Can You Get Used Manufactured Home Financing?

Buying a used manufactured home can present challenges. While you may find a used manufactured home that costs less than a new one, most lenders won’t finance mobile homes built before 1976, when new federal safety standards for manufactured homes went into effect. Also, securing financing for the home requires it to sit on a proper foundation and be taxed as real estate.

If you look in the right place, you can find used manufactured home financing. CIS Moving Home offers programs for people across the United States who are ready to achieve their dream of homeownership. Our goal is to make buying a home more accessible to everyone.

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Types of Loans For Used Manufactured Homes

How to Get A Used Manufactured Home Loan

 

manufactured home with beautiful landscaping

Types of Used Manufactured Home Financing

You can find many loans for manufactured homes, but you’ll only qualify as long as the home meets standards such as being at least 400 square feet and sitting permanently on the land. Your choices for real estate loans include:

  • Coexisting Property Loans: These types of loans are for purchasing a used manufactured home and land, but in order to qualify, the manufactured home can’t have moved from its original location.

U.S. Department of Agriculture (USDA) loans may not be ideal for used manufactured homes, as houses built before 2006 don’t qualify for the program.

How to Get a Used Manufactured Home Loan

The process for buying a used home is similar to purchasing a new house:

  1. Check your credit score: While some programs are geared toward people with lower credit scores, you will receive a lower interest rate if you have a higher credit score. CIS Moving Home requires a credit score of at least 600.
  2. Know what you’re buying: Since the home is already on the property, you should know if it’s a triple- or double-section house. That detail will impact the financing available and potentially change your financing’s terms.
  3. Consider your financing: Compare the offers from different lenders, and remember that you should consider more than interest rates. Research the lender’s reputation and reviews to ensure they’re a reputable firm before entering an agreement.
  4. Apply for the loan: Fill out your application and have in mind how much you want for your down payment, which can be as low as 5%.

Apply for Used Manufactured Home Financing With CIS Moving Home

You deserve a chance at homeownership, and CIS Moving Home can help you achieve that dream. For more than 30 years, we have assisted people with securing the home financing they desire. Our streamlined process allows things to move faster. You can talk to us about the programs you can qualify for when buying a used manufactured home. Contact us today to fill out an application or get answers to your questions.

If you want to apply for an FHA or VA loan, learn more at cishomeloans.com.

Ready to get started? Apply Now!

Ready to get started? Apply Now!

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