Q:

What is a manufactured housing lender?

A:

Quick Answer

A manufactured housing lender is a company that loans money to finance the purchase of a manufactured home, according to the U.S. Department of Housing and Urban Development. Some loans are retail installment contracts, while others are conventional mortgages. Manufactured housing loans are eligible for government insurance.

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Full Answer

Manufactured homes, such as trailers and mobile homes, are built offsite and transported to the placement site or a dealer's showroom, explains the Consumer Financial Protection Bureau. Manufactured home borrowers typically pay higher interest rates than traditional mortgage borrowers. Down payments for manufactured home loans are usually five to 10 percent of the sales price, and the length of the loan is 15 or 30 years, indicates the Manufactured Housing Institute.

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