How to get Park Model Home Financing?

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Everyone would have dreamt of buying their own house, but getting a home loan is exhausting. So, homeownership is still a dream of many. However, park model homes provide an easy entry into the housing market, allowing individuals to achieve their dream of owning a home without breaking the bank.

This blog will take you through how to get park model home financing so that you can enjoy home ownership and nature’s beauty.

Financing Options For Park Models

Personal Loans

  • Personal loans are a popular option for park model home financing. They can be obtained from banks, credit unions, or online lenders.
  • They have a fixed rate of interest and repayment terms, making budgeting easier.
  • However, interest rates vary based on creditworthiness, and collateral is required.

RV Loans

  • RV loans are another feasible financing option, as park model homes are often classified as RVs.
  • These loans are specifically customized for recreational vehicles and may offer competitive interest rates and flexible terms.
  • It’s essential to ensure the lender is willing to finance park model homes, as not all RV lenders may accommodate them.

Manufactured Home Loans

  • Some lenders offer loans specifically for manufactured homes, including park model homes.
  • These loans have longer repayment terms and lower interest rates than personal or RV loans.
  • Requirements include a minimum credit score and a down payment, similar to traditional home loans.

Seller Financing

  • In some cases, the seller of the park model home may offer financing options, allowing buyers to make payments directly to them.
  • This can be a more flexible option, particularly for buyers who may not qualify for traditional financing.
  • However, it’s crucial to thoroughly review the terms and conditions before entering into such agreements.

Note: We manufacture and sell Park models and don’t directly offer any in-house financing options. But we provide support throughout the loan process.

How To Get Park Model Home Financing?

1. Analyze Your Financial Situation

It’s essential to evaluate your financial health before getting financing by analyzing your income, expenses, credit score, and savings. Understanding your financial situation will help you determine how much you can afford to borrow and what financing option best suits you.

2. Research Park Model Homes and Parks

Research the different types of park model home options and parks or communities where they are located. Consider factors such as amenities, location, and park fees. Understanding the costs associated with park model living will help you create a realistic budget for your financing needs.

3. Determine Your Financing Needs

Consider the purchase price, taxes, insurance, and any additional fees of your desired park model home to determine the total amount you’ll need to borrow. This will guide your search for the right financing option.

4. Choose Your Best Financing Option

Research various financing options available for park model homes. These may include personal loans, RV loans, manufactured home loans, or seller financing. Each option has pros and cons, so it’s essential to weigh them carefully based on your financial situation and preferences.

5. Check Your Credit Score

Obtain a copy of your credit report and check your credit score. Lenders use your credit score to assess your creditworthiness and determine the interest rates and loan terms you qualify for. If your credit score is less than ideal, take steps to improve it before applying for financing.

6. Gather Required Documents

Prepare the necessary documentation for the financing application process. This may include proof of income, employment verification, bank statements, tax returns, and identification documents. Having these documents ready will expedite the application process.

7. Compare The Lenders

Research and compare offers from different lenders specializing in park model home financing. Consider factors such as interest rates, loan terms, fees, and customer reviews. Comparing among the lenders lets you find the most competitive financing option that meets your needs.

8. Apply for Pre-Approval

Once you’ve identified potential lenders, apply for pre-approval for your desired loan amount. Pre-approval gives you a clear understanding of how much you can borrow and demonstrates to sellers that you’re a serious buyer. Once you find the perfect park model home, it also streamlines the home-buying process.

9. Review Loan Terms Carefully

Before committing to a loan, carefully review the terms and conditions, including interest rates, repayment terms, fees, and any penalties for early repayment. Ensure you fully understand the loan terms and ask questions if anything needs clarification.

10. Close the Loan and Purchase Your Park Model Home

Once you’ve selected a lender and finalized the loan terms, complete the loan application process and close the loan. With secured financing, you can now purchase your dream park model home and begin your new lifestyle adventure.

How long can you finance a park model home?

Park model homes can typically be financed for terms ranging from 20 to 25 years, depending on the lender and specific financing options available. The financing term is negotiated between the borrower and the lender, and it’s based on factors such as credit history, loan amount, and down payment.


Securing park model home financing may seem tedious and scary, especially if you get finance for the first time. But with the proper knowledge, research, and preparation, it’s easily achievable.

By adhering to all the steps mentioned in this blog, you’ll be easily able to get your loan and own your dream park model home.

Picture of Jodi Rogers

Jodi Rogers

Jodi Rogers, co-founder of Phoenix Park Models, is all about turning park model homes into big dreams. When you reach out to Phoenix, you will work directly with Jodi on creating your own park model home dream!