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September 14, 2023

Best Mobile Home Lenders in Texas 2023

Exploring Which Mobile Home Lenders Are Best for Texans

Mobile homes are a popular option for affordable housing in Texas. They are typically less expensive than traditional stick-built homes and can be moved to a new location, if needed. However, getting a mortgage on a mobile home can be more complicated than getting one on a traditional, stick-built home, and finding good mobile home lenders is the first step.

In this article, we will discuss the best mobile home lenders in Texas, the different types of mobile home loans available, and a few things you’ll need to consider when financing a mobile home.

21st Mortgage

21st Mortgage is a national lender that specializes in mobile home loans. They have been in business for around 30 years and have helped thousands of borrowers finance their mobile homes. 21st Mortgage only offers fixed-rate mortgages and loans for borrowers with good and bad credit. They also offer low down payment options, making it possible to finance a mobile home with as little as 5% down.

21st Mortgage has a good reputation for customer service. They are known for being responsive and helpful, and they make the loan process as easy as possible for borrowers.

Here are some of the benefits of working with 21st Mortgage:

  • You can get a loan with bad credit
  • Low down payment options
  • Good reputation for customer service
  • Responsive and helpful staff
  • Easy loan process

Triad Financial

Triad Financial is another national lender that specializes in mobile home loans. They have been in business for over 60 years and have helped thousands of borrowers finance their mobile homes. Triad Financial offers low down payment options, making it possible to finance a mobile home with as little as 5% down.

Here are some of the benefits of working with Triad Financial:

  • Low down payment options
  • Willing to go the extra mile
  • Knowledgeable and experienced staff
  • Decades of experience in mobile home financing

Cascade Mortgage

Cascade Mortgage is a Texas-based lender that specializes in mobile home loans. They have been in business for over 20 years. Cascade Mortgage offers a variety of loan programs, including fixed-rate and adjustable-rate mortgages. They also offer low down payment options, making it possible to finance a mobile home with as little as 5% down.

You can get a loan through Cascade even if your debt-to-income ratio is 50%. 

Here are some of the benefits of working with Cascade Mortgage:

  • Texas-based lender
  • Low down payment options
  • Good reputation for customer service
  • Easy loan process

U.S. Bank

U.S. Bank is a national bank that offers a variety of mortgage products, including mobile home loans. They offer competitive interest rates and terms. U.S. Bank also provides various loan programs, including loans for borrowers with good and bad credit.

U.S. Bank also offers low down payment options, making it possible to finance a mobile home with as little as 3% down.

Here are some of the benefits of working with U.S. Bank:

  • National bank
  • Variety of loan programs
  • Good reputation for customer service
  • Online application process

Country Place Mortgage

Country Place Mortgage is a Texas-based lender that specializes in mobile home loans. They have been in business for around 30 years and have helped thousands of borrowers finance their mobile homes. Country Place Mortgage offers low down payment options, making it possible to finance a mobile home with as little as 3.5% down.

Here are some of the benefits of working with Country Place Mortgage:

  • Texas-based lender
  • Variety of loan programs
  • Good reputation for customer service
  • Responsive and helpful staff
  • Easy loan process

Vanderbilt Mortgage and Finance

Vanderbilt Mortgage and Finance has been in business for over 20 years and offers a variety of loan programs, including land and home mortgages and pre-owned financing. They also offer low down payment options, making it possible to finance a mobile home with as little as 5% down.

Vanderbilt is known for being knowledgeable and experienced and always willing to go the extra mile to help borrowers get the financing they need.

  • Variety of loan programs
  • Low down payment options
  • Good reputation for customer service
  • Knowledgeable and experienced staff
  • Willing to go the extra mile

What is a Mobile Home Loan?

A mobile home loan is a type of mortgage used to finance a mobile home purchase. In Texas, mobile homes that aren’t affixed to land are considered personal property, much like a vehicle – not real property, so mobile home loans differ from traditional mortgages. 

Types of Mobile Home Loans in Texas

  • Federal Housing Administration (FHA) loans: FHA loans are insured by the federal government, which makes them a more attractive option for borrowers with less-than-perfect credit. FHA loans also offer down payment options as low as 3.5%, which can make them more affordable for first-time homebuyers.
  • Veterans Affairs (VA) loans: VA loans are available to eligible veterans and their spouses. These loans do not require a down payment, and they also offer other benefits, such as no private mortgage insurance (PMI).
  • Conventional loans: Conventional loans are not government-insured but are still popular for mobile home loans. Conventional loans typically require a down payment of at least 20%, but some lenders offer loans with lower down payment requirements.
  • Land contracts: Land contracts are a type of lease-to-own agreement. With a land contract, you will make monthly payments to the seller, and after a certain period, you will own the mobile home outright. Land contracts can be a good option for borrowers with bad credit, but they can also be risky.

Things to Keep in Mind When Getting a Mobile Home Loan

  • The interest rate: The interest rate is the cost of borrowing money, affecting the monthly payments on your loan.
  • The down payment: The down payment is the amount of money you will need to put down when you purchase the mobile home. A larger down payment will lower your monthly costs and the amount of interest you will pay over the life of the loan.
  • The loan term: The loan term is the time you will have to repay the loan. A longer loan term will lower your monthly payments, but it will also mean that you will pay more interest over the life of the loan.
  • The Closing costs: Closing costs are the fees associated with getting a loan. They can include appraisal fees, title insurance, and origination fees.

How to Get Approved for a Mobile Home Loan

  • Improve your credit score: Lenders will look at your credit score when they decide whether to approve you for a loan. A good credit score will make you more appealing as a reliable borrower. You can improve your credit score by paying your bills early or on time, paying an additional amount, keeping your credit utilization low, and disputing errors on your credit report. Still, many lenders will approve you for a loan even if your credit score is less than optimal.
  • Get a down payment ready: A down payment is the amount of money you will need to put down when you purchase a mobile home. A larger down payment will make you a more dependable  borrower and can help you get a lower interest rate.
  • Be prepared to provide documentation of your income and assets: Lenders will want proof that you can afford to make the monthly payments on the loan. This documentation may include pay stubs, bank statements, and tax returns.
  • Shop around for the best interest rate: Interest rates can vary from lender to lender, so it is important to shop around and compare rates. You can use online tools to compare rates from different lenders.
  • Read the fine print: Before you sign any paperwork, be sure to read the fine print and understand all of the terms and conditions of the loan. This includes things like the interest rate, the loan term, and the closing costs.

Best Mobile Home Lenders in Texas: Final Thoughts

Getting a mortgage on a mobile home in Texas can be challenging, but it is possible. By comparing lenders and choosing the one that offers the best terms for you, you can get the financing you need to buy your dream mobile home. Do your research, understand the risks involved, and read the fine print before you sign any paperwork.