Personal Loan for Mobile Home
Check offers in seconds
Get pre-qualified for loan offers with an easy online form
Won't impact your credit
Checking offers will not impact your credit score
Competitive payment options
Funding up to $100,000 and APRs as low as 4.99%1
Receive funds quickly
Personal Loan for a Mobile Home with Good or Bad Credit
Looking to see how to get a personal loan for a mobile home? Check out offers from different lenders for mobile home personal loans.
Quick. Simple. Secure.
How To Apply For Personal Loan for Mobile Home
Fill out easy online form to check for pre-qualified offers with no impact to your credit score
Compare terms and payment options to select offer that’s best for you
Complete application process on your selected lender’s website
After loan approval, your funds should arrive within 1-2 business days2
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“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”
- Mike T. (TN)
“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”
- Carol R (FL)
“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”
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FREQUENTLY ASKED QUESTIONS
Learn More About Personal Loan for Mobile Home
Can you use a personal loan for mobile home financing? The short answer is, yes. Before we get into how to get a personal loan for a mobile home, let’s take a look at why you might want to buy a mobile home in the first place. Buying a mobile home instead of a traditional home can have a lot of advantages. Mobile homes usually cost less than traditional homes, are built with less waste, and can offer a sense of community to those in mobile home parks. Engineering has come a long way too, and they are now designed with bad weather conditions in mind. Even though they cost less than a traditional home, many people still need to borrow to buy a mobile home. However, financing mobile homes can be different from a traditional home, so let’s look at how to get a loan for a mobile home.
Read more - FAQ
Can you get a personal loan for a mobile home?
Personal loans can be used for almost anything, including buying a mobile home. Some lenders can fund personal loans up to $100,000. There are other financing options available too. Chattel loans are available for manufactured homes, and Fannie Mae and Freddie Mac both have programs to finance a mobile home. Financing is also possible through an FHA loan, and it is possible to get financing with a VA loan if you are a member of the military community.
How much does the average mobile home cost?
Many factors impact mobile home prices. One consideration is if the home is new or used. For a new mobile home, the average price in August 2020 for a single-wide was $57,700. The average cost for a double-wide in August 2020 was $109,300.
What credit score do you need to get a personal loan for a mobile home?
The credit score needed to get a personal loan for a mobile home can vary from lender to lender. Some lenders can approve a personal loan with a credit score of 580. Other lenders may want a higher credit score because personal loans are usually unsecured. In some cases, a lender may not even have a minimum credit score requirement. A higher credit score demonstrates that the borrower has a history of making their credit payments on time. In most cases credit score will impact qualification status. If you have credit challenges some lenders may be willing to extend a loan, but it may be smart to rebuild your credit before taking a loan.
How many years can you finance a mobile home with a personal loan?
Most personal loans have an amortization of 60 months or less. Sometimes, they can have a period of 84 months or longer, depending on the amount and the borrower’s credit score. You might find lenders that extend the term to 10 or 20 years, but this is uncommon.
What are the benefits of getting a personal loan for a mobile home?
There are several benefits of using a personal loan to buy a mobile home. You can be approved quickly without the additional requirements of a traditional mortgage. You won’t need an appraisal, attorney’s fees, or home insurance fees with a personal loan. If it’s unsecured, the lender can’t foreclose on your home if you default on the payments.
The term to pay off a personal loan is usually much shorter than a traditional mortgage. So while your payment might be higher, you will pay off the loan more quickly. In addition, with a shorter term, you can pay less interest on the money you borrow by paying it off in a few years rather than a few decades.
Some lenders offer loans for as much as $100,000. If you qualify, you can get your money quickly, with fewer administrative hurdles, and be able to pay it off in a shorter amount of time than if you got a conventional mortgage.
What costs are involved in buying a mobile home?
Buyers are sometimes unaware of some of the additional costs they might have when buying a mobile home. First, you will need a place to put it, which will mean either buying or leasing land. If you are buying land, you might need to pay to have the land cleared, have a well and septic installed, a driveway paved, and possibly a foundation installed. You might have to pay additional fees for permits as well as setting up utilities. Buying or leasing land in an existing park will usually eliminate some or all of these costs.
If you are buying a new mobile home, you will pay for the unit and any customizations. While most manufacturers include installation and delivery in the price, there could be additional charges if they have to deliver the mobile home outside of their standard delivery area. Depending on the state you live in, you might have to pay sales or use taxes too when buying a mobile home.
You might also need a downpayment or a deposit to buy the home, and there could be legal fees as well. It’s a good idea to do your research before buying so you know what costs to expect in addition to the purchase price.
What banks offer personal loans for a mobile home?
If you are interested in getting a loan for a mobile home, you can look into getting a personal loan through a bank. Personal loans can be used for almost anything, including buying a mobile home, if the borrower qualifies. However, mobile homes have gone up a bit in price over the last few years, so most people will need to find a lender with high loan limits. With the average price of a single wide being $57,700 in August 2020, many borrowers will need a personal loan of $40,000 or more.
TD Bank offers personal loans up to $50,000 with rates ranging from 6.99-21.99 and no minimum credit score required. Lightstream offers loans up to $100,000 with borrowers needing a minimum credit score of 660 and rates that range from 4.99%-20.49%. Another option to look at is Wells Fargo. They offer loans for up to $100,000, have no minimum credit score required, and their rates range from 5.74%-19.99%. Online is one of the best places to shop and secure personal loans. At Acorn Finance you can check offers from top national lenders without impacting your credit score.
Where can I get a personal loan for a mobile home?
When it comes to getting a personal loan, there are lots of options. Banks and credit unions offer personal loans at reasonable rates. People will often apply with the bank or credit union they deal with first. The advantage of doing this is that the institution you deal with knows you as a customer or member and might be more willing to approve a personal loan for you based on your relationship with them. In most cases, though, you need to have at least a fair credit score to qualify. Online lenders can offer personal loans as well, making this another great option to try. It can be easier to qualify with an online lender since they sometimes have more flexible lending criteria than banks or credit unions. Online lenders often offer competitive rates and terms. They must be more aggressive when it comes to what they can offer since it’s easier to shop offers online as opposed to in-store.
There are advantages to getting a personal loan to buy a mobile home. Two things to consider if you want to finance your mobile home purchase this way are the interest rate and the payment. The payment will be affected by the rate and the term. As a borrower, you want to keep your interest costs as low as possible and make sure your payments are manageable. One great way to compare rates, amounts, and terms is to check offers at Acorn Finance. Acorn Finance has a network of top national lending partners that can offer loans up to $100,000, depending on credit score. Within 60 seconds or less you can check offers without impacting your credit score.
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