Refinance Mobile Home Without Land

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Mobile Home Financing Options: Personal Loans And More

SOLD: The Land Under Mobile Homes

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A mobile home, also referred to as a manufactured home, is a style of home built in a factory. This factory-made home is then placed on a trailer chassis, a set-up that allows the owner to move the home if need be.

In many cases, the owner rents or leases the land their mobile home sits on , but they own the actual home. Mobile homeowners can also choose to place their homes on land that they own.

There are varying styles of mobile homes, cost ranges, and home loan options worth considering for those interested in financing a mobile home.

Next Steps To Take For Refinancing A Manufactured Home

Get in touch with one of the top companies that refinance manufactured homes. At CIS Moving Home, we believe homeownership should be accessible to everyone, and our loan products offer you the opportunity to achieve that dream.

Refinancing can save you money and reward you for paying off a loan for many years. Lower your interest rate or get lower monthly payments when you refinance, freeing up more room in your budget for other things. We want to help you. Contact us to learn more about our services or complete our loan application.

Ready to get started? Apply Now!

We can help

Mobile Home Refinance Options

Eligible mobile homes can be refinanced with a variety of mortgage programs. Assuming the home is permanently affixed to land you own and meets property requirements, you may be able to refinance using any of the major loan programs.

Mobile/manufactured home refinance options:

Heres a little more information about each loan program and how to qualify.

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Va Mobile Home Guidelines:

The VA updated its rules for how it categorizes manufactured/mobile homes in March 2019. Here are the latest ones. To be eligible for a VA loan, the mobile home must:

  • Meet the VAs standard minimum property requirements . These vary from state to state and you can check yours here.
  • Count as real estate under state law and local zoning requirements*.
  • Have a permanent foundation that complies with state law in respect of bearing the required load and withstanding strong winds.
  • Be built to the manufactured home construction and safety standards defined by the U.S. Department of Housing and Urban Development . It should come with a HUD certificate and HUD tags attached to the home.
  • Have a minimum floor area of 400 square feet if its a single-wide unit or 700 square feet if its double-wide.
  • Comply with state and local regulations over manufactured homes, especially if the homes been altered or is missing its HUD tags.
  • *Dont worry if the home you want to buy is currently classed as a chattel. Its usually fairly straightforward to have it redesignated as real property .

    If youre applying for a loan on a home thats yet to be sited, youll have to provide various plans and specifications.

    Refinance Your Mobile Home Loan

    77 Ideas For Mobile Home Financing

    As a mobile home owner, you pay interest and build equity just as a traditional mortgage borrower does. Even if your mobile home isn’t financed with a mortgage, you can still use a refinance to move closer to your financial goals.

    If you own a mobile home and aspire to a greater level of financial wellbeing, a mobile home refinancing loan may be the right vehicle for you. Particularly if you’ve had it for several years, you may find that you can reduce your interest rate and save money, and perhaps pay your loan off a bit faster as well.

    Some mobile homes are financed with mortgages, but most are financed by personal property loans, or chattel loans. Relative to mortgages, personal property loans are usually more expensive and have shorter maturities. Mortgages are typically reserved for mobile homes that are permanently attached to the land and where the owner has title to the land as well, rather than leasing the lot. In those cases, both the home and land secure the loan.

    Regardless of whether your existing loan is a mortgage or personal property loan, refinancing can be used as a wealth-building strategy. This is because personal property loans and mortgages are both governed by the same general principles:

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    Talk To A Mortgage Lender

    As no two financial institutions be they banks, fintechs, credit unions or online lenders will offer you money to borrow under the same terms and conditions, its important to know how to choose a mortgage lender. Youll want to ask questions like: What will my fees and monthly payments look like? What types of mortgage refinance options are available? What requirements and qualifications are needed, and what minimum credit scores are required? How large of an interest rate and APR are we potentially looking at? A mortgage lender can help answer any questions you have concerning loan options, fees, terms and other common topics.

    Spouses With Potential Claims Need Not Apply

    Under Ontarioâs Family Law Act, married spouses can make claims for division of property. They can elect to receive what they would be entitled to had they filed for divorce. Surviving married spouses have claims against their spouseâs estate. They may also have rights under prenuptial or .

    Married spouseâs claims may prevent them from acting as estate trustee without a will.


    Because if you have a claim against your spouseâs estate, you cannot act as estatetrustee without a will. You cannot serve as estate trustee and sue yourself to enforce your rights against the estate in court.

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    Best For Manufacturers Financing: Vanderbilt Mortgage And Finance

    Vanderbilt Mortgage and Finance, Inc.

    • Starting interest rate: Varies

    Vanderbilt Mortgage and Finance partners with Clayton homes to offer affordable mobile home loans with an easy application process.

