Do Banks Give Mortgages for Mobile Homes?
January 3, 2024
If you’re looking into the world of mobile and manufactured home ownership, preparing to purchase your first property, you may be wondering what financing options are out there. With a traditional home, you could go to most banking institutions to get a mortgage— but how does it work for mobile homes? Do banks give out loans for them?
Traditional Bank's Preference for Lending
The answer is a little more complicated than you may expect. A traditional bank prefers to give out mortgages to those with real property, not personal property. That means if you own the land your manufactured home is affixed to, you may have an easier time getting a traditional loan.
Banks are typically able to offer financing to homes that have permanent foundations. But if you don’t own both the land and the property, things get a bit trickier. Banks can’t offer you as many options in these situations, which is why going to a financial institution that specializes in mobile homes may be a much more promising path.
How Triad Can Help
Mobile home loan companies like Triad that work directly with many owners of mobile and manufactured homes are able to offer you different kinds of loans for your specific situation. Whether you’re working towards buying your home with a conventional loan, a Title II loan, a VA loan, a chattel loan (used for movable personal property), or even a personal loan, Triad can help you navigate the complicated world of mortgages. Certain types of loans may lead to higher interest rates, depending on your credit score, but it’s best to talk through your options with experts so you can find the best possible mortgage for you and your family.
Triad also has the benefit of being an all-inclusive, one-stop shop when you’re looking into purchasing a mobile home. You can get your financing, insurance, and refinancing resources from us, and we work directly with you to gather everything you need to be a mobile homeowner. See our step-by-step guide for applying for a manufactured home loan.
Find the Right Lender for Your Home
Mobile homes are an accessible, affordable way to become a homeowner for the first time, and many adults are choosing this path in 2024. For all the money you’ll be saving in the long run, you don’t want to end up with a mortgage that isn’t beneficial to you and your situation. Finding the right lender to work with is crucial, and Triad has decades of experience lending to new mobile and manufactured home owners.
Banks may turn you away from a mortgage, only able to offer you loans on permanently affixed property. Or certain institutions may try to rope you into loans with high interest rates, more paperwork, and confusing terms. But Triad can work with you on financing, regardless of the type of home you’re purchasing, your credit score, and other factors. We aim to make the process effortless, and we have unparalleled success in finding financing for people’s first mobile homes.
Discover your financing options easily with Triad Financial Services' trailer home loan calculator.