Mobile Home Financing

[Chandler Diaz]

I'm looking to finance a mobile home, but I'm under the impression that in order to get financing, I must have the home on a permanent fixture. My parent's have around 7 acres of land in the country and just bought some land beside them (practically extending their land by another 6-8 acres).

They have financed the land and do not own it outright, but there is already a mobile home on the land. Within the next year, the person in that mobile home will be leaving and taking their home. I was then going to purchase my own trailer and put it on that portion the old mobile home was on in the meantime of me going to college, instead of wasting money on rent in town (upwards of $800+ to live alone, and no, I cannot handle roommates). Even if I spend $35,000 for a home and it only sells for $25,000 once I finish college, that's money I'm getting back that I wouldn't if I paid rent to an apartment.

My question is, are there ways to get financing on a mobile home without it being on a permanent fixture? I'd like to have my payments as cheap as possible. If I were to do a standard mortgage loan on a cheap unit, it would cost me around $400 total per month for 15 years (I would pay it off quicker), but if I were to finance through a personal loan, it could be double that. Most personal loans don't extend past 6-8 years max.

Please help, thanks.

[Steven J.]

I agree with @John Arendsen as above. You'll likely have to buy a brand new home from a dealer and have them move it. They'll often do in house financing but it ain't going to be cheap. My suggestion is to purchase a mobile home cheap and have it moved to your location. Moving is going to cost between 3-6k per unit (3-6 for a single wide and 6-12 for a double wide) and you can likely find homes that need to be sold for a few thousand. Maybe do some creative financing with the seller or put it on credit cards if you're comfortable with that.