What is a Mobile Home?
Mobile Homes are built in factories, and then transported and installed on a lot that is typically leased. One key feature is that the home is not permanently tied to the land, and it can be moved in the future. Because of this, these homes actually come with a state DMV title (rather than recorded as improved land with the county). The majority of Mobile Homes are installed in Mobile Home Parks, which typically have plenty of amenities, but the homeowner must pay lot rent each month (typically $200-$900/mo).
These homes are built to HUD standards to ensure safety and uniformity. Homes that were manufactured prior to June 15, 1976 did not have any national HUD standard to conform to, and the quality can range drastically. Homes prior to this can present additional challenges for lending.
Mobile Home Financing
Most banks and lenders won’t look at Mobile Homes! This is incredibly frustrating because this is becoming the entry level into today’s expensive housing market. Banks consider this type of financing as a “Chattel Mortgage” or “Chattel Lending”, which essentially means this is a loan on personal property that is movable (like an auto or trailer loan).
Luneta Home Loans offers a handful of different Mobile Home Financing Options, and we are one of the most recognized Mobile Home Lenders in Utah! We are growing into other states, and we are always adding new programs.
Due to the complexity of these loans, we have an in-house team that specializes in these programs. They are able to simplify the process for buyers while ensuring a consistent and reliable experience.
The Mobile Home Loan Process
Here’s how our home loan process works: