4 Ways To Finance your Mobile Home in NC
There are several options for financing a mobile home in North Carolina. Depending on your situation consider the following four main financing options you should seek:
- Mortgage Loan: You can obtain a mortgage loan from a bank or mortgage lender to finance your mobile home. You will need to provide documentation such as proof of income, credit history, and a down payment to qualify for the loan.
- Personal Loan: If you are unable to qualify for a mortgage loan, you may be able to obtain a personal loan from a bank or credit union to finance your mobile home. Personal loans typically have shorter terms and higher interest rates than mortgage loans.
- Seller Financing: Some mobile home sellers may offer financing directly to the buyer, in which case you can negotiate the terms of the loan with the seller.
- Government-Insured Loan: The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) offer government-insured loan programs that may be available to finance a mobile home. These loan programs may have more relaxed credit and down payment requirements than traditional mortgage loans.
- Manufactured Home Community Financing: If you are purchasing a mobile home in a manufactured home community, the community may offer financing options through its own financing program or through a third-party lender.
Can I Get A Regular Mortgage Loan For My Mobile Home?
It is possible to obtain a mortgage loan to finance a mobile home. Mobile homes, also known as manufactured homes, can be financed through a mortgage loan just like a traditional home. However, there are a few differences to be aware of when it comes to financing a mobile home.
- First, not all lenders offer mortgage loans for mobile homes. Some lenders may only offer personal loans or other types of financing for mobile homes, while others may not offer financing at all. It is important to shop around and compare different lenders to find one that offers mortgage loans for mobile homes.
- Second, mobile homes may have different eligibility requirements for mortgage loans than traditional homes. For example, the mobile home may need to be permanently affixed to a foundation and meet certain construction and safety standards in order to qualify for a mortgage loan.
- Third, mortgage rates and fees for mobile homes may be different than those for traditional homes. It is important to carefully compare the terms of different mortgage loans and choose one that is affordable and meets your needs.
Companies That Offer Manufactured Home Loans in North Carolina
| Mortgage Loan Provider | Phone Number |
|---|---|
| 1st Choice Home Centers | (704) 225-8850 |
| AHR Builders | (704) 279-7997 |
| Atlantic Housing LLC. | (919) 751-1990 |
| Board of Trade | (828) 648-5371 |
| Bogue RV LLC | (252) 424-8344 |
| Brady Homes Inc. | (336) 629-0404 |
| Bryant Home Center | (336) 468-4854 |
| Cardinal Homes of NC LLC | (704) 218-2188 |
| Carolina Custom Homes of Burli | (336) 226-9066 |
| Carolina Homes of Franklin LLC | (828) 524-8091 |
| Carolina Homes of Lumberton | (910) 536-1005 |
| Carolina Homes of Ocean Isle | (910) 575-1045 |
| CARTER’S HOMES | (828) 684-6184 |
| Castle Manufactured Homes | (919) 738-1624 |
| Cato Development LLC | (704) 825-2946 |
| Cedar Village Mobile Homes | (828) 248-3370 |
| Compact Cottages | (706) 245-9241 |
| Compact Cottages | (828) 634-0077 |
| Country Fair Homes | (919) 775-3600 |
| Countryside R.V. | (336) 468-6774 |
| Cromartie Enterprise LLC | (910) 872-5302 |
| Custom Built Homes of the Caro | (910) 803-0731 |
| Davis Investment Properties LL | (336) 587-5622 |
| Down East Elizabeth City | (252) 338-9150 |
| Down East Homes of Beulaville | (252) 227-4164 |
| Down East Homes of Beulaville | (910) 298-6111 |
| Down East Homes of Morehead Ci | (252) 247-5805 |
| Down East Realty & Custom Home | (252) 649-1799 |
| Down East Realty & Custom Home | (252) 686-5235 |
| Dynasty Homes of Greenville In | (252) 439-0600 |
| Eagle Homes | (919) 202-0400 |
| East Coast Mobile Home Sales | (910) 324-5611 |
| Factory Expo Home Center | (910) 814-4256 |
| Factory Housing of Boone Inc. | (828) 297-1130 |
| Factory Select Homes | (980) 434-9994 |
| Family Housing Center | (252) 686-8881 |
| First Choice Homes Inc. | (252) 523-3680 |
| Frank’s Home Place Inc | (252) 459-7132 |
| Future Homes | (910) 577-6400 |
| Goldsboro Homes L.L.C. | (919) 778-5477 |
| Greenfield Housing Center | (919) 772-2220 |
| H & H Homes | (828) 400-0899 |
| Heavenly Homes | (919) 735-4400 |
| Heritage Homes USA Inc. | (910) 590-2212 |
| Heritage Housing | (336) 626-9103 |
| Home Connections | (910) 298-3387 |
| Homes by Vanderbuilt | (919) 718-2760 |
| Hometown Housing | (704) 225-8850 |
| J.W. Home Sales | (828) 632-8420 |
| JNH Builders Inc. | (828) 438-9445 |
| Joyful Homes Inc. | (919) 496-1500 |
| Key Builders Inc. | (704) 735-2390 |
| Kingdom Homes | (252) 946-5374 |
| Manis Custom Builders Inc. | (910) 276-0195 |
| Marty Wright Home Sales Inc. | (910) 563-9933 |
| Marty Wright Home Sales Inc. | (910) 654-1403 |
| Modern Housing | (919) 751-1986 |
| Modular Home Solutions | (910) 640-5556 |
| Moncure Mobile Homes | (252) 537-2765 |
| North Carolina Custom Modulars | (336) 610-5150 |
| Option II Mobile Home Village | (910) 389-9534 |
