Most banks don't have a mortgage program for a Michigan mobile home. We do. Riverbank Finance arranges Michigan mobile home loans and Michigan manufactured home loans for double wide and single wide homes, whether the home sits on your own land, family acreage, or a lot in a land-lease community.
Buying a multi-section home? Our guide to double wide mobile home loans covers the square footage, HUD tag and appraisal rules specific to those homes.
If a bank has already told you the only option is a 7-10 year loan at a double-digit interest rate, ask us first. We offer FHA, conventional, USDA, VA, and chattel mobile home financing with terms and interest rates far more competitive than the mobile home loans of the past.
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Michigan Mobile Home Financing Programs Compared
"Mobile home," "manufactured home," and "modular home" get used interchangeably, but the programs that finance them are not one-size-fits-all.
A manufactured home built to the federal HUD Code and set on a permanent foundation can usually be financed like a traditional house with an FHA, conventional, USDA, or VA mortgage. A home that stays classified as personal property, common for homes in a land-lease park, is typically financed with a chattel loan instead. Here's how the five main options compare for Michigan borrowers.
| Program | Typical Down Payment | Best For |
|---|---|---|
| FHA Loan | 3.5% down (580+ credit score) | HUD-Code homes on a permanent foundation, on owned land |
| Conventional Loan | As low as 5% down | Borrowers with stronger credit who want to avoid FHA mortgage insurance costs |
| USDA Loan | 0% down (100% financing) | New manufactured homes in eligible rural Michigan areas |
| VA Loan | 0% down (100% financing) | Eligible veterans and service members financing a HUD-Code home on land |
| Chattel Loan | As little as 5% down | Homes in a land-lease community (park) or homes not classified as real property |
FHA Manufactured Home Loans
An FHA loan is one of the most popular ways to finance a manufactured home in Michigan, with a down payment as low as 3.5% and credit score guidelines more flexible than conventional financing. To qualify, the home must be HUD-Code (built after June 1976, more on that below), permanently affixed to a foundation, and taxed as real property.
Conventional Manufactured Home Loans
A conventional mortgage can work well for manufactured home buyers with solid credit who want to put down as little as 5% while avoiding some of the upfront and ongoing FHA mortgage insurance costs. Conventional guidelines for manufactured housing tend to be stricter about the home's age, condition, and foundation than FHA.
Conventional manufactured home financing runs through the two agencies that set most mortgage guidelines: Fannie Mae and Freddie Mac. Beyond their standard manufactured housing programs, each offers a specialty product for homes built with site-built features:
- Fannie Mae MH Advantage: for manufactured homes built to Fannie Mae's enhanced construction standards, with features such as drywall throughout, a pitched roof, and an attached garage, carport, or porch. Qualifying homes can be financed with a smaller down payment and a lower interest rate than standard manufactured housing loans.
- Freddie Mac CHOICEHome: Freddie Mac's comparable program, which finances eligible CHOICEHome-certified manufactured homes on much the same terms as a site-built house.
Not every manufactured home qualifies for these programs. The home has to carry the manufacturer's certification for the specific program, so ask your loan officer to confirm eligibility before you write an offer.
USDA Manufactured Home Loans
Buying a new manufactured home in an eligible rural part of Michigan? A USDA Rural Development loan allows qualified buyers to finance a home with no down payment at all. USDA manufactured home financing is generally limited to new units set on a permanent foundation, not existing or resale homes.
VA Manufactured Home Loans
Veterans and active-duty service members can use a VA loan to finance a manufactured or modular home with no down payment required. The home still needs to meet HUD-Code and foundation requirements, and VA lenders will confirm the home and land are both financed together as real estate.
Chattel Loans for Manufactured Homes
When a manufactured home is not permanently attached to owned land, most commonly because it sits in a manufactured home community on leased land, it's usually titled as personal property rather than real estate. That calls for a chattel loan, which finances the home only, not the land underneath it.
Chattel loans typically close faster than a traditional mortgage since there's no land title to research. The interest rate runs somewhat higher and terms are usually shorter, in the 15-23 year range rather than a standard 30-year mortgage.
