Manufactured Home Loan Calculator – Mobile Home Financing
Calculate monthly payments and total costs for manufactured home loans
This calculator provides estimates for informational purposes only. Consult with a qualified lender for actual loan terms and rates.
Table of Contents
How to Use
- Enter the purchase price of the manufactured home
- Input your down payment amount
- Enter the annual interest rate offered by your lender
- Select your desired loan term
- Click calculate to see your monthly payment and total costs
What is a Manufactured Home?
A manufactured home is a factory-built housing unit constructed on a permanent chassis. These homes are built to federal HUD standards and transported to the home site. They differ from modular homes, which are built to local building codes.
Manufactured homes offer an affordable path to homeownership, typically costing 10-35% less per square foot than site-built homes.
Types of Manufactured Home Loans
- Chattel Loans: Personal property loans for homes not permanently attached to land
- FHA Title I: Government-backed loans for manufactured homes up to $69,678
- FHA Title II: Loans for manufactured homes on permanent foundations
- VA Loans: Available to eligible veterans for manufactured homes
- Conventional Loans: Standard mortgages for qualifying manufactured homes
- USDA Loans: Rural development loans for manufactured homes in eligible areas
Factors Affecting Your Interest Rate
Several factors influence manufactured home loan rates:
- Property classification (real property vs. personal property)
- Whether the home is on owned land or in a community
- Credit score and financial history
- Down payment amount
- Loan term length
- Age and condition of the manufactured home
- Whether the home is new or used
Tips for Manufactured Home Financing
- Consider placing the home on a permanent foundation to qualify for better rates
- Shop multiple lenders to compare rates and terms
- Save for a larger down payment to reduce monthly costs
- Check if the home meets HUD standards for financing eligibility
- Factor in additional costs like land, site preparation, and utilities
- Consider the total cost of ownership including lot rent if applicable
Frequently Asked Questions
- What credit score do I need for a manufactured home loan?
- Credit score requirements vary by loan type. FHA loans may accept scores as low as 580, while conventional loans typically require 620 or higher. Better credit scores generally qualify for lower interest rates.
- Are manufactured home loan rates higher than traditional mortgages?
- Yes, manufactured home loans often have higher interest rates than traditional mortgages, especially for chattel loans. However, rates for manufactured homes on permanent foundations with conventional financing can be competitive with traditional home loans.
- How much down payment do I need for a manufactured home?
- Down payment requirements range from 3.5% for FHA loans to 5-20% for conventional loans. Chattel loans may require 5-10% down. A larger down payment can help secure better rates and lower monthly payments.
- Can I finance land and a manufactured home together?
- Yes, some lenders offer land-home packages that finance both the land and manufactured home in a single loan. This can simplify the buying process and may offer better terms than separate loans.