Private individuals offer a mortgage alternative for manufactured housing. This arrangement allows buyers to acquire a mobile home directly from the owner, bypassing traditional lending institutions. An example involves a seller who acts as the bank, providing the funds necessary for a buyer to purchase their property and agree to a predetermined repayment schedule, often with interest.
This approach expands housing accessibility, particularly for individuals who might not qualify for conventional loans due to credit history or income limitations. Historically, such strategies have been vital in underserved markets, providing a pathway to homeownership where conventional financing is scarce. It allows for more flexible terms and conditions, benefiting both the seller through potential profit and the buyer through increased access to housing.