Financing a Mobile Home in a Michigan Park
If you're buying a manufactured home that will sit in a land-lease community, a chattel loan is typically the right tool for the job since you're financing the home itself rather than the ground under it.
Riverbank Finance offers chattel financing for homes in a Michigan park with as little as 5% down. Unlike many chattel lenders, we can also finance your closing costs into the loan rather than requiring them out of pocket at the table.
Because park loans finance the home only, lenders will want to see a copy of your lot or site lease, confirmation the community is in good standing, and that the home is properly titled. Give us a call and we'll walk through exactly what your specific community will require.
Manufactured Homes Built Before June 1976
June 15, 1976 is the date the HUD Manufactured Home Construction and Safety Standards took effect, commonly called the "HUD Code." Homes built after that date were constructed to a uniform federal safety and construction standard and carry a HUD data plate or certification label confirming it.
Homes built before June 1976 predate that code. That's exactly why most lenders, including FHA, VA, USDA, and conventional (Fannie Mae/Freddie Mac) programs, won't finance them at all.
Riverbank Finance can still help. We offer specialty financing for pre-June-1976 manufactured homes with a larger down payment, typically 25% down, to offset the added risk lenders take on with a pre-HUD-Code home. If you've been turned away elsewhere because your mobile home was built before the cutoff, call us before you assume cash is your only option.
Requirements for a Michigan Mobile Home Loan
Mobile homes, sometimes called manufactured homes, can be a great fit for your family, but mobile home financing carries requirements a stick-built mortgage doesn't. Many buyers run into trouble simply because most banks don't offer manufactured housing programs at all. Be upfront with your loan officer that the property is not a stick-built home so nobody wastes money on an appraisal that can't be used.
- Home must display a HUD data plate/certification label (built after June 15, 1976) for standard FHA, conventional, USDA, or VA financing
- Home must be on its original site, not moved and reinstalled, for most permanent-foundation loan programs
- Home must be properly tied down and set on an approved, permanent foundation
- An engineering certification confirming the foundation and tie-downs is typically required
- Comparable sales of similar manufactured homes in the area are needed for the appraisal
- Credit scores start around 580 for FHA; conventional and chattel programs generally look for higher credit scores
- Homes in a land-lease community will need a copy of the site/lot lease for chattel financing
Common problems with mobile home loans usually trace back to the condition or age of the home. There were no federal construction standards before 1976, so many older homes were never properly installed and can be unsafe to live in. Review your specific home's history and paperwork with your loan officer early so you know which programs you'll qualify for before you're under contract.
How to Apply for a Michigan Mobile Home Loan
For more information on mobile and manufactured home financing programs, call us at 800-555-2098 or apply online today!
Michigan Mobile Home Loan FAQs
Can I get a mortgage on a mobile home in Michigan?
Yes. Riverbank Finance offers FHA, conventional, USDA, VA, and chattel loan programs for mobile, manufactured, and modular homes across Michigan, whether the home is on owned land or in a land-lease community.
What down payment do I need for a manufactured home in a Michigan park?
Homes in a land-lease park are typically financed with a chattel loan. Riverbank Finance offers chattel financing for park homes with as little as 5% down, and we can finance your closing costs into the loan.
Can I finance a manufactured home built before 1976?
Homes built before the June 15, 1976 HUD Code cutoff generally cannot use FHA, conventional, USDA, or VA financing. Riverbank Finance offers a specialty program for pre-1976 manufactured homes with 25% down.
What's the difference between a mobile home, manufactured home, and modular home?
"Mobile home" usually refers to homes built before June 1976. "Manufactured home" refers to HUD-Code homes built after that date. "Modular home" is built in sections to the same building code as a site-built house, rather than the separate HUD Code.
Do I need to own the land to get a mobile home loan?
Not necessarily. If you own the land and the home is on a permanent foundation, FHA, conventional, USDA, or VA financing is usually available. If the home is in a land-lease community, a chattel loan finances the home without requiring you to own the ground under it.
Still have questions? See all frequently asked mortgage questions or call a mortgage expert at 1-800-555-2098.
Contact Us
Before you spend hours getting turned down by other lenders, give us a call. We'll walk you through the products and services available to manufactured housing buyers in Michigan and match you to the best program for your situation. Call 800-555-2098 or apply online today!
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