Mom Scholarships > Manufactured Home Grants & Loans for Low Income Earners

Manufactured Home Grants & Loans for Low Income Earners

Updated: October 9, 2017

Mobile and manufactured homes give people on a low income, like single mothers, a chance to have their own home without the massive price tag of traditional style houses.

Mobile homes are often as large as a normal single level house, but come with lower maintenance and of course, a lower upfront cost.

mobile homes

But despite their more affordable price, buying a manufactured home is still often out of reach for the average single parent or low income earner, as well as those who are currently studying.

The U.S. Department of Housing and Urban Development has a program available called the Financing Manufactured (Mobile) Homes.

The Federal Housing Administration (FHA) has an approved set of lenders who are insured to provide loans to people who are on a low income and who wish to purchase a mobile home and/or a lot for a manufactured home.

Do you still need a good credit history to get these loans?

Yes, your credit history will be looked at as part of the approval process, as will your financial circumstances.

Just like any loan, the lender will want to know that you will be able to make the repayments on your mobile home.

Usually a loan like this will run for 20 years with a fixed interest rate, so you can plan ahead.

There are limits to how much you can borrow under this special program. For a single manufactured house, the maximum loan amount is currently $69,678, while if you are wanting to buy a home and lot, the upper limit is $92,904.

HUD.gov provides more information about the manufactured home loan process.

If you already have a home, but it is in desperate need of upgrade or repair, there are grants and loans available specifically for that purpose for low income households.

Known as the Section 504 Home Repair program, this is available as a grant to people aged 62 years and older who can not afford a repair loan or to fix potential safety hazards that are in need or urgent repair.

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