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Exploring the Benefits of Selling Mobile Homes for Real Estate Agents

by Mobile Home Home 101 - For Agents

Hey, fantastic agents! Let’s dive into an exciting topic: why real estate agents should consider selling mobile homes. Whether you’re already in the real estate game or thinking about joining, let’s explore the awesome reasons why mobile homes could be a fantastic opportunity for you.

Wide Open Market
Selling mobile homes opens doors to a whole new world of buyers. From first-time homeowners to retirees looking for a cozy place, mobile homes cater to a diverse range of people. This means you have a chance to connect with various clients and expand your professional reach.

Budget-Friendly Options
Mobile homes often come with a more affordable price tag compared to traditional houses – which is a boon given our current rate environment. This means you can help people find their dream home without the hefty cost. However, because many modern (pre-owned) can also be priced well over $80,000 – $90,000 – you’ll still be able to earn a nice commission on the sale.

Niche Expertise
Becoming a mobile home expert sets you apart in the real estate field. Specializing in mobile homes gives you a unique selling point that can attract clients who are specifically looking for this type of housing. It’s a chance to shine in a specialized area of the market.

Fast-Paced Transactions
Mobile home sales tend to move quickly. This can be a boon for real estate agents who thrive in a fast-paced environment. If you enjoy seeing results sooner rather than later, the speed of mobile home transactions could be just what you’re looking for.

Making Dreams Come True
Helping people find their ideal home is one of the most rewarding aspects of being a real estate agent. Selling mobile homes allows you to make dreams come true for individuals and families who are excited to own a home, no matter its size or style.

Diverse Connections
Selling mobile homes opens doors to connections with various professionals. From mobile home manufacturers to park managers, you’ll have the chance to collaborate with a range of experts who contribute to the mobile home community.

Ready to Dive In?
So, why should real estate agents sell mobile homes? It’s about embracing a new market, helping budget-conscious buyers, and carving a niche for yourself. It’s about enjoying the fast-paced nature of mobile home transactions and, most importantly, making homeownership dreams a reality.

Whether you’re an experienced agent or just starting, adding mobile homes to your portfolio could be a smart move. So go ahead, explore this exciting avenue, and get ready to enjoy the unique rewards that come with selling mobile homes. You’ve got the skills – now it’s time to make your mark in the world of real estate!

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income needed for mobile home loan

Income Needed for a Mobile Home Loan

by Learn

Hey future mobile home owners! So, you’re thinking about getting a loan to help you buy a mobile home but you might be wondering, “Can I really get a loan? What income do I need?” Well, we’re here to break it down. Let’s talk about what you need to qualify for a mobile home loan.

Step 1: Money Talks
First things first, you need to have some money coming in over the long term aka income. This can be money from your job or other places like social security or retirement (401k) or investments (like stocks or bonds). But if you only receive things like workman’s comp or unemployment – these DO NOT count as income because they’re temporary. Same thing applies – if you receive cash only or cash under the table – this can’t be documented so it won’t count as income for loan purposes. Mobile home lenders, by law, have to make sure you have enough permanent and long term money coming in to pay back the loan. They want to be sure you won’t have a hard time making the payments.

Step 2: Show The Money
If you have a job, that’s great! Lenders like to see that you have a steady job.  They might ask you for some info about your job, like how long you’ve been working and how much you make and also proof of your income – like most recent pay stubs. Generally – you’ll need to be able to provide at least 30 days of paystubs. You won’t necessarily need to be at your job for 2 years but mobile home lenders will at least ask for your job history for the last 2 years. If you don’t have a job but are receiving things like social security, disability, child support, cash assistance, alimony – still great! These also are considered permanent and long term income. You’ll have to show proof that you receive these and for how long. How much income you’ll need to be prequalified or preapproved depends on several factors including the home price, how much you plan to put down, the minimum debt payments from your credit report, etc. Contact us to get a sense whether you have enough income to be prequalified.

Step 3: Credit Check and Debt
You’ll generally have to have a credit score of at least 550. Lender’s will look at your credit report and credit score and compare it to your income. Everyone is different in terms of how much money they earn or receive, their score, their debts (monies they owe), etc. So a mobile home lender will look at how much you’re getting in, how much money you have going out (to pay your debts), how much your loan payment will be with them and lot rent you pay to the community – to see if you receive enough money to cover it all. This formula is called your debt to income ratio. Usually – the lender will do the math to make sure your DTI is no more than 50%. In other words, no more than 50% of your income would be going to cover all your debts + new mortgage + lot rent. If it would take more than 50% of your income to cover all of that – then the lender may deny you or require you to put down a large down payment.

Putting It All Together
So, to sum it up, here are the things you need to qualify for a mobile home loan:

  • Steady Income: You need to have enough money coming in to pay back the loan and be able to show you receive that income.
    Budget: Lenders will want to make sure you can still pay for the loan after taking care of your other debts.
    Credit and debt: Usually, lender will make sure no more than 50% of your income would be going out to cover your debts and the money you plan to borrow and lot rent you’ll have to pay to the mobile home community. If it would take more than that to cover everything – the lender may deny you.

Get Ready to Move In!
Getting a loan for a mobile home is like putting the pieces of a puzzle together. Once you have these things in place, you’re on your way to qualifying for a loan and making your dream of owning a mobile home come true. Remember, it’s important to be honest about your income and your financial situation. That way, you can find a loan that fits just right for you.


Give us a call at Midwest Mobile Home Loans and start the application process now!

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