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Building a new mobile home is no longer a distant dream. Apart from the routine loans and mortgages, a prospective buyer can avail of numerous other sources for funding and financing their new home. Financing a mobile home involves creative funding beyond the usual combination of bank mortgage and down payment.

At times, sellers themselves are willing to offer loans to the buyers. Many banks loan only 80% of the total home price, with the prospective buyer putting up 5%. In such cases the seller is expected to fund the remaining mortgage of 15%. Most state governments have some kind of housing program where they provide financial help in the form of a loan-guarantee program for budgeted buyers. Veteran affairs loans are available to retired army personnel. They are offered loans at very subsidized rates. The Farm Home Administration also stands as a guarantor in some cases, making it possible to get a loan of almost 97% of the purchase price.

Then there are contracts between the buyer and seller whereby the buyer makes down payments directly to the seller instead of the bank. The down payment amount, the terms and conditions of the loan and interest rate would be negotiated only between the parties involved. Some builders gift the buyer some portion of the down payment. This makes it possible for the buyer to get a new house with an only 3% down payment.

The buyer can also make use of his credit card to make the down payment, especially if he is in a position to pay it off soon with funds diverted from some other source. If all else fails, friends and relatives can also be turned to for a loan.