Can I refinance a mobile home without owning the land?

Yes. You may still refinance through a chattel loan or personal property loan if your mobile home is on leased land or in a mobile home park.

Is it easier to refinance if I own the land under my mobile home?

Yes. Owning the land makes you eligible for traditional mortgage refinancing, which often comes with lower rates and better loan terms.

What credit score is usually required to refinance a mobile home?

A credit score of 620 or higher is common, but some FHA and VA programs may allow for lower scores with other strong financial factors.

How much are closing costs for refinancing a mobile home?

Closing costs typically range from 2 to 5 percent of the loan amount. Some lenders may allow you to roll them into the new loan.

Can I do a cash-out refinance on my mobile home?

Yes. Cash-out refinancing is available if you have enough equity in your home. This can be used for renovations, debt payoff, or other needs.

Where can I start the refinance process for my mobile home?

You can begin by contacting lenders like ManufacturedHome.Loan or visiting eLEND.com to review refinance loan programs for mobile and manufactured homes.

Refinancing a Mobile Home: What to Expect : ManufacturedHome.Loan

Refinancing a mobile home can be a smart move when your current loan no longer fits your needs. You might want lower payments. You might want to change your loan structure. Or you may now qualify for a traditional mortgage.

This guide will walk you through what to expect. You will understand the process, what you need to prepare, and how to explore the best path for your situation.

What Is Mobile Home Refinancing

Refinancing a mobile home means replacing your current loan with a new one. The new loan might have a different interest rate. It might have a different term. Or it might switch you from a chattel loan to a traditional home loan mortgage.

Common goals for refinancing mobile homes:

Lower monthly payments
Lock in a lower interest rate
Convert a chattel loan into a mortgage
Shorten or extend the repayment term
Access home equity

ManufacturedHome.Loan’s refinance options cover several loan types and borrower profiles.

eLEND also offers refinance programs designed specifically for manufactured homes.

Chattel Loans vs Mortgage Loans

The kind of loan you have now matters. It affects what type of refinance is available to you.

Chattel Loan

A chattel loan finances the home only. The loan is secured by the mobile home as personal property. This loan is common when the home is located in a park or on leased land.

Often shorter terms
May have higher interest rates
Faster approval process
No land ownership required

Mortgage Loan

A mortgage loan includes both the home and the land. This is available when the home is permanently affixed and titled as real property.

Can qualify for FHA, VA, USDA, or conventional refinance
Often better interest rates
Longer terms available
Must meet stricter property and credit guidelines

When to Refinance a Mobile Home

You might be wondering if now is the right time to refinance. These are the most common reasons people consider it:

Interest rates have dropped
Your credit score has improved
You now own the land under your home
You want to switch from an adjustable rate to a fixed rate
You need to consolidate debt
You want access to home equity

If your goals match any of these, look into refinance options at ManufacturedHome.Loan or start a refinance prequalification with eLEND.

What to Expect During the Refinance Process

Refinancing a mobile home is a step-by-step process. Here’s how it typically works.

Step 1: Review Your Current Loan

Gather the following:

Loan balance
Current interest rate
Monthly payment
Time remaining on the loan
Type of loan (chattel or mortgage)

Knowing these details helps you compare refinance options.

Step 2: Understand Your Property Status

Is your mobile home considered personal property or real property?

If you do not own the land, it is likely personal property
If you do own the land and the home is permanently installed, it may qualify as real property

This status guides your refinance path.

Step 3: Check Your Credit and Income

Lenders evaluate:

Credit score
Income and employment history
Debt to income ratio
Loan to value ratio
Property condition and age

Each loan program has different thresholds. FHA and chattel loans may allow lower credit scores.

Step 4: Choose the Right Loan Type

The loan you refinance into will depend on your goals, credit profile, and property details.

Available options include:

Chattel loan refinance: refinance personal property loans
FHA refinance: government-backed for low to moderate income
VA refinance: for eligible service members and veterans
USDA refinance: for homes in rural areas
Conventional refinance: for those with strong credit

Get details on the loan types that may work best for you on ManufacturedHome.Loan’s loan options page or check out eLEND’s government loan programs.

Step 5: Submit Documents

Lenders typically ask for:

Government-issued ID
Proof of income (pay stubs, W2s, tax returns)
Home title or deed
Proof of insurance
Bank statements
Current loan payoff statement
Land ownership document if applicable

Have these items ready to avoid delays.

Step 6: Home Appraisal or Inspection

Depending on the loan, your lender may request:

An appraisal to determine current market value
A property inspection to verify condition
Proof the home meets HUD standards

These steps apply more often to real property mortgage refinance than chattel loans.

Step 7: Loan Approval and Closing

After review, the lender will issue approval. You will receive a Closing Disclosure outlining the final terms.

Closing usually takes place with a title company or notary. The new loan will pay off your current loan and begin your new repayment schedule.

What Are the Costs to Refinance

Refinancing manufactured homes comes with fees. Common costs include:

Application or origination fee
Appraisal or inspection
Title or document fees
Recording fees
Prepayment penalties (if in your current loan)

Costs can range from 2 to 5 percent of the new loan amount. Many borrowers roll closing costs into the new loan.

Pros and Cons of Mobile Home Refinance

Benefits

Reduce monthly payments
Replace an adjustable rate with a fixed rate
Switch from a chattel loan to a mortgage
Pay off the loan faster
Take cash out for repairs or large expenses

Possible Drawbacks

Closing costs may add to total loan balance
Approval may depend on credit score and property status
Some homes may not meet refinance criteria

To get a full picture of whether refinancing makes sense, compare multiple scenarios. The loan calculator at eLEND can help estimate monthly savings.

Frequently Asked Questions

Can I refinance a mobile home on leased land?
Yes. A chattel loan refinance is available for homes on rented land or in parks.

Can I switch from a chattel loan to a mortgage?
Yes. If you own the land and the home meets real property standards, you may qualify.

What credit score is needed?
Minimum scores vary. Some programs allow scores as low as 580. Stronger credit helps you qualify for better rates.

Can I refinance with FHA or VA?
Yes. If you meet eligibility requirements, these programs are available for real property refinances.

What types of homes qualify?
Homes must meet HUD code standards. Most lenders require the home to be built after June 1976.

Where to Start

If you are ready to explore your refinance options, connect with lenders who understand mobile home refinance.

You do not have to figure it out alone. Loan specialists at eLEND are available to help match your financial goals to the right solution.

Lender NMLS: 2826

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please visit here. Some products may not be available in all states. This is not a commitment to lend. All loans subject to credit approval. Equal Housing Lender.