    • Limited information available online

    Vanderbilt Mortgage and Finance, Inc., is a Berkshire Hathaway Company and one of the partner financing companies of Clayton Homes. This lenders partnership integration with Clayton Homes earned it our top choice for borrowers who want manufacturers financing.

    Vanderbilt is a national housing lender that provides a number of home loan programs. It primarily focuses on the manufactured housing sector, offering loans for new and used modular homes. It has serviced over 175,000 loans since its founding in 1974. It also provides traditional home loans.

    The company offers fixed and adjustable rate mortgages in a very wide range amounts. In most states, as big as the government will allow.

    Vanderbilt offers many types of loans including biweekly, direct lending, portfolio mortgage, and a program for those with lower credit scores.

    Best For Good Credit: Manufacturedhomeloan

    Manufactured Home Cash Out Refinance


    For borrowers with good credit scores, ManufacturedHome.Loan features competitive rates and programs for first-time home buyers.

    • Strong mortgage offers for applicants that meet credit/income standards

    • First-time homebuyer programs

    • Can finance homes in a mobile home park

    • Can finance mobile homes as vacation homes

    • Most efficient way to get pre-qualified is through an online form

    Located in New Jersey, ManufacturedHome.Loan is a licensed nationwide mortgage broker. Working with partner company eLend, they can help get you the lowest rates and best terms. As a result, MHL is our best for borrowers with good credit who qualify for those great rates.

    MHL can finance new or used mobile homes for purchase or refinance. While most mobile home lenders will only lend to you for your primary residence, and even then, only if you also own the land, and with good credit above 700, MHL can expand your options. You could finance a vacation home or buy a mobile home in a park where you lease the land.

    While MHL is best for borrowers with good credit scores above 700 because they can provide more options and flexibility, it also uses government-backed programs that support credit scores in the 600s, such as VA and FHA.

    Pre-qualification is generally quick. Once you have selected a home, underwriting normally takes several weeks with government programs often taking longer.

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    How To Get A Mortgage

    Still, as enticing as a mortgage loan may sound, for a mobile home to qualify for this type of loan there are a few extra hurdles. Though the precise standards may vary slightly by lender and by state, the mobile home will have to meet some version of the following:

    • It must be set on a permanent, fixed foundation.
    • It cannot have wheels, axles, or a towing hitch.
    • It must have been built after June 15, 1976.
    • It must have a foundation that meets the Department of Housing and Urban Development’s standards.
    • It must have a real estate title, not a personal property title.
    • It must be placed on land that the homeowner owns.

    There are some ways to get around these rules, which well get into shortly. In most cases, the biggest challenge with refinancing a mobile home loan lies in converting the homes current personal property title into a real estate title.

    Manufactured & Mobile Home Loan Faq

    Here youll find answers to frequently asked questions about manufactured home loans.

    Can I get a V.A. loan for a manufactured home?

    Military borrowers can finance manufactured homes through lenders approved by the U.S. Department of Veterans Affairs . CountryPlace offers VA loans on existing manufactured and modular homes as well as VA construction loans for manufactured and modular homes.

    Is it hard to get a loan for a mobile home?

    A mobile home built before 1976 can be difficult to get a loan for because very few lenders offer these types of loans. However, getting a manufactured or modular home loan isnt any more difficult than getting a traditional home loan. Manufactured home loans may not be as abundant as traditional home loans, but they are available from several lenders. Also, government-backed loan programs can make it easier to qualify and keep costs low.

    Do manufactured home loans have closing costs?

    Yes. Like traditional home loans, manufactured home loan closing costs may include things such as appraisal, credit report, tax service and flood certification.

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    Refinancing A Mobile Home

    Refinancing your current mobile home chattel loan into a mortgage loan can take some work, but it’s worth it for the costs you’ll save. For one, you can secure much lower interest rates for the rest of the loan term. Most chattel loans have rates from 7% to upwards of 12%. For most of 2020, rates on 30-year fixed mortgage loans were under 3.5%, and this trend is much the same into 2021.

    What Is A Mobile Home Loan

    Can I Buy A Mobile Home With An Fha Loan

    A mobile home loan is a loan for factory-built homes that can be placed on a piece of land. Styles may vary from modest trailers to dwellings that look like houses attached permanently to the land upon which they sit.

    Mobile home loans differ from a traditional property loan because most lenders and counties do not consider them real property, but rather personal property. In fact, in many counties, a mobile home is taxed by the department of motor vehicles rather than the property tax assessor. In most cases, if you want to buy a mobile home and place it on land that you lease, your loan will more closely resemble a personal loan, with higher interest rates and shorter terms than a traditional home mortgage.

