How Much Should a Mobile Home Down Payment Be?

August 12, 2021

How Much Should You Put Down on a Mobile Home?

The dream of homeownership can be realized with a new mobile home, so pull up your boot straps, change your home buying strategy and make your dreams come true. Qualifying for a mobile home loan is easier to attain because manufactured homes cost less per square foot than traditional homes. 


Lenders for traditional home loans are increasingly requiring more for a down payment which can be a roadblock for purchasing a home. The down payment for manufactured homes is less so you can clear the roadblock to homeownership with a mobile home loan. “But just how much will I need for a mobile home loan down payment anyway” you may ask?

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You Don’t Need a Huge Down Payment for a Mobile Home Loan 

The good news is that you don’t need a huge down payment for a mobile home loan. It is possible to only need 3.5% of the purchase price for a down payment if you can qualify for a HHL, VA or FHA loan; and some can even be qualified with no money down.


A mobile home loan is different from traditional home loan in that many lenders do not classify them as real estate property but personal property because mobile homes can be moved. Check with your county to see how manufactured home loans are classified. 


The process for building manufactured homes in one facility keeps the overall price for mobile homes down. When the universal costs are lower for construction, your cost to purchase is also lower which requires a lower down payment for a mobile home loan.

A Mobile Home Down Payment Depends on the Cost of the Manufactured Home

Manufactured homes come in several sizes that affect the purchase price and the required down payment for a mobile home loan. As a general rule: 


Single-Wides will give you between 600-1300 square feet of living space and generally run around $40,000 new. 


Double-Wides can offer as much as 2000 square feet of living space and have an average price of $75,000. 


Triple or Multi-Wides can be large but are not as popular. With a wide range of sizes to choose from, Multi-Wides will not be larger than 4500 square feet and range in price from $100,000 to $250,000 new. 


The size of manufactured homes affects the purchase price and the required down payment for a mobile home loan.

Down Payments for Manufactured Homes are Typically Cheaper than a Traditional Home Loan 

Down payments for manufactured homes are typically cheaper than traditional home loans. For the sake of comparison, the average requirement for a down payment for a double-wide mobile home costing $70,000 is $3,500 with a monthly payment of $350. A traditional home loan many times will require 25% down, which will hike up the down payment of a $70,000 loan to $17,500 with monthly payments of $741.06.

Lenders in your area may have different rates to offer, and some loan officers are more creative at finding loan options best suited for your situation. Several factors will affect a mobile home down payment. Your credit score and reputation with a local lender will affect the down payment requirement for mobile home loan. 


The information presented here demonstrates that a mobile home down payment is easier to achieve than for a traditional loan. 


There are additional factors to consider when financing a mobile home. Those who already own the land for the mobile home to sit on have the best situation. Possibly you will be in a mobile home park with rental spots to factor in, or maybe you are leasing the land.

Who Can You Ask About Mobile Home Down Payments?

Contact your local bank or credit union to discuss getting approved for a mobile home loan. Even if your local lender did not qualify you for a traditional home loan, a mobile home loan can be a different story with a happy ending. 


Always feel free to contact Herrington’s to learn about who they use for financing and why. It always pays to shop and compare. Herrington’s have been in the mobile home business for years and their experience with mobile home loans will be valuable to you. 

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Contact Herrington’s About Purchasing a Manufactured Home Today! 

Contact Herrington’s about a mobile home loan today and discover hope for home ownership. The cost for a mobile home down payment will likely surprise you. For over 30 years, they have been making beautiful manufactured homes affordable. Their financing department has the finesse to get a mobile home loan for many. 


Visit Herrington’s website and discover hundreds of floor plans to choose from. Every mobile home is constructed with the highest standards and craftsmanship in the business. Because of Herrington’s high standards, only the best mobile home manufacturers are used such as: 



These floor plans are amazing! Knowing that manufactured home loans are easier to obtain will make shopping exciting. 

Contact Herrington's Today!
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