What credit score do I need to buy a double wide mobile home?

580 to 620
Most lenders require a minimum credit score of 580 to 620 to buy a mobile home.

Is a double wide trailer a good investment?

A double wide home is a great way to save money while providing you and your family the space needed to live a vibrant life and a place to rest. It will only cost a fraction of what a site-built house cost you.

What is the difference between a double wide trailer and a manufactured home?

Some mobile homes are considered to be “single wide”– meaning that they are usually 8-12 feet in width. Eligible manufactured homes will be considered “double wide” will be no less than 20 feet in width and have no less than 600 square feet of living space inside.

Can you buy a mobile home directly from the manufacturer?

Most manufactured homes are sold through retail sales centers, many of which are independently owned and operated. Most states do not allow you to purchase a home directly from the manufacturer.

What credit score do I need for a mobile home?

Your credit score, down payment amount and type of home and whether you’re buying the land will affect the amount you pay. To qualify for low mobile home interest rates, make sure your credit score is at least 700. You’ll need a score of 750 or higher to qualify for the best rates available.

How much does it cost to prepare land for a mobile home?

A site preparation cost of $25,000 is about average for a property like ours—a fairly level lot with nearby utility connections. However, if we had needed a well, that would carry an additional cost of $8,000 to $12,000 or more.

How many years does a mobile home last?

When installed properly, a manufactured or modular home can last just as long as a regular home built directly on a construction site. And manufactured homes that follow HUD code can last anywhere from 30 to 55 years.

How long do mobile homes last?

30 to 55 years
When installed properly, a manufactured or modular home can last just as long as a regular home built directly on a construction site. And manufactured homes that follow HUD code can last anywhere from 30 to 55 years.

Can you haggle with mobile home dealers?

Sales Negotiations Don’t be scared to negotiate the price of a manufactured home. Manufactured home dealerships mark up the price of each home an average of 18 to 26 percent. Dealers also utilize holdbacks, just like automobile dealerships. This means there is a profit built into the invoice price of the home.

What is the difference between a mobile home and a manufactured home?

Construction Methods The major difference between manufactured, mobile, and modular homes is the way that they are constructed. Manufactured homes are completely constructed in a factory and then transported to the home site. Mobile homes are any manufactured home built prior to June 15, 1976.

Can you buy a mobile home with a 500 credit score?

The higher your credit score, the easier it will be to qualify for a mobile home loan with competitive interest rates. “FHA will finance with a 500 to 589 credit score and 10 percent down,” Sexton says. “Credit scores with 580 or above will only be required to have a deposit of 3.5 percent.