Loans & Financing
Mobile Home Financing, Lending, & Loans in Florida Explained
A manufactured or mobile home on cooperative (co-op) share lots, land lease lots, or individual lots can be purchased using lender financing. Like conventional financing all mobile home loans are subject to the property qualifying and the buyer financially qualifying. Traditional lenders such as banks, mortgage companies, and credit unions are generally not sources for the required financing to purchase a manufactured home.
Most sellers will require a pre-qualification letter from a lender to accompany a buyers offer to purchase. A buyer in many cases can furnish qualifying information to a loan officer over the phone. In most cases a pre-qualification letter can be issued within two (2) to three (3) business days from the initial lender contact. We suggest the loan applicant obtain an estimate of all loan related costs from the lender. These costs would be in addition to normal costs associated with a financed purchase. Generally, the seller does not share in these costs.
Manufactured home and mobile home loan underwriting process is the same as traditional real estate loans used to purchase single family homes. The underwriting process normally takes four (4) to six (6) weeks which is comparable to conventional real estate. Loan closing is part of the property closing and usually takes place at a title company or law office local to the area that the property is being purchased. Arrangements can be made to close at alternative locations using a mobile notary/closing agent. If the buyer is not available to close locally, arrangements can be made for the loan and other closing documents to be processed by an approved mobile notary/closing agent in that location.
Once closing is complete and finalized, the executed closing package is either mailed overnight express or delivered to underwriting for final review and approval. Once approval of the closing documents is complete the seller’s proceeds are available for pick up, mail delivery, or electronic wire transfer.
Here at MH Resales we work closely with Florida mobile home lenders to help you get qualified and have the smoothest purchase and closing experience possible when financing is required or preferred.