Arizona Lenders for Mobile Home Mortgages & Requirements
Mobile homes are a popular housing option in Arizona, and it’s easy to see why. They are often more affordable than traditional stick-built homes and offer flexible housing solutions for many individuals and families.
So, can you get a mortgage for a mobile home in Arizona? Yes, you can. But first, you’ll need to meet some requirements.
Lenders in Arizona may have specific requirements for manufactured home mortgages. However, there are some general requirements you should note. For instance, you should:
- Have a credit score of at least 620.
- Have a debt-to-income ratio of no more than 43%.
- The mobile home must be built after 1976 and be compliant with Department of Housing and Urban Development manufactured home standards.
- The mobile home must be on a permanent foundation, not in a flood zone or trailer park.
If you are considering buying a mobile home in Arizona, it is important to talk to a lender to learn more about your options and get pre-approved for a mortgage. They can help you understand how much you can borrow and what your monthly payments would be.
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Here are the top Arizona lenders for manufactured home mortgages:
CountryPlace Mortgage is the nation’s premier lender for manufactured, modular, and manufactured homes. They offer a variety of loan options, including:
- Chattel loans — These are secured by the mobile home itself but not the land it is on. They have higher interest rates and shorter loan terms than other types of mobile home mortgages.
- Land-home loans — These are secured by both the mobile home and the land that it is on. They typically have lower interest rates and longer loan terms than chattel loans.
- Federal Housing Administration (FHA) loans for mobile homes — These are government-backed loans designed to make homeownership more affordable for borrowers. They have lower down payment requirements and more flexible credit requirements than other types of mobile home mortgages.
- One-time close construction loans — These allow borrowers to finance the purchase of a new mobile home and the land it will be placed on with a single loan. This can save borrowers time and money, as they only have to go through the loan process once.
CountryPlace mortgage rates for mobile homes are as follows:
- 30-year fixed — 3.5%
- 20-year fixed — 3.5%
- 15-year fixed — 3.5%
CountryPlace Arizona Mobile Home Lender Requirements
To qualify for a CountryPlace manufactured home mortgage, you will need to meet the following requirements:
- Have a valid U.S. Social Security number
- Have a credit score of at least 620. If your credit score is 650 or higher, you may be eligible for lower interest rates and better terms. The FHA allows borrowers to finance up to 90% of the purchase price of a manufactured home, but if the borrower has a credit score of 650 or higher, they may be able to finance up to 96.5%
- Have front-end ratios of 30% or less and back-end ratios of 45% or less
- The manufactured home must be a single-family home the borrower occupies as their primary residence.
2. Arizona Central Credit Union
Arizona Central Credit Union (AZ Central) is a full-service financial institution that offers a variety of banking and lending products, including mobile home mortgages. They offer chattel and land-home loans for double or triple-wide mobile homes and don’t charge an application fee.
AZ Central is also a member of the Manufactured Housing Institute (MHI), which is a trade association for the manufactured housing industry.
Arizona Central Credit offers the following mortgage rates for mobile homes:
- 30-year fixed — 4.9%
- 20-year fixed — 4.9%
- 15-year fixed — 4.9%
AZ Central Mobile Home Lender Requirements
To qualify for a manufactured home mortgage from AZ Central, you will need to meet the following requirements:
- The home must be on a permanent foundation, not in a flood zone or trailer park.
- The loan must also cover the land on which the home is situated.
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3. New American Funding
New American Funding is a leading mortgage lender that provides a wide range of loan programs, including mobile home mortgages. They offer chattel, land-home, and FHA mobile home loans.
They have competitive interest rates and flexible credit requirements on their loans. New American Funding is also a member of the Better Business Bureau (BBB), with an A+ rating. The BBB is a non-profit organization that provides information and reviews on businesses.
New American Funding offers the following mortgage rates for mobile homes:
- 30-year fixed — 7%
- 15-year fixed — 6.5%
- FHA 30-year fixed — 6.625%
New American Funding Mobile Home Mortgage Requirements
To qualify for a New American Funding mobile home mortgage, you will need to meet the following requirements:
- Have a credit score of 580 or higher. Lenders may accept a credit score as low as 500 if you can make a higher down payment
- Have the ability to pay a 3.5%-10% down payment depending on your credit score
- Have proof of steady income and consistent employment — this can include tax returns, pay stubs, or W-2s for a minimum of two years
- Have the ability to pay the mortgage insurance premium (MIP). All FHA loans require borrowers to pay an upfront MIP of 1.75%, as well as a monthly mortgage insurance premium for the life of the loan
LoanDepot is a top mortgage lender that provides a variety of loan programs, including manufactured home mortgages in Arizona. They offer chattel, land-home, and FHA loans for mobile homes.
They have competitive interest rates and flexible credit requirements. LoanDepot is also a member of MHI.
LoanDepot offers the following mortgage rates for mobile homes:
- 30-year fixed — 5%
- 20-year fixed — 5%
- 15-year fixed — 5%
LoanDepot Arizona Mobile Home Lender Requirements
To qualify for a LoanDepot manufactured home mortgage, you will need to meet the following requirements:
- Be a U.S. citizen with a valid Social Security number
- Have a steady employment history that demonstrates adequate income
- Use the loan to purchase, build, or refinance a primary residence
- The total debt shouldn’t exceed 43% of your income