| Outlaw Mobile Homes Inc. | (919) 658-6636 |
| Paradise Homes of Johnston County | (919) 284-5206 |
| Parrish Manor Housing | (919) 661-1234 |
| Piedmont Homes | (828) 329-0658 |
| Piedmont Mobile & Home Supply | (336) 570-9840 |
| Premier Homes of the Carolinas | (828) 687-1200 |
| Premiere Home Properties LLC | (252) 535-5886 |
| Preserve at Whiteside Cliffs | (470) 552-5151 |
| Prevatte’s Home Sales Inc. | (910) 739-3000 |
| Ray Shankle Home Sales Inc. | (910) 582-5066 |
| Regional Enterprises LLC | (910) 754-4900 |
| Regional Homes of Lumberton | (910) 827-8274 |
| Ridgeline Homes | (828) 349-0403 |
| Select Homes Inc | (336) 625-4693 |
| Simple Life The Village at Fla | (828) 707-0969 |
| South Bay Developers Inc. | (910) 575-7944 |
| Southeastern Home Sales | (910) 739-2068 |
| Star Mobile Home Sales Inc. | (704) 588-0351 |
| Starling Homes Inc | (919) 965-8186 |
| Stony Brook North | (919) 872-2346 |
| SUITS HOMES INC | (919) 663-2406 |
| Terry Pate Home Sales | (910) 738-9594 |
| The Daly Company Inc. | (919) 751-0622 |
| Tiny Homes of Lake Norman | (704) 489-6033 |
| Titan Factory Direct Homes – C | (828) 483-5689 |
| Unique Homes II | (252) 975-4663 |
| Ventures Housing Center | (252) 433-9595 |
| Wellington Community Estates | (828) 274-4111 |
| Wesley’s Housing Center | (252) 535-0038 |
| Wheels & Deals Inc. | (336) 789-0200 |
How Do I Seller-Finance A Mobile Home?
Seller financing is a type of financing arrangement in which the seller of a property provides the financing for the buyer to purchase the property. In this case, the seller acts as a lender and the buyer pays the seller back over time, typically with interest.
There are several advantages to seller financing. For the buyer, it may be easier to qualify for seller financing than for a traditional mortgage loan, especially if the buyer has less-than-perfect credit or a limited down payment. Seller financing can also allow the buyer to negotiate the terms of the loan, such as the interest rate and the length of the loan.
- For the seller, providing seller financing can be a way to sell a property that might not otherwise be sellable. It can also allow the seller to earn additional income from the loan in the form of interest payments.
- Seller financing can be a good option for both buyers and sellers, but it is important to carefully consider the terms of the loan and to seek the advice of a financial advisor or attorney if necessary.
Interested in purchasing a mobile on on seller-financing terms? You can sign up to get updates on our manufactured homes for sale list.
Single Wide Mobile Homes For Sale →
Double Wide Mobile Homes For Sale →
Can I Get An FHA Loan For My Mobile Home?
Obtaining a Federal Housing Administration (FHA) loan to finance a mobile home is possible. The FHA offers a loan program called the Title II loan that is specifically designed to help buyers purchase or refinance manufactured homes.
To qualify for an FHA Title II loan, the mobile home must be permanently affixed to a foundation and meet certain construction and safety standards. The borrower must also meet the FHA’s credit and income requirements and make a down payment of at least 3.5% of the purchase price.
FHA Title II loans can be used to finance the purchase of a mobile home, as well as the purchase of a lot on which the home will be placed. They can also be used to refinance an existing mobile home loan.
FHA loans are popular among home buyers because they have more relaxed credit and down payment requirements than traditional mortgage loans. However, they do have certain fees and insurance premiums that must be paid by the borrower.
If you are interested in obtaining an FHA loan for a mobile home, it is important to compare different lenders and carefully consider the terms of the loan. It may also be helpful to seek the advice of a financial advisor or housing counselor.
Mobile Home Financing In Manufactured Home Communities
YES! Some manufactured home communities offer financing options for mobile homes. Manufactured home communities, also known as trailer parks or mobile home parks, are communities that are specifically designed for residents who live in mobile homes. Many of these communities offer amenities such as water, sewage, and garbage services, as well as recreational facilities and other shared amenities.
If you are purchasing a mobile home in a manufactured home community, the community may offer financing options through its own financing program or through a third-party lender. These financing options may be more flexible and may have more relaxed credit and down payment requirements than traditional mortgage loans.
It is important to carefully compare the terms of any financing options offered by the manufactured home community and to shop around to find the best deal. It may also be helpful to seek the advice of a financial advisor or housing counselor.
Overall, it is possible to finance a mobile home through a mortgage loan, but it is important to do your research and shop around to find the best deal.
Regardless of which financing option you choose, it is important to carefully consider the terms of the loan and shop around to find the best deal. It may also be helpful to seek the advice of a financial advisor or housing counselor.
