now comes the hard part: Finding the money to pay for it. Depending on your credit and the model you’ve selected, you may be able to move right in with a mortgage. If not, there are plenty of other ways to finance your mobile home.
Manufactured or prefabricated homes are considered either personal or real property — the distinction determines what type of loan you’re eligible for.
The interest rate you’ll pay depends on the home you intend to purchase, the type of loan you’re looking at, the loan term and the amount you’re interested in borrowing. Your credit, income and existing debt will also play a role in the rate a lender is willing to offer.
If you have decent income, good credit and your mobile home qualifies for a competitive loan, you could see approval at prevailing rates — from 5.25% to 6.00% at the time of writing. On the other hand, those with less-than-perfect credit who are looking for a chattel mortgage or personal loan can find interest rates that border on the upper-end of legal — up to 36%.
Many lenders offer preapproval that can help you gauge potential approval amounts and interest rates before committing to a loan.
The US Census Bureau reports the average price for a single-wide trailer in 2017 at $44,900 to $53,400. For a double-wide, prices range from $88,000 to $99,100. How much you pay varies by region, with manufactured homes in the Northeast and South costing less than those purchased in the West or Midwest.
When you’re ready to buy a manufactured home, account for more than just the purchase price. Every type of home comes with unique costs, which a budget can help you tackle.
While almost every manufactured or modular home is called a mobile home, there are differences between them that can impact the type of financing you qualify for.
Unless your home is built on-site, you’ll need to transport it to the land you plan to live on. Consider the full costs of moving that include:
No. You don’t need to buy the land you intend to place your mobile home on. But you’ll likely need to lease the land — either from a private party or from a mobile home park.
Like renting, you’ll agree to a set lease period with a contract that includes what is — and isn’t — included in your lease. Some owners offer amenities like garbage pickup, gardening services and maintenance. Compare potential rental costs to the cost and benefits of owning the land to determine the best place to place your mobile home.
When comparing your options, determine the needs of you and your family foremost. Factors that can play a role in the type of mobile home you finance include:
Many Americans call a mobile home … well, home. Offering a wide variety of styles, sizes and models, a manufactured home can offer the space and amenities that suits your requirements. And because manufactured residences are typically less expensive than more traditional properties, you might be able look beyond traditional mortgages to other loan options that could unlock the door of your next home.
Image source: Shutterstock
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