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Not ready for a sizable down payment? There are a number of mobile home low down-payment purchase options that may be available to you. These options can make you a home owner with a low down payment.

Mobile Home Low Down Payment Purchase Options (California, Arizona, Oregon, Texas, Florida)

Deciding on how much money to use as a down payment for your mobile home can be confusing. is here to help. The route for each buyer or investor depends on their situation and personal preferences.


Mobile Home Low Down Payment Purchase Options

Mobile Home Financing

With proper mobile home financing (with a low down payment purchase option) You can purchase a mobile or manufactured home with as little as little as 5% down payment with no mortgage insurance (often called PMI, private mortgage insurance) but this could depend on the year of the home and your credit score.

With FHA Loans

You can purchase a single-family home or condominium with as little as 3.5% down payment using an FHA loan, but there is a price for lower down payments on conforming loans: mortgage insurance (often called PMI, private mortgage insurance), but with mobile home loans there are no 3.5% options.

Do you have less than perfect credit? We may have a program that fits your needs!


How much should I use for a down payment?

There are costs and benefits to any option, including those with low down payments. You should carefully consider your options and discuss your plan with a professional.

Talk to one of our loan specialists today to come up with a customized solution that best fits your needs and budget.


Cost of a Lower Down Payment

Low or no down payment programs have one primary costs that result in a higher monthly payment:

  • Higher interest rates


Benefits of Lower Down Payments

Though the disadvantages of low down payments seem serious, there are also advantages. Take time to weigh the two and assess which is the best for you.

The chief benefits of lower down payment include the following:

  • Less money out of pocket at the time of purchase.
  • Higher rate of return. Your property’s appreciation will be the same whether you put 5%, or 20% down. In fact, your rate of return actually decreases as you make a larger down payment, as discussed below.
  • Opportunity cost. In some cases, the smart investor can make more money from available cash by placing it in other investments.

During the first few years of the mortgage loan, the bulk of your monthly payments go towards paying interest – which is usually tax-deductible. So you get quite a bit of your monthly payments back at the end of the year in the form of tax deductions. Please seek an accountant for tax savings.

Personal Consideration

Carefully consider the amount of money that you want to put down. Your lender will qualify you for a certain level based on your income; however, that amount may be different from the level that you feel comfortable paying each month. You must decide what you can afford.

Talk to your loan officer at about the best situation for you.

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