Manufactured Home Financing

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Are you in the market to build a manufactured home, or thinking about renovating an old manufactured house but need financing? Or maybe you’re a contractor with a customer that wants a manufactured home but needs to secure a loan. No matter what your reason is, let Acorn Finance help you secure a manufactured home loan or financing solution today with zero hassle. Secure financing for a brand new manufactured home for up to $100,000, even with bad or average credit. You will also get some of the lowest rates around when financing your manufactured home through Acorn.

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Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.

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Secure Manufactured Home Financing With or Without Land

Need financing to purchase a manufactured home? If your answer is yes, you are in the right spot. We have created this blog to help educate you on the best manufactured home financing options available. You should note that manufactured homes and modular homes are different. Modular homes and on-site homes are required to be constructed the same way. While manufactured homes are constructed on a chassis. In most cases, modular homes hold their value better, making them a better investment. In addition, it can be easier to secure a conventional mortgage on a modular home. If you are trying to finance a manufactured home you should consider using a personal loan or manufactured home loan. Keep reading to learn more about securing financing for your manufactured home.

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Do banks offer loans on manufactured homes?

Some banks may offer loans for manufactured homes. If you own the land that you wish to place your manufactured home on you may qualify for a traditional FHA loan. However, the FHA does not loan directly to borrowers trying to finance manufactured homes. If you can use and want to use an FHA loan you will need to go through an approved lender. FHA loans can be issued by banks, credit unions, and online lenders. If you do not qualify for an FHA loan you may qualify for a personal loan or a manufactured home loan.

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

Securing a loan for a manufactured home is pretty simple as long as you qualify. If you are trying to secure a manufactured home loan you will most likely need at least 5% down and good credit. Some lenders may also have criteria that require the home to be new or fairly new in order to qualify. If you do not have money down and or your credit is not the best you may want to apply for a personal loan. Personal loans can be much easier to qualify for compared to manufactured home loans.

Who will finance a mobile home?

Most banks, credit unions, and online lenders offer loans for manufactured and mobile homes. While banks and credit unions can have lower rates, their loans can be harder to qualify for. Online lenders usually have more relaxed requirements making them easier to qualify for. In addition, you can complete the entire process from the comfort of your own home with most online lenders.

Can you get a 30-year loan on a manufactured home?

In most cases, 20-years is the maximum loan term available for manufactured home loans. If you are using a personal loan most lenders offer a maximum loan term of 12-years. Manufactured home loans can also be called Title 1 loans. Title 1 loans can be used to purchase a manufactured home and a lot. If you are purchasing a manufactured home and the lot in combination the maximum loan amount is typically $93,000. If you are just purchasing just the lot the maximum loan amount is typically $23,000. In areas that are classified as high cost, maximum loan amounts can be increased.

What credit score do you need to buy a manufactured home?

Most lenders require a minimum credit score of 620 and at least 3% to 5% down to qualify for manufactured home loans. Most lenders offer fixed and adjustable interest rate loans. If you have a choice, we recommend going with a fixed interest rate loan. This means your interest rate and minimum payment should not change throughout the loan term.

Can you buy a manufactured home with no money down?

If you do not have money down you should look into using a personal loan to purchase a manufactured home. In most cases, personal loans do not require any money down. Most personal loans are offered with a $100,000 maximum loan amount and a 12-year repayment term. Interest rates can start as low as 4.99%. Acorn Finance is a secure online platform that can connect you to hundreds of lenders in seconds. If you decide to apply online using Acorn Finance, your credit will not be affected using their initial application. Once you submit the application you should receive multiple personalized personal loan offers within seconds. Qualifying for a Title 1 or manufactured home loan can be nearly impossible without money down.

What is the current interest rate on manufactured homes?

Most manufactured home loans are currently starting between 5% – 7%. The term, loan amount, and your credit score and history can impact the rate you qualify for. Rates for manufactured or mobile homes are typically higher than traditional home loans. There can be more risk for the lender since the home is technically moveable. Chattel mortgages are a common type of manufactured home loan. Chattel loans can be used for items of movable personal property. They ensure that the lienholder holds an interest in the item. Most Chattel loans have terms between 15-20 years and rates starting at 7.75%. Personal loans may have slightly shorter terms but their rates can start as low as 3.99%.

Why do banks not finance manufactured homes?

