Financing a Manufactured Home

CoNorth Homes is not a lender and does not provide loans or financing directly. We can share information about financing options and, when requested, refer buyers to lenders who offer manufactured home financing. All loan approvals, interest rates, terms, and conditions are determined solely by the lender and are based on the buyer’s individual financial situation and the lender’s underwriting criteria.

Exploring financing options does not guarantee loan approval. Buyers are encouraged to work directly with lenders to understand their eligibility, loan terms, and obligations before moving forward with a home purchase. Contact us for more information about your purchase options.

Buying a manufactured home on land you do not own is different from buying a site-built house, and financing works a little differently too.

Mortgage vs. Home-Only (Personal Property) Loans

Mortgages are typically used when:

• You are buying a home and the land underneath it

• The home is permanently attached to the land

• The land is owned by the borrower

In contrast, most manufactured homes located in communities or on leased land are financed with a home-only loan, also known as a personal property loan.

What Is a Home-Only (Personal Property) Loan?

A home-only loan is used when:

• You own the manufactured home

• You do not own the land it sits on

• You pay a monthly site or lot rent to the community

Instead of being treated like real estate, the home is financed more like a large personal asset. These loans are common and well-established for manufactured homes on leased land.

Compared to a traditional mortgage, home-only loans typically have:

• Shorter loan terms

• Slightly higher interest rates

• Faster and simpler underwriting in many cases

That said, home-only loans can still be an affordable path to stable homeownership—especially when paired with an energy-efficient home and affordable monthly lot rent.

Depending on circumstances, up to $20,000 in down payment assistance may be available for qualified buyers. Contact NeighborWorks Home Partners for more information.

Yes, Minnesota has several innovative and mission-aligned financing options for manufactured home buyers that help put ownership within reach:

Local Credit Unions and Community Banks

A small number of Minnesota-based credit unions and community banks offer home-only loans specifically designed for manufactured homes on leased land. These lenders often:

• Understand manufactured housing

• Offer more flexible underwriting

• Work closely with buyers throughout the process

Availability and terms vary, and we can help connect buyers (link to contact form) with lenders who are experienced in this type of financing.

Prime Path Home Loan Program

Prime Path is a specialized financing product offered through NeighborWorks Home Partners (NWHP) and is only available for the purchase of new manufactured homes. Each loan is unique but loans are available for between $30,000 and $250,000 and can terms extend up to 30 years. Contact NWHP directly for more information.

In addition to local credit unions, community banks, and local mission-driven lenders, there are also national lenders that specialize in manufactured home financing. These lenders operate in multiple states and offer home-only (personal property) loans for manufactured homes located on leased land.

National lenders often have standardized loan products and online application processes, which can be helpful for some buyers. Loan terms, interest rates, fees, and eligibility requirements vary by lender, and not all national lenders operate in every community or offer the same products.

We encourage buyers to compare options, ask questions, and work directly with lenders to determine which financing option best fits their needs and financial situation.