Modular homes are an intelligent and affordable alternative to the onsite buildings. Whether you are a first-time homebuyer or seeking a low-cost housing alternative, finding the best manufactured home lenders can make all the difference when it comes to securing financing terms and having a relatively stress-free home buying experience.
In this guide, we’ll cover the ins and outs of the lending industry and explain what the best lenders are looking for before offering a loan so you can develop a clear, coherent plan that aligns with the financial and housing goals that make sense for you particularly if you’re a veteran or a homebuyer looking to build on your own land.
Why Choosing the Right Manufactured Home Lenders Matters
Financing a manufactured home is not the same as a mortgage. The lending procedure could be very different bases on whether your home could be categorized as real estate or personal property. It’s why it’s so important to work with an experienced lender that works in this segment of the market.
Top-tier lenders offer:
- Competitive interest rates
- Flexibility in down payment and credit requirements
- Clear guidance on loan types (FHA, VA, chattel loans, etc.)
- Expertise in manufactured home compliance standards
Top Manufactured Home Lenders in the U.S.
Below are our top-picks for lenders with the best customer service paired with excellent specialized loan products and convenient financing for home buyers:
1. Security America Mortgage
Security America Mortgage is a lender. More specifically, they are a VA loan lender for military veterans like you! They provide construction loans and one-time close construction loans, and priorities access and affordability for veterans.
Elaboration:
Security America Mortgage specializes in helping veterans achieve home ownership, primarily via VA loans. They provide services to help you get through the VA loan process, including construction loans for those who want to build a new house. Their services are designed to make VA loans easier and more affordable for veterans and their families. They are a seasoned VA lender and make a point to take care of their military veterans.
2. Vanderbilt Mortgage and Finance
A Berkshire Hathaway company, Vanderbilt has earned a reputation for quality in the mobile and manufactured home lending space. Their lending choices are designed for the first time and repeat purchasers.
Pros:
- Offers FHA and conventional loans
- Online prequalification available
- Personalized support throughout the process
3. Triad Financial Services
Triad has been serving the Manufactured Housing Industry since 1959. Their extensive connections in the industry make them a great option for buyers looking for stability and experience.
Pros:
- Works with a network of retailers and builders
- Variety of loan products
- Known for fast approvals
4. Cascade Financial Services
Cascade is all about mobile and manufactured homes, offering VA, FHA and conventional loans. Veterans who wish to build or buy a manufactured home will surely find their expertise to be especially beneficial.
Pros:
- Specializes in VA and FHA loans
- Offers both land-home and home-only financing
- Great support for buyers building on private land
Tip: If you are a veteran, you can buy a home with zero down payments and no private mortgage insurance with a VA Construction Loan to build a new manufactured home.
Manufactured vs. Modular Home Financing
Though this guide is about manufactured homes in particular, it’s important to know this difference when comparing lenders. Modular homes are constructed in sections in a factory and then assembled on site according to the local building codes.
And if you’re thinking about a modular design, here’s How to Build a Modular Home with financing that works like a standard mortgage.
How to Choose the Right Manufactured Home Lender
Choosing the right lender is about so much more than comparing rates. Some pointers to help you pick the right partner:
- Check their loan types: Make sure they offer loans specific to manufactured homes (not all do).
- Ask about land financing: Not all lenders finance land, so if you plan to build or place your home on private land, confirm this upfront.
- Compare fees and APRs: A low interest rate doesn’t always mean the best deal.
- Read reviews: Look for reviews from manufactured home buyers like you.
For help finding the ideal lot, read our guide to where to buy land in Texas a perfect launching pad on which to erect your manufactured dream home.
The Importance of Builder Partnerships
Some lenders team up with home builders to make the borrowing process more efficient. This allows construction timelines to be more efficient and for communication to be easier. If you are working with a lender, make sure you ask who they would disburse construction funds to and who are the best Texas manufactured or modular home builders if.
If you want a Triple Wide Manufactured Home, you want to be sure your lender offers large home financing and understand the challenges that come with delivering and setting a triple wide.
Financing a Home on Your Own Land
Planning to construct or locate a manufactured home on your own lot? (There are some lenders who offer construction-to-permanent loans or packages that include land-home transactions and simplify the process.
How Can I get a Loan to Build a House on My Land If you have a piece of land and you want to build a house on it, then you should know how to get loan to build a house on your land in order to live in it.
What about Credit and Rates?
Even if you have less-than-perfect credit, you can find lenders willing to offer some flexibility. A few even have options to lock in a rate and the Rate Drop Advantage that allows you to refinance your loan at a lower rate without having to go through the traditional, and sometimes arduous, refinance process which is a huge benefit if you believe interest rates will increase.
Final Thoughts
It can be challenging to locate the best manufactured home lenders, but with a little bit of research and some guidance, you may be able to find a financial partner who helps you fulfill your dreams. Whether you are putting a single-wide on leased land or support a custom triple-wide on your own property, there is a lender on the market to help.
And when you’re prepared to take the next step, be sure to get in touch with a Best Quality Home Builder who focuses on manufactured housing to make your vision a reality.