Banks that choose not finance manufactured homes may have their own set of reasons why. Some of these reasons may include that manufactured homes can age faster or that manufactured homes may not be as profitable. When you take out a mortgage on a traditional home, it’s secured by the home you purchased. A traditional home may last longer than a manufactured home. In addition, it’s likely to appreciate in value. This means that if you default on your mortgage, the lender can repossess the home and sell it. In some cases, lenders may make more money than if you had repaid your loan in full. When lenders loan money, they consider the financial gain and financial risk. If a mobile home wears down faster and depreciates in value, it may not serve as valuable collateral.
As building technology advances, manufactured homes are becoming more and more popular. As a result, more lenders are trying to offer financing options. Some private and public organizations offer financing options that allow buyers to put 5% or less down. If you are a new homeowner, it may be more challenging to finance a manufactured home.
While some lenders may not offer financing for manufactured homes, there are plenty of other banks that do. Shop around.

Can you get an FHA loan on a mobile home?

In some cases you may prefer to live in a mobile home. In some other cases you live or want to live in an area with a high cost of living. A mobile home may offer a more affordable solution for housing. Whatever your motive is, you can get an FHA loan on a mobile home, as long as it qualifies. As long as your mobile home is attached to land and taxed as real property, you should be able to use an FHA loan. So what is an FHA loan and why would you want to use one on a mobile home?
FHA loans are designed to help borrowers with less than perfect credit histories and little down payment savings. The Federal Housing Administration (FHA) backs FHA loans. Even individuals with a rock credit history deserve to be a homeowner. While home ownership may come with more responsibility, it offers individuals a place to call their own. It can also be a great long term investment. In addition, you will know how much your mortgage is and for how long you need to pay. Renting apartments or houses can affect your budget when landlords decide to suddenly raise rents.
If you are interested in an FHA loan, you’ll need to find a lender that offers them. Your local bank or credit union may offer FHA loans. You should start by checking with them. Before approving an FHA loan for a mobile home most lenders will want to evaluate borrowers. In addition, they will want to make sure that the property meets their requirements. In order for a property to qualify for an FHA loan it should check of the following requirements:
On-site access to sewer and water facilities
Home must include a minimum of 400 square feet
Towing hitch and running gear, need to be removed
Access to all-weather roads
Home must be taxed as real estate
Home needs to be attached to land and follow local building guidelines
Approved HUD seal must be visible on the exterior

What is the problem with manufactured homes?

You may have a bad stigma attached to manufactured homes in your head. However, as you navigate the real estate market, the price point and features that a manufactured home can offer may start to look more attractive. So are they really that bad? They may have some problems associated with them, but so do traditional homes. If you choose to purchase a manufactured home, you will want to make sure it is or was properly installed. Improper installation is one of the reasons that causes problems with manufactured homes.
If a manufactured home is improperly installed, it may age quickly. You may think that the manufactured home is the reason for the fast aging, but it might not be. As technology advances, manufactured homes are being built with better materials and better designs. As a result, manufactured homes that are properly installed should last you. When purchasing a manufactured home, you need to do plenty of research. You will want to work with a credible manufacturer and installer. It may be worth your time to reach out to other manufactured homeowners. Ask them how their post sale customer service was and how their home is holding up. If they could improve anything, what would they improve?
If you share the feedback with the manufacturer, they may be able to better serve you and your needs. It’s important to ask the manufacturer questions too such as how long your manufactured home should last. If you have reasonable expectations, you may have a more positive review of your manufactured home experience.

Are manufactured homes worth buying?

If you are on a limited budget, a manufactured home can be a great option. Rather than buying an older home that needs a lot of work, you may want to consider a manufactured home. Manufactured homes are known for being affordable. A manufactured home can offer you a fresh start as opposed to moving into an old home that may need thousands of dollars of work. In addition, manufactured homes can be built quickly. In three months or less, your new home can be installed and move-in ready.
Even if you are not on a limited budget, a manufactured home can save you money. With a reduced cost of living, imagine what you could do with the extra money. Manufactured homes offer homeowners more luxury items and potentially more space for less money. In areas with a high cost of living, a manufactured home can be a smart investment. The national average sales price for a site-built home is $244,000. Compare this to the estimated cost of a single-wide manufactured home which is $64,000 or a double-wide manufactured home which is $120,000.
Although a manufactured home may be harder to secure financing for, it can be done. Manufactured homes usually require less down payment since the amount financed is usually lower compared to a stick built home. On top of that, a lower loan amount means a lower monthly payment. In some cases, a manufactured home may not be the right option for you and your family. However, you should not sign off the idea without serious consideration, especially if you are on a tight budget. Manufactured homes are known for being extremely energy-efficient which can allow for additional monthly savings.

Are manufactured homes poor quality?

