How to Find Grants for Purchasing a Mobile Home

Purchasing any home can take a long time. For some future homeowners, saving just the down payment can take years. The approval process, inspections and need to fulfill other state or local requirements can add months to the home purchase process.

Government grants for mobile homes remove many of these barriers to ownership. Discover the quickest route to grant funding for mobile home purchases. 

How Do You Finance a Mobile Home?

There are a limited number of options for people looking to finance the purchase of a new or used mobile home. While some lenders do finance mobile home purchases, there is still a required down payment of at least 5%, which can be a challenge. Also, the interest rates on mobile home loans may be higher or have shorter terms, which means you will either pay more for your home over time or have a higher mortgage payment for the life of the loan. 

This is why so many individuals in the buyer’s market seek government grants for mobile homes. A grant is free money that you don’t have to pay back, so you don’t need to worry about interest rates or down payments.

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Government Grants for Mobile Homes: Where to Search 

If you’re looking for assistance purchasing a new or used mobile home, here are a few places to start. 

U.S. Department of Housing and Urban Development (HUD)

HUD oversees the administration of housing loan programs offered by the Veteran’s Administration (VA), the Federal Housing Authority (FHA) and Rural Housing Services (RHS). Grant funding offered by the government is seldom given directly to Americans. Instead, it’s filtered through state and local organizations that then manage the qualification process for various programs. 

Examples of grant funding offered at the state and local level are grants to cover down payments and grants to reduce or subsidize interest rates. The HUD Office of Housing Counseling can direct you to national, state and local resources. 

U.S. Department of Agriculture (USDA)

At least 20% of Americans live in rural areas. The USDA's Rural Development program helps Americans pay for safe housing in rural areas. There are a variety of programs offered, ranging from assistance for new purchases, refinancing help and grants to make essential repairs. The benefits of working with the USDA include up to 100% financing and loan terms greater than 30 years. 

Your Local Housing Authority or Community Development Organization

Local housing authorities and community development organizations may be the recipients of federal funding to support government grants for mobile homes issued at the local level. They are also a valuable resource for private sector funding opportunities as local businesses and organizations contribute to increase the rate of homeownership.