Current Mobile Home Mortgage Rates and Financing Deals

Mobile home mortgage rates have been steadily decreasing over the past few years, making it an ideal time to purchase or refinance a mobile home.

As of 2022, the average interest rate for a mobile home loan is around 4.5%. This rate can vary depending on your credit score, loan term, and other factors.

Some lenders offer special financing deals for mobile home buyers, such as 100% financing options or no down payment requirements. These deals can be a great option for those who don't have a lot of savings.

However, it's essential to shop around and compare rates from different lenders to find the best deal for your situation.

Additional reading: Can I Refinance My Mortgage and Home Equity Loan Together

Mobile home mortgage rates can vary significantly based on several factors, including your credit score, down payment amount, and the type of home you're buying. Your credit score plays a huge role in determining the interest rate you'll qualify for.

To qualify for low mobile home interest rates, you'll need a credit score of at least 700, with 750 or higher being the sweet spot for the absolute best rates available.

The average rates for different types of loans are as follows:

A manufactured home is a home built after June 15, 1976 to the U.S. Department of Housing and Urban Development’s Manufactured Home Construction and Safety Standards, built in a factory on a permanent chassis and fixed to a permanent foundation once on site.

Manufactured homes are typically at least 320 square feet and up to 1,000 square feet, and at least 12 feet wide.

A mobile home, on the other hand, is a home built in a factory prior to June 15, 1976, and the term is often used interchangeably with “manufactured home,” though they aren’t the same.

Modular homes are built in a factory and moved in parts, but they’re assembled on site, on a foundation, and once assembled, they look similar to a traditionally constructed home.

Here's a quick rundown of the different types of manufactured homes:

Mobile home mortgage rates can be a bit confusing, but understanding the current interest rates can help you make an informed decision.

Your credit score plays a significant role in determining the interest rate you'll qualify for. To get low mobile home interest rates, aim for a credit score of at least 700. If you want the absolute best rates, you'll need a score of 750 or higher.

The type of loan you choose also affects the interest rate. For example, FHA loans have an average rate of 6.45% as of August 9, 2024.

Here's a breakdown of the average rates for different types of loans:

Conventional manufactured home loans are a popular option, requiring a credit score of at least 620 and a down payment of 3-5% depending on the loan product.

If you're looking for a more affordable option, FHA manufactured home loans may be the way to go, with a minimum credit score of 580 and a down payment of 3.5%.

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VA manufactured home loans are another option, with no formal credit score requirement but generally a minimum of 620, and a 0% down payment.

USDA manufactured home loans require a credit score of at least 640 and a 0% down payment.

Chattel loans can be a good choice for those with lower credit scores, as low as 575, and down payments as low as 0% or between 5% and 35%.

Here's a quick rundown of the different types of loans:

There are several types of loans available for manufactured homes, each with its own set of benefits and requirements.

Conventional manufactured home loans are a popular option, with a minimum credit score of 620 and a down payment of 3%-5%. These loans can be fixed or adjustable, with terms up to 30 years.

FHA manufactured home loans are another option, with a minimum credit score of 580 and a down payment of 3.5%. These loans are fixed, with terms up to 25 or 30 years depending on the loan product.

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VA manufactured home loans are exclusive to veterans and active-duty military members, offering 100% financing and no mortgage insurance. These loans have fixed or adjustable interest rates, with terms up to 20, 23, or 25 years depending on the size of the home.

USDA manufactured home loans have a minimum credit score of 640 and a down payment of 0%. These loans are fixed, with terms up to 30 years.

Chattel loans are a type of personal property loan that can be used to purchase a manufactured home. These loans have a minimum credit score of 575 and a down payment of as low as 0%. They have fixed interest rates, with terms up to 30 years.

Here is a summary of the different types of manufactured home loans:

Personal loans are another option, with a minimum credit score of 580 and no down payment required. These loans have fixed interest rates, with terms up to 7 years.

It's worth noting that manufactured home loans can be used for new purchases, construction, and refinance programs, depending on the loan type.

The USDA loan option is a great choice for those looking to finance a manufactured home. It requires a credit score of 640 and offers 0% down payment.

Here's a breakdown of the USDA manufactured home loan:

One of the most exciting developments in the USDA loan world is the recent change in policy. Effective March 4th, 2025, the USDA is allowing the financing of existing manufactured homes in all 50 states. This means that you can buy an existing manufactured home with zero down!

Here's a list of USDA loan requirements:

Keep in mind that if you already own land with equity available, an alternate option may work out better and should be discussed with one of our bankers.

At Manufactured Nationwide, we offer a Manufactured Home Loan Calculator to help you determine your ideal loan amount. This advanced calculator allows you to adjust rates, terms, down payment, and other settings to get a comprehensive estimate of your monthly payment.

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You can use our calculator to calculate your monthly payment by entering the loan amount, selecting an interest rate, choosing a loan term, inputting a down payment amount, and including estimated property taxes and insurance costs. The calculator will instantly show you your estimated monthly payment, which you can then adjust as needed.

We lend up to 100% for manufactured, modular, and over 12 other property styles in all 50 states, offering qualified borrowers access to hundreds of loan options. One of our exclusive benefits is the Mortgage Client Consumer Loan, available before, at, or after closing, which can provide up to $50,000 extra for qualified borrowers.

Our Manufactured Home Loan Calculator is a powerful tool that helps you discover how much you can afford. It allows you to calculate your monthly payment by adjusting rates, terms, down payment, PMI (if applicable), and other settings.

You can lend up to 100% for manufactured, modular, and over 12 other property styles in all 50 states with Manufactured Nationwide. They also offer qualified borrowers up to $50,000 extra through their exclusive Mortgage Client Consumer Loan™.

To use the calculator, simply enter the loan amount, select the interest rate, choose the loan term, input the down payment amount, and include property taxes and insurance. This will give you an estimated monthly payment.

Here's a breakdown of how the calculator works:

The calculator will then display a payment breakdown that includes Principal & Interest, Taxes, Insurance, HOA Dues, and PMI.

Calculators and Tools can help you make informed decisions when it comes to financing your manufactured home. To get a clear picture of your financial situation, it's essential to compare the total interest you'll pay on different loan options.

Using a calculator like Manufactured Nationwide's can help you discover how much you can afford to pay each month. This is especially useful when exploring various loan options, such as those offered by Manufactured Nationwide, which lend up to 100% for manufactured, modular, and over 12 other property styles in all 50 states.

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To make an accurate comparison, you'll want to consider the interest rates and terms of each loan. For example, the average interest rates for FHA loans are 6.45%, while those for Chattel loans start at 8%. It's also essential to think about the type of loan you're considering, such as a Chattel loan, which has a typical minimum credit score of 575 and can be up to 20 years.

A Total Interest Comparison can help you visualize the difference between buying and renting a home. This can be done using a table like the one below, which shows a breakdown of the cash spent on a home purchase versus renting.

By comparing the total interest you'll pay on different loan options, you can make a more informed decision about which one is best for you.

Paying a lump sum can significantly shorten your loan term. This is because the entire amount is applied directly to the principal, reducing the amount of interest you owe over time.

By making a lump sum payment, you can save money on interest and pay off your loan faster. This can be a huge relief, especially if you're struggling to make regular payments.

A lump sum payment can also help you avoid paying unnecessary interest. For example, if you pay a lump sum all to principal, you can shorten your loan term and start saving on interest right away.