Financing the Home of Your Dreams

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A home is often the most significant purchase or investment a person makes in their lifetime. This is especially true in the current housing market as house prices are above several hundred thousand dollars in many locations. However, because price tags on a manufactured home are typically more affordable than those of site-built homes, they make financing and homeownership more accessible. 

Mobile and Manufactured Loans

The terms ‘mobile home’ and ‘manufactured home’ are considered interchangeable by people who don’t understand the differences. But, those differences are significant when applying for financing, and it’s essential to use the correct terminology.

Mobile Homes are defined as detached residential dwelling units designed and manufactured for transportation on streets or highways on their wheels. They are complete units which are intended to be ready for occupancy except for minor unpacking and connection to utilities. Mobile homes are built on a permanent metal chassis and can be moved by professionals from one site to another.

Manufactured Homes are factory-built homes that are transportable in one or more sections of a building site with or without a permanent foundation. The Department of Housing and Urban Development (HUD) defines manufactured homes as housing that is virtually ready for occupancy upon assembly and connection to the required utilities. While manufactured houses are built on permanent metal frames, they are more difficult to move after installation.

Manufactured Home Financing Options

Similar to traditional mortgages, financing options for your mobile or manufactured home will depend on your eligibility as a borrower. However, lenders also consider the type, location, and age of the house.

According to the HUD, the following guidelines must be met for mobile or manufactured home financing to be approved.

Eligible Borrowers Must:

  • Have adequate funds to make the minimum required home down payment.
  • Demonstrate they have income sufficient to make payments on the loan and meet other living expenses.
  • Plan to occupy the home as their principal residence.
  • Have a suitable site on which to place the manufactured home. Homes may be placed on rental sites in manufactured home parks or situated on individual home sites owned or leased by the borrower provided the site, and lease agreements meet FHA guidelines.

Retailers that sell mobile and manufactured homes will usually assist with financing arrangements for customers purchasing homes. In many cases, a dealer’s relationships with lenders can significantly simplify the home buying process.

Find Financing Experts at Preferred Homes

Financing your mobile or manufactured home is easy when you purchase from Preferred Homes, on S. Division Street in Grand Rapids. Our free credit analysis is a simple process and will help you determine what you can afford.

At Preferred Homes, we strive for excellence in all aspects of matching you to your dream home, including financing. Our goal is customers that are completely satisfied with every step of the process. Curious about whether you can afford to own a customized dream home? Call Preferred Homes today!


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