Refinancing a mobile home loan can feel complicated, especially if you've hit roadblocks like unclear guidelines, unexpected costs, or lender confusion. You’re not alone. Many homeowners in manufactured housing communities or land-leased properties face the same challenges. The good news? You can refinance, and this guide will walk you through everything, no jargon, no fluff.

Key Takeaways:

• Refinancing a mobile or manufactured home loan can reduce your monthly payment or secure a better interest rate.
• Understand eligibility requirements based on your home type, loan type, and land ownership.
• Compare lenders, loan terms, and fees carefully to avoid UDAAP or hidden costs.
• FHA, Conventional, and non-QM refinance options are available, even with credit challenges.
• Important disclosures and licensing info required; always work with a compliant lender.

Understanding Mobile Home Refinance Basics

What qualifies as a mobile or manufactured home?

• Built after June 15, 1976, and meets HUD standards
• At least 400 square feet of living space
• Built on a permanent chassis

Key eligibility questions:

• Do you own the land or lease it?
• Is the home titled as real property or personal property?
• Was the home permanently affixed to a foundation?

Refinance goals to consider:

• Lower your interest rate
• Switch from an adjustable to a fixed rate
• Cash out equity
• Eliminate high-cost chattel loans

Types of Loans Available for Refinancing

1. Conventional Refinance

Ideal if your mobile home is classified as real property and permanently affixed.

Pros:

• Lower rates
• Potentially better terms
• Access to cash-out

Cons:

• Stricter credit/income requirements

2. FHA Title I & II Loans

Backed by the government, these work for homes on rented land too.

FHA Title I: Personal property option for homes not titled as real estate
FHA Title II: For homes considered real property

Pros:

• Flexible credit guidelines
• Government-backed security

Cons:

• Mortgage insurance required
• Property must meet HUD standards

3. Non-QM Loans

For borrowers with unique situations—low credit, self-employment, and high DTI.

Examples:

• DSCR loans for investment properties
• Bank statement loans for self-employed borrowers

Heads Up: These loans can carry higher interest rates, so compare carefully.

Step-by-Step Refinance Process

Step 1: Determine Eligibility

• Check title status (real vs personal property)
• Confirm the home is HUD-compliant
• Know your credit score, DTI, and income stability

Step 2: Choose the Right Lender

• Look for a mobile home experience
• Ask about FHA, Conventional, and Non-QM options

Step 3: Compare Terms and Fees

• Get the full Loan Estimate (LE)
• Watch for trigger terms (payment, rate) requiring APR disclosure under TILA

Step 4: Appraisal and Underwriting

• Appraisal required for most refinances
• Lenders evaluate value, title, and income

Step 5: Close and Save

• Review Closing Disclosure (CD)
• Sign and fund within the 3-day rescission period

Compliance Notes and Borrower Protections

• SAFE Act: All loan originators must list their NMLS ID—Be My Neighbor Mortgage’s is #1743790
• TILA/Reg Z: Any rate, payment, or term advertised must also clearly disclose the APR
• RESPA/Reg X: No hidden fees or referral kickbacks allowed
• UDAAP: Marketing must be transparent, fair, and non-deceptive

Always verify lender licensing and disclosures—it's not just smart, it's federal law.

Conclusion: Your Next Move

If you're serious about refinancing your mobile or manufactured home, it's worth exploring innovative platforms that put transparency and savings first.

🔹 Be My Neighbor Mortgage offers personalized refinance guidance with licensed loan officers who understand the manufactured housing market.

🔹 realpha is a commission-free home buying platform simplifying real estate for modern buyers—no unnecessary pressure, just clarity and cost-saving options.

Pro Tip: Start with a no-obligation review. You might be surprised how much you can save.

FAQs

Can I refinance my mobile home if I don’t own the land?

Yes, through FHA Title I or certain Non-QM loans. You’ll need to meet specific lender and HUD criteria.

Is refinancing worth it for older manufactured homes?

It depends on the condition, HUD compliance, and market rates. Homes built after 1976 are generally eligible.

What credit score do I need?

Minimums vary by loan type: FHA allows as low as 580, while Conventional may require 620+.

Will I need an appraisal?

In most cases, yes, especially for cash-out or Conventional refinances.

How long does the process take?

On average, 30–45 days, depending on your paperwork and lender efficiency.

Do I have to pay closing costs again?

Yes, though some lenders offer credits or roll costs into the loan. Always review your Loan Estimate.

Are there refinance options if I’ve had credit issues?

Yes. Non-QM and FHA loans may work for borrowers with past credit challenges.

This guide is intended for educational purposes only. Rates, eligibility, and terms vary based on individual borrower profiles and market conditions. Always consult with a licensed mortgage advisor before making financial decisions.