Mobile Home Mortgages

We do mortgages on mobile / modular homes as long as the land is included in the mortgage. we do not have any lenders that can provide a mortgage on a mobile home without the land included; no rented lots or leased land. Most lenders will require the mobile home to be permanently fixed to the ground with tie down rods or fixed on a permanent concrete foundation. the reason for this is the property is permanent and can not be moved and the lender will have more security knowing the money their security can not be moved.

Eligible Mobiles

Most lenders will only do mortgages on mobile homes when the mobile home is at least 16 feet wide.

Amortization Options

Most lenders like to see an economic remaining life of at least 20 years

The total amortization of the mortgage will be calculated 5 years less te economic remaining life of unit up to a maximum of 30 years. If the mobile home has an economic remaining life of 20 years, the most the lender would amortize over is 15 years

Borrower Qualification

Must have a decent credit history
Must have at least a 5% down payment on a purchase (no free down payment for mobile home purchases)
The applicants credit should be good and same with employment stability / income. CMHC or Genworth to insure the home and lender to make final decision on lending on the property.