A Complete Guide to Mobile Home Financing in Los Angeles

Finding affordable housing in Los Angeles can feel overwhelming, but mobile homes present a fantastic opportunity for many residents. Whether you’re looking to purchase your first mobile home or upgrade your living situation, understanding mobile home financing options is crucial for a smooth journey.

At Smart Money Mortgage, we specialize in helping Los Angeles residents navigate the unique process of securing a mobile home loan.

What You Need to Know About Mobile Home Financing in Los Angeles

Unlike traditional houses, mobile homes in Los Angeles are often located within community parks and are classified as personal property rather than real estate. This distinction means financing options can differ from conventional home loans. Here are a few key points to consider:

• Loan Type: Mobile home loans are typically personal property loans unless the home is permanently affixed to owned land.
• Down Payment Requirements: You may qualify for financing with as little as 5% down, although higher down payments may be needed for secondary homes or investment properties.
• Credit Score Flexibility: Even with a credit score under 600, it’s possible to qualify, especially with larger down payments or a co-borrower to help strengthen the application.
• Term Limits: Unlike traditional mortgages, mobile home loans usually have a maximum term of 25 years.

Financing a Mobile Home in a Park

Los Angeles boasts a variety of beautiful, well-managed mobile home parks, but purchasing a mobile home in a park does come with a few extra steps:

• Park Approval: Before finalizing your loan, you’ll need approval from the mobile home park, which usually includes an application process.
• Affordability Ratios: Lenders require that your total mobile home payment not exceed 45% of your gross income.
• Closing Costs: Many closing costs can be financed into your loan, making the process more affordable upfront.

Why Choose Smart Money Mortgage?

At Smart Money Mortgage, we are experts in mobile home financing across California, including right here in Los Angeles. Our team understands the local market and park requirements and can guide you every step of the way — from pre-qualification to closing.

We offer:

• Competitive rates
• Flexible terms
• Programs for buyers with varying credit histories
• Guidance through the mobile home park approval process

Start Your Journey Today

Ready to explore mobile home financing in Los Angeles? Let Smart Money Mortgage help you secure the perfect loan for your dream home.

Call us today at (866) 900-6868

Email: sales@smartmoneymortgage.com

Visit: www.smartmoneymortgage.com

Address: 7545 Irvine Center Dr., STE 200, Irvine, CA 92618