This will depend on the type of manufactured home that you get and the quality that you strive for. There are many manufactured homes that are high quality. In some cases, a modular home may be built so well it’s hard to differentiate it from a traditional home. But it is also possible that the home will be made out of low-quality materials and this could result in a home that will not stand the test of time.
The biggest issue with modular homes is that many other people are going to perceive them as less desirable because they see the lower quality, regardless of how good the home is built. If you want to sell the home in the future, this can run you into some trouble as well because others may not be as willing to take a look at it.
Modular homes are often less expensive for a reason. Not only are they often smaller than what you would see with a stick built home, they often use lower quality in some of the materials that help them get built. You may be trading quality for price with a modular home. You do have some say in this, but the more high-quality materials that you add to this kind of home, the more it will cost you.
The good news is that modular homes are not all poor quality. In fact, when compared to mobile homes or trailer homes, they can seem very high quality. When choosing a modular home, seek quality and affordability. Read reviews on manufacturers. If you want an affordable home with pleasant curb appeal and a functional interior design, a modular home can deliver all that and more. In areas with a high cost of living, a modular home can provide your family more living space for a fraction of the cost.

Which is better: modular or manufactured home?

If you are looking at the resale value, then the modular home is usually a better investment. Modular homes are going to come with a better resale value partly because they follow HUD building codes. HUD building codes require modular homes to be built on a steel chassis making them more sturdy. In most cases, modular homes are more expensive than manufactured homes, whether you buy them new or used.
When it comes to a modular home, there are a few things that you should keep in mind:
They are often known as factory-built homes and will have certain sections built while at the factory before being transported to the building site and finished on location.
The contractor will finish the work and an inspector will visit the site to make sure it meets all federal and state requirements.
Modular homes are going to be placed on a permanent foundation and they can have full basements. They are also larger than manufactured homes and some can have fireplaces and more.
The home equity of your modular home, if it is built well, should grow over time so you can sell it easier.
A manufactured home is a little bit different. These are often known as trailers or mobile homes, which can impact others’ impression of them. Some of the differences between modular and manufactured homes include:
Manufactured homes will be completely constructed in the factory and will often be moved together with other units to their final resting place. They can have wheels and often have skirting and siding around the bottom rather than a basement.
Manufactured homes are often special residential zoning restrictions around these homes that can limit where they are placed.
Some families like to use manufactured homes as mobile vacation homes. They can be moved, though often they stay in place.
Manufactured homes or trailers do not need to pass any building codes for someone to occupy them and because of their construction, they are not going to cost as much as modular homes.
Manufactured homes are going to decrease in home equity value over time, which can make them harder to finance.

Is it cheaper to build a house or buy a manufactured home?

Manufactured homes are going to be much less expensive to purchase compared to site-built homes. Manufactured homes are created in a factory using prefab designs. While they still require plenty of labor, it’s a much smaller requirement compared to a traditional home.
You can compare it to a custom sewn dress versus a dress from the department store. While both options will cost you money, a custom sewn dress will require measurements, design, fittings, and more. As a result, the price tag will be higher.
Some may fear that they are losing quality by purchasing a manufactured home, but this is not always the case. Think of it as purchasing a better value. There are several ways that the manufactured home industry can offer a quality home for an affordable price, including:
The economies of scale: With this idea, the manufacturers are going to be able to purchase large amounts of appliances, materials, and products. This often gives them a good deal that can cut down on the overall cost.
Employees can work on an assembly line to build the home. This process is controlled and efficient to, again cutting down on waste.
Manufacturing is less likely to have problems of vandalism, theft, or bad weather to disrupt it. This alone can save a lot of time and money.
Some of the conflicts and constrictions that pop up from agreements with subcontractors will not exist in this kind of system.
Manufacturers are able to manage their labor costs by keeping a trained and dependable workforce that is managed in an effective way.
Site-built home builders have to deal with a lot of inconsistent state and local code authorities that are always changing. Those who create manufactured homes will have different rules and the code is more uniform than other industries. This makes it easier to stick with the codes and get the home built.
These reasons and more allow manufactured homes to get built quickly while saving consumers time, energy, and money along the way. While manufactured homes may be cheaper, they may also be harder to finance. In some cases, you may need to use a personal loan to finance a manufactured home. At Acorn Finance you can check personal loan offers that can be used for manufactured home financing. Checking offers at Acorn Finance does not impact your credit score.

Can I get a manufactured home with bad credit?

If you have bad credit or a semi-recent repossessions, foreclosures, or bankruptcy, a manufactured home may be a good choice. It should be cheaper than a traditional home, depending on the local market. Since you need to borrow less money it may be easier to get a loan. Bad credit borrowers deserve to be homeowners and of course, need a second chance to move into the good credit class of borrowers. Purchasing a manufactured home can allow you to own a home and improve your credit score.

FHA Home loans may be helpful for individuals who have bad credit, especially when buying a manufactured home. If you are seeking an FHA loan, you will need to find a financial institution that offers them. With FHA loans, you don’t need a huge 20% down payment. FHA loans are often approved with a down payment as low as 3.5%, depending on credit score. Interest rates are fixed for the entire term of the loan, usually 20 years. A fixed interest rate means you know exactly how much you will be paying each month for 20 years and you can budget accordingly.

