Knowing how to get a loan for a mobile home in Florida can make your buying process easier. Whether you’re purchasing your first home or upgrading your current one, financing is often part of the plan. The good news is, there are several ways to get funding, even if you’re buying a home in a park or from a private owner.
Let’s walk through the steps to help you find the right loan for your mobile home purchase.
How to Get a Loan for a Mobile Home Starts with the Type of Home
The first step in how to get a loan for a mobile home is knowing what kind of home you’re buying. Some loans only apply to homes classified as real property, while others cover homes considered personal property.
In Florida, mobile homes fall into these two categories:
- Real Property: The mobile home is attached to land that you own.
- Personal Property: The mobile home is in a park or on land you rent.
Lenders look at these two types differently. So, knowing which one you’re buying helps you choose the right loan.
Types of Loans Available for Mobile Homes
Buyers have several loan options, and each one has its own rules and benefits.
Personal Loan for Mobile Home Purchases
Personal loans can work if you’re buying a home not permanently fixed to land. These loans have higher interest rates but are fast to fund and flexible.
Use this loan if:
- You’re buying from a private owner.
- You don’t want to tie the loan to real estate.
- You plan to live in a mobile home park.
Chattel Loan for Mobile Home Deals
Chattel loans are common when the home is not attached to land. These are loans for movable property and are often used in parks.
Features include:
- Shorter loan terms
- Higher interest rates
- Quick approval and funding
Chattel loans are a solid choice if you plan to keep your home in a mobile home park long-term.
FHA Mobile Home Loan Requirements
If your mobile home meets certain guidelines, you may qualify for an FHA loan. These loans offer lower down payments and fixed rates.
Basic FHA requirements:
- The home must be your primary residence.
- The home must meet HUD safety standards.
- The loan must be from an approved FHA lender.
Some lenders will help guide you through the FHA mobile home loan requirements, making the process smoother.
How to Get a Loan for a Mobile Home Through a Bank
Many banks offer loans for mobile homes, but not all do. Some banks only finance homes attached to land. So, if you’re purchasing both, you’re in luck.
Banks that finance mobile homes with land offer benefits like:
- Lower interest rates
- Longer repayment terms
- Property value growth potential
Always ask the bank if they handle loans for mobile homes on land before applying.
Steps to Follow Before You Apply
You’ll have a smoother time applying if you’re prepared. Take these steps first:
- Check your credit score
Pay down debts - Save for a down payment
- Gather income proof
- Review your budget
Most lenders want to see stable income and a credit score over 620. However, some may approve lower scores depending on the loan type.
Where You Place Your Home Affects Financing
Lenders often ask where the mobile home will sit. If you’re planning to live in a park, that can limit your loan options—but you still have choices.
Loans for mobile homes in parks are usually personal or chattel loans. These are great if you don’t want to own land. Make sure the park allows long-term stays and accepts loan-financed homes.
If you’re buying both land and the home, more loan types become available, including traditional mortgages.
How to Buy a Mobile Home from a Private Owner
Buying directly from a private owner is common in Florida. You’ll still need a loan that fits the purchase type.
Steps to follow:
- Confirm the home’s title is clean
- Get a bill of sale
- Schedule a home inspection
- Make sure the home meets local codes
- Get written park approval (if needed)
Some lenders will approve personal or chattel loans for these types of deals.
How to Get a Loan for a Mobile Home the Smart Way
Here’s how to improve your chances of loan approval:
- Keep your debt low
- Show steady employment
- Have a down payment (even 5–10% helps)
- Choose a lender with mobile home experience
- Pick the right loan based on where the home will sit
Not all lenders understand mobile homes. Working with those who do makes the process much smoother.
Documents You’ll Likely Need
Before applying, gather these documents to speed things up:
- ID and Social Security number
- Proof of income (pay stubs, taxes)
- Credit report
- Purchase agreement
- Land lease or deed
Having these ready keeps your loan application moving quickly.
Frequently Asked Questions
What credit score do I need for a mobile home loan?
Most lenders prefer 620 or higher, but some approve lower scores with larger down payments.
Can I get a loan for a home in a mobile home park?
Yes, loans for mobile homes in parks include personal loans and chattel loans.
Do I need to own land to get a bank loan?
Not always. Some banks that finance mobile homes with land also offer options without land.
What is a chattel loan for mobile homes?
It’s a loan for personal property, often used when the home isn’t attached to land.
Are mobile homes eligible for FHA loans?
Yes, if the home meets HUD safety codes and is your main residence.
Can I buy from a private owner using a loan?
Yes. Learn how to buy a mobile home from a private owner before applying for financing.
How long does loan approval take?
It depends, but most personal or chattel loans take a few days to two weeks.
Can I refinance a mobile home loan later?
Yes, refinancing is possible if your credit improves or market rates drop.
What is the down payment requirement?
Down payments range from 5% to 20%, depending on the loan type and credit score.
Are there closing costs with mobile home loans?
Yes, but they are usually lower than those for traditional mortgages.
Mobile Home Loans in Florida Are Within Reach
Knowing how to get a loan for a mobile home helps you make better decisions. Florida buyers have many options, whether they plan to live in a park or buy land. With the right lender and proper preparation, financing a mobile home can be simple and smooth.
Keep your credit in good shape, choose the best loan for your needs, and enjoy the benefits of mobile home living in the Sunshine State.
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