    There are exceptions, however, and weve included them in this list. Some home lenders do have loans for mobile homes if they are attached to the homeowners land. Others, and there are fewer of them, will lend on a mobile home even if it sits on land you lease.

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    How Much Does The Process Cost

    There are many costs that come with refinancing your mobile home with a mortgage loan. Most are those that come with any mortgage process, but you may also need to set aside some extra money to cover the extra rules for mobile homes.

    First, be aware of the effects on your taxes. Chattel taxes and real estate taxes vary, so you may owe more once you convert your title.

    There will also be costs to process and complete your mortgage loan. As when buying a standard home, you’ll need to cover a down payment, lender charges, closing costs, and there may be other fees, too. These will depend on your lender or broker, and the fees they charge per loan.

    If you hired help at any stage , this cost of labor can add to the total price tag as well.

    Lastly, if you don’t have a permanent foundation, add this cost to the list as well, since you’ll need it in order to convert to a real estate title.

    Refinance Manufactured Home Loan Options

    Whether you just set your manufactured home up and you have a high rate that you would like to lower. Or if you want to access your homes equity, we can help. We refinance manufactured homes back to June 15, 1976. We can refinance double wide manufactured homes or single wide homes. If the home is a double wide then we can refinance it as second home as well. You must own the land in order to utilize our manufactured home refinance options! The land can not be leased. Home owners associations are okay, but the home can not be in a co-op or in a condo association.

    We love to refinance people into lower rates who initially got a high rate from the set up of their home.

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    Have A Different Query Ask The Community

    manufactured home is a housing unit built in factories as per hud code and transported to the site where it can be affixed. those built before june 15, 1976 are known as mobile homes. modular homes are divided into sections built as per building codes at specific site.

    related scenarios

    you can use any land as collateral to get home loans but the land should be paid for. such a loan taken against the land is called land loan. if the land is not paid for, you will have to get a second mortgage on it.

    related scenarios

    yes, you can remove a mobile home from the land to which it is affixed. but you need to get a permit from the department of transportation in your state.

    related scenarios

    yes, you can rent out the home even though it is mortgaged or you have taken a personal loan for it. but you should be able to assure the lender that you can afford to make payments in time.

    related scenarios

    you can get personal loans if the home is a personal property, that is, affixed to a rental land. personal property loans have shorter term and higher rates of interest compared to traditional mortgages.

    related scenarios

    no, you cannot get a mortgage on a property if you don’t include the land. a mortgage loan is meant for real property and not for a mobile home which is a personal property .

    related scenariosrelated scenariosrelated scenariosrelated scenariosrelated scenariosrelated scenariosrelated scenarios

    Determine What Type Of Mobile Home You Own

    All About Chattel Loans for Mobile Homes

    The term mobile home is often used interchangeably with manufactured home. For lenders, though, there are important differences:

    Manufactured homes are built in a factory and moved to a site where the sections are assembled on a permanent foundation.

    Mobile homes were built in factories before June 15, 1976, and had axles with wheels that were removed before setting the home on rented land. For lending purposes, most mobile homes built after June 15, 1976 are considered manufactured homes.

    Modular homes, or systems-built homes, are built in a controlled environment before theyre transported to your land and follow the same building codes as site-built homes. Like manufactured homes, they are permanently attached to land you own.

    To refinance a manufactured home with a traditional mortgage, the home must meet the following basic requirements:

  • Have at least 400 to 600 square feet of living area, depending on the program
  • Be permanently affixed to a foundation and taxed as real property
  • Have a Department of Housing and Urban Development certification label, a HUD data plate, a HUD seal or MH Advantage® sticker confirming the home has features similar to site-built homes and/or meets safety and livability standards set by HUD
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    We Are Countryplace Mortgage

    CountryPlace Mortgage is the nation’s premier lender for manufactured, modular, and mobile homes. We offer a one-time close construction loan for new homes. We make financing or refinancing your home simple and easy. If you own a manufactured or mobile home, or are thinking about purchasing a new or existing home, Countryplace Mortgage should be your lender of choice. We can finance your manufactured or mobile home whether it’s tied to the land or in a mobile home park.

    Founded in 1995, Countryplace Mortgage is a direct lender with both Fannie Mae and FHA. That means that we can offer you the most competitive rates, with down payments as low as 3.5%. When financing a manufactured, mobile, or modular home, it is important that you are working with a mortgage professional that understands these unique properties. Whether it’s a chattel , land/home package, or construction loan we have the expertise to help you navigate today’s challenging mortgage process. Many of our Loan Officers have several years experience originating manufactured and mobile home loans.

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