The maximum loan amount for a manufactured home is $66,678. The maximum loan amount for a manufactured home and a lot to put it is $92,904.Even borrowers with scores below 640 can finance a house, but you would have to pay higher interest rates, higher down payments, and more. This is why manufactured homes may be a better option for those with bad credit.

How to finance manufactured homes with bad credit?

The best first step toward financing a manufactured home is to check your credit score. If you have recent red flags on your credit report, you may not qualify for financing right away. Based on your credit score you can do some research to determine what your loan options are. Unless you are using a personal loan, most lenders will want a down payment. You may want to determine how much you will need to make sure you can meet this requirement. Next, you will want to gather proof of income or tax returns to determine your annual income. Lenders may request proof of income so it’s best to submit accurate information and have it readily available. Depending on the loan type, there may be requirements around how the property will be used. You will probably need to occupy the manufactured home as your primary residence. If you use an FHA loan, you will need to prove that you have a place to put the manufactured home that is suitable. It can be put on a rental site in a manufactured home park, as long as the park and lease agreement meet the FHA guidelines. In addition, manufactured homes will likely need to meet Manufactured Home Installation guidelines.

Now that you have some of the prep work done, you can move onto applying for the actual loan. Working with the lender of your choice you can determine your budget based on what you qualify for and what you can afford. In most cases, you will start by getting prequalified and then start shopping for your manufactured home. However, you should have an idea of how much you will need to borrow before applying for the loan.

What credit score do I need to get a manufactured home loan?

To get a mobile home interest rate, your credit score should be at least 700 to get decent rates. A score of 750 or higher will get you even better rates.

With an FHA loan, your typical rate will be around 4%. The average minimum credit score is 500. Typical terms are up to 30 years.

With a Fannie Mae loan, typical rates vary. The minimum credit score is usually 620. The typical terms are up to 30 years.

With a Freddie Mac loan, the typical rates also vary. The minimum credit score is also 620, and the terms are also up to 30 years.

With a Chattel loan, the typical rates will be around roughly 8% to 11%. The minimum credit score is 575. The typical terms are up to 20 years.

Lastly, with a personal loan, the typical rates are 3% to 26%. The minimum credit score is 600. The typical terms are up to 12 years.

What is the minimum credit score to get a manufactured home financed?

An FHA loan will probably be the most generous if you have a bad credit score. With an FHA loan you can qualify for manufactured home financing with a FICO score of 500. You can even lock in a pretty competitive interest rate, even with a bad credit score.

If you have a FICO score of 575, you can now choose between a Chattel loan or FHA loan. WIth a FICO score of 575, you may qualify for a Chattel loan. The rates are usually higher than an FHA loan. You may secure a lower rate with a personal loan than a Chattel loan, but it depends. To qualify for a personal loan you will likely need a FICO score 600 or better. If your FICO score is 620 or higher you can also consider Fannie Mae or Freddie Mac loans.

Mobile homes are much more affordable and accessible to those with lower incomes and bad credit scores than traditional site-built homes are. But if you’re going to buy one, be sure to do your research to know what financing is available to you and look hard to understand the eligibility requirements.

Also, make sure the home isn’t too old to qualify for a loan or mortgage. You also need to have a location for it that meets specifications.

Can you get a manufactured home with a 600 credit score?

The Federal Housing Administration created loans with the intention of making home ownership a possibility for as many Americans as possible. With a 500 credit score, you may qualify for an FHA loan. With a low credit score you may need a larger down payment but it is possible to qualify for a loan. With an FHA loan you can secure terms up to 30 years.

What lenders provide manufactured home financing for bad credit?

If you have bad credit and want to finance a manufactured home you will probably want to consider an FHA loan or personal loan. Regardless of the type of loan you go in search of, you will need to find a lender that offers the product. If you belong to the military community, you might qualify for a loan from the Department of Veterans Affairs. They can offer up to 11% financing as long as the home is attached to land you own and meets certain local and VA requirements.

What is considered bad credit when looking for manufactured home financing?

Because a manufactured home loan is usually secured by the home or property or both, you may be able to qualify for financing with a bad credit score. A bad credit score usually is within the range of 300 to 629. The next step up is fair credit which usually ranges from 630 to 689. If you are in the bad or fair credit range you may need to use programs to find financing for a manufactured home, but you should have some options available. If your credit score is below 500, you may not have any options available.

Closing Thoughts

In conclusion, you have options when it comes to financing a manufactured home. If you have money down and good to excellent credit you should qualify for a manufactured home loan. If you do not have money down and or do not have good credit you should try to apply for a personal loan. Personal loans can be used for just about anything you would like to use them for and can be easy to qualify for.

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