The 1990s were, in many ways, the heyday of home financing – and this extended to mobile homes. Since the housing bubble burst about 10 years ago, banks have become more reserved about their lending.
However, there are still plenty of ways to find affordable financing for mobile and modular homes.
The easiest way to obtain financing for your mobile home is by taking advantage of the bank’s “land-home” package, which allows you to borrow money for the purchase of a mobile home if you’ll be putting it on land that you own.
A land-home package works in one of two ways. You either buy the mobile home and land together in a single purchase, bundling both into a single loan, or you buy a home to place on land that you already own. In either case, the land will act as collateral for the loan, and the terms of the loan will be basically identical to any standard mortgage.
If you own land or are planning to buy property rather than rent a space, a land-home package is one of the best options for mobile home financing.
Even if you’re only buying the home and can’t take advantage of a land-home financing package, you can still get bank financing for your new mobile home. The primary bank offering mobile home financing is 21st Century Mortgage.
In New Mexico, there are no age restrictions for a mobile home – you can mortgage both new and used models through the bank – but the minimum loan amount is $20,000. A variety of terms and payment options are available depending on the loan amount, your credit and more.
Don’t Let Financing Be a Barrier!
If you want to buy a new home but aren’t sure about your options, come talk to us at Fiesta Homes. We’ll be happy to show you our affordable prices and let you know where to look for financing options!