Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
Eva Bank
Loan officer discussing paperwork with clients

Mobile Home Loans

Are the soaring housing prices hindering you from purchasing a home? Do you want an alternative housing option that ensures you and your family a home that fits your needs? Then, consider a manufactured home loan with EvaBank.


Mobile homes offer you the warmth and functionalities of a traditional home and compromise a few features. They also provide more affordable options that may work best for your down payment or monthly budget.


Sadly, very few lending institutions offer manufactured home lending. That is where EvaBank can provide you with unique loan programs to fit your financial goals.   


So, how do you get financing if you are interested in a mobile home? Let's take a look!

What is the Difference Between Mobile and Manufactured Homes?

The terms mobile home and manufactured home are usually used to describe a specific type of house. While there is a relationship between the two, they refer to different types of homes. So it is important to know the difference before sourcing for finances.

Mobile Home

A mobile home is a prefabricated structure built in a factory and transported to a site or land for setup. The term was used before June 15, 1976, before the U.S. Department of Housing and Urban Development (HUD) changed the safety standards and the name to manufactured homes.

The main difference is that you can move a mobile home even after being assembled on a property.

Manufactured Home

A manufactured home is also a prefabricated home built in a factory before being transported to a piece of land. They are set up on metal piers, blocks or a permanent foundation. The terms came into effect after June 15, 1976.

The main difference between manufactured homes and mobile homes is that manufactured homes are not intended to be moved after they are set up.

EvaBank’s Manufactured / Mobile Home Loan Program?

We can provide funding for a purchase or refinance of your home with a loan or mortgage. Here are your mobile home loan options and the requirements to get one.

Conventional Loans

The conventional mortgages include:

            Minimum of 10% down payment which is determined by your credit score.

            Manufactured/Mobile Home terms are determined by the year model of the home

  • Homes newer than five years – 20 year amortization w/ a 5-1 ARM
  • Homes older than five years – 15 year amortization w/ a 5-1 ARM
    • Fixed rate options are available for manufactured/mobile home only

*The underpinning must be in place around the home but a permanent foundation is Not required for financing. Interest rates are determined by credit score and down payment. We have no pre-payment penalties with our loans.        

How to Qualify for Mobile Home Financing

Here are the steps to follow to have an easier time purchasing a mobile home.

1. Check your Credit Score

Lenders will check your credit score to know your loan worthiness and the possibility of paying back in time—the higher your credit score, the lower the rate and down payment requirement you receive.

2. Get Down Payment

The minimum down payment for financing is 10% down or if you have additional property you can pledge that as additional collateral to assist with no out of pocket expenses to purchase a home. Refinances are based upon the appraised value to determine the eligible loan amount.

            *90% is the maximum LTV for purchases/refinances of manufactured/mobile home loans with or without land.

3. Decide the kind of Property you Want

The kind of loan you receive depends on the type of home you want. First, decide if you'll buy the home and land or you'll lease. You also need to decide on the features of the house.


Mobile and manufactured homes are another housing option that you and your family may want to consider. EvaBank is here to assist you with a site built or manufactured/mobile home purchase/refinance.

Complete the Real Estate Prequalification worksheet today to get started on your real estate loan.  For all other inquiries, see links below.

Please contact the main EvaBank office located at 1710 Cherokee Ave SW., Cullman, AL 35055 for HMDA disclosure statement requests.