Financing Options for Buying a Home in Maryland (Yes, Even Mobile Homes)
- Kat Moore — The German Realtor®
- Aug 13
- 2 min read
As promised, here’s the follow-up to my recent post about buying an existing mobile home in Maryland.This time, we’re talking money — where it comes from, how to get it, and what’s different if you’re buying a mobile home instead of a traditional house.
Because here’s the truth: the prettiest home in Maryland means nothing if you can’t get the financing to actually buy it. And while “loan terms” and “interest rates” might sound about as exciting as watching paint dry, the right financing can turn your dream from Pinterest board to front door keys.
Part 1: Financing for Any Maryland Homebuyer
1. Conventional Loans
The classic choice. Best for buyers with good credit (620+), steady income, and at least 3–20% down.
Competitive rates, flexible terms.
Translation: If your finances are in order, you skip a lot of hurdles.
2. FHA Loans
Government-backed, designed for first-time buyers or those with lower credit scores (580+).
Only 3.5% down required.
Downside: You’ll pay mortgage insurance — think of it as a cover charge to get into the homeowner club.
3. VA Loans
For veterans, active-duty service members, and certain surviving spouses.
0% down, no mortgage insurance, and excellent rates.
If you qualify, it’s one of the best deals out there.
4. USDA Loans
For homes in eligible rural areas (yes, parts of Maryland qualify).
0% down, income limits apply.
Perfect if you want more space, fewer neighbors, and maybe a deer or two wandering by.
There are also special mortgage programs in Maryland — some offer down payment assistance, lower interest rates, or reduced closing costs. But that’s a whole topic of its own… and one I’ll be covering soon.
Part 2: Financing for Mobile Homes in Maryland
Mobile home financing plays by a slightly different rulebook.
1. Real Property vs. Personal Property
If your mobile home is permanently attached to land you own → it can qualify for conventional, FHA, VA, or USDA loans.
If it’s on rented land in a park → it’s considered personal property, and you’ll likely need a chattel loan.
2. Chattel Loans
Shorter terms (10–20 years) and higher interest rates than a mortgage.
Faster approval process, but monthly payments can be higher.
3. Credit & Age Restrictions
Homes built before 1976 are harder to finance due to older construction standards.
Credit scores can vary when purchasing a mobile home in a park.
4. Lot Rent Reality
Lot rent is separate from your loan payment.
Ask about the park’s history of rent increases before committing.
Final Thoughts
Financing doesn’t have to be overwhelming — you just need the right loan, the right lender, and the right guidance.
Whether you’re buying a downtown condo, a farmette in Harford County, or a mobile home with a view of the Bay, we’ll match your budget to the right financing so you can shop with confidence.
P.S. If you missed my blog on buying an existing mobile home in Maryland, go give it a read — it’s the perfect prequel to this post.
Kat Moore | Realtor | Advisor
Samson Properties
📞 410-414-5967 (cell), 443-975-7555 (office)
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