{"id":362,"date":"2022-08-16T05:05:32","date_gmt":"2022-08-16T05:05:32","guid":{"rendered":"https:\/\/storzco.com\/blog\/?p=362"},"modified":"2025-09-23T00:31:04","modified_gmt":"2025-09-23T00:31:04","slug":"mobile-home-park-loan-options","status":"publish","type":"post","link":"https:\/\/storzco.com\/blog\/2022\/08\/16\/mobile-home-park-loan-options\/","title":{"rendered":"Loans for mobile homes in parks [Personal, VA, FHA & Rent-to-Own]"},"content":{"rendered":"

Living in a mobile home community provides this notable benefit: You own your home without the expensive land maintenance and property taxes. Check out <\/span>Storz Management Company<\/span><\/span><\/a> to learn more about this type of neighborhood that offers stunning amenities like swimming pools, playgrounds, gardens and walking trails.\u00a0<\/span><\/p>\n

 <\/p>\n

But since you only lease the land on which your mobile home is located, you won’t get a conventional mortgage loan, which primarily applies to borrowers who also own the land. However, it doesn’t mean you have limited financing options if you opt for this affordable housing option.\u00a0<\/span><\/p>\n

 <\/p>\n

(Note: We use the terms mobile homes and manufactured homes interchangeably since their only difference is their construction date.)<\/span><\/p>\n

 <\/p>\n

How much is the average price of mobile homes?\u00a0<\/span><\/h2>\n

 <\/p>\n

Before we explain the financing option if you buy a mobile home in a community, let’s first discuss its average price. According to one recent survey, this affordable housing option costs $41 per square foot on average, compared to $84 per square foot for a traditional, stick-built home.\u00a0<\/span><\/p>\n

 <\/p>\n

What are the financing options when buying a mobile home in a park?<\/span><\/h2>\n

 <\/p>\n

While it’s true that you won’t get access to traditional mortgage loans, it doesn’t mean that your financing options are limited. Nowadays, there are many ways to finance this affordable housing option, which is seen as a sustainable solution to the rising cost of property and the increasing demand for mobile homes, especially among first-time home buyers who may not have enough money to buy traditional houses.\u00a0<\/span><\/p>\n

 <\/p>\n

Here, we list the most common financing options should you decide to live in a mobile home community.\u00a0<\/span><\/p>\n

 <\/p>\n

1. Personal loans\u00a0<\/span><\/h3>\n

 <\/p>\n

You can use <\/span>personal loans<\/span><\/span><\/a> for almost anything, from cars and tuition fees to travel vacations and mobile home purchases. Think of it as a form of installment credit in which you repay the lender monthly installments over the lifetime of your loan.\u00a0<\/span><\/p>\n

 <\/p>\n

One possible downside of personal loans is the higher interest rates and shorter repayment terms. Additionally, borrowers are usually limited to a maximum cap of $25,000 \u2013 $50,000. But the upside is that the application process is quicker and less tedious, plus you won’t lose your home in the event of default.\u00a0<\/span><\/p>\n

 <\/p>\n

2. VA loans\u00a0<\/span><\/h3>\n

 <\/p>\n

If you’re a veteran, this financing option can help you purchase a mobile home in a community. Take note that with this loan, you’ll get 100% financing, typically with a repayment period of 20 years or even longer, depending on the price and type of manufactured home you choose.\u00a0<\/span><\/p>\n

 <\/p>\n

For instance, a double-wide mobile home typically comes with a 25-year loan term, whereas it’s a 20-year repayment term for a single-wide manufactured home.\u00a0<\/span><\/p>\n

 <\/p>\n

3. FHA loans<\/span><\/h3>\n

 <\/p>\n

These government-backed loans apply to borrowers purchasing a mobile home as their primary residence. Note that the agency does not actually provide the loan; they just insure this funding to encourage lenders such as banks to lend money to qualified borrowers.\u00a0<\/span><\/p>\n

 <\/p>\n

To qualify for an FHA loan for a mobile home purchase, your debt-to-income ratio should be 45% or less, you have a credit score of 580 or higher, and you have a steady income and employment history.\u00a0<\/span><\/p>\n

 <\/p>\n

4. Rent-to-own\u00a0<\/span><\/h3>\n

 <\/p>\n

Some mobile home communities offer rent-to-own, which is actually a hybrid approach to buying a home. In this arrangement, a portion of a lease payment goes to the building equity until you pay for it completely. As a result, you pay a higher monthly rent than your neighbors.\u00a0<\/span><\/p>\n

 <\/p>\n

Rent-to-own is a good option if you have a not-so-stellar credit score and want to improve it.<\/span><\/p>\n

 <\/p>\n

Final word\u00a0<\/span><\/h2>\n

 <\/p>\n

If you want to learn more about mobile home communities across the warm west coast, message us at <\/span>Storz Management Company<\/span><\/span><\/a>,\u00a0<\/span><\/p>\n

Storz Management Company’s mobile home communities and RV parks have recreational facilities like swimming pools, walking trails, playgrounds, clubhouses, libraries, and dog parks.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Living in a mobile home community provides this notable benefit: You own your home without the expensive land maintenance and property taxes. Check out Storz Management Company to learn more about this type of neighborhood that offers stunning amenities like swimming pools, playgrounds, gardens and walking trails.\u00a0   But since you only lease the land […]<\/p>\n","protected":false},"author":1,"featured_media":366,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nMobile Home Financing: Personal, VA, FHA, Rent-to-Own<\/title>\n<meta name=\"description\" content=\"Learn about the different types of loans available for purchasing a mobile home inside a mobile home community in California.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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