A mobile home loan, often called a manufactured home loan, is a type of financing specifically for purchasing mobile or manufactured homes. These loans can have different terms and conditions compared to traditional home loans. Typically, they can be used to buy homes that are permanently affixed to a foundation or those that remain on leased land. The requirements, interest rates, and down payments can vary based on factors like the age of the home and whether it is classified as personal or real property.

To qualify for a mobile/manufactured home, it typically needs to meet certain criteria as follows:

    1. Age: Many lenders prefer homes that are newer, often built after 1976, when the HUD code was established for manufactured homes.
    2. Condition: The home should be in good condition, with no significant damage or needed repairs.
    3. Foundation: Ideally, the home must be permanently affixed to a foundation, as this often qualifies it as a real property.
    4. Location: The home should be located on a piece of land that is either owned by the borrower or in a community where the land is leased.
    5. Title: The home should have a clear title, meaning it is free of liens or other encumbrances.

Financing a mobile/manufactured home by itself is known as a chattel loan, which provides flexibility and shorter loan terms. If the home is moved to another community, the chattel loan follows it. These loans are most commonly used for homes that sit on leased land lots in a manufactured housing community.

For a mobile/manufactured home loan, the income documents required are similar to those for traditional or conventional/conforming home loans. Here are some common documents you might need to help lenders verify your income and ensure you can afford the loan payments:

    1. Pay Stubs: The most recent pay stubs, typically covering the most recent continuous one month.
    2. Tax Returns: Personal tax returns for the past two years are required.
    3. W-2 or 1099 Forms: These forms show your annual income from employment or self-employment.
    4. Bank Statements: Recent bank statements, often covering the last two to three months.
    5. Proof of Other Income: If you have additional sources of income (like rental income or alimony), you may need to provide documentation for those as well.

In the mobile/manufactured home loan, self-employed borrowers can qualify for a home loan, too. However, they usually need to provide additional documentation to verify their income. Here are some common requirements for self-employed borrowers:

    1. Tax returns: Personal and business tax returns for the past two years.
    2. Profit and Loss Statement: A current profit and loss statement of the business, often covering the most recent quarter.
    3. Business Bank Statements: Recent bank statements, typically for the last two to three months.
    4. Business License: A copy of the current business license or other proof of self-employment.

We will use this information to assess the borrower’s income and ability to repay the loan. It is important to have thorough and accurate documentation to improve your chances of approval. 

For detailed information regarding this type of mobile/manufactured home loan, please do not hesitate to contact our UFM team.