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The average cost of finishing a basement in 2025 is $32,000, but there is a huge variation in pricing depending on your specific project. Of course, the square footage makes a difference, as does the particular configuration of your basement, as well as whether you are simply finishing the space for storage purposes or adding an extra bedroom and bathroom as living space.

Whatever your goal, you will most likely increase the resale value of your home while adding to your usable space. The following guide will help you understand the considerations, the cost, and how to get the work done.

The Costs of Finishing a Basement

The cost of finishing a basement has a lot of variables, as most home upgrades do. Weighing what you can afford versus what you want is critical here. While it might be nice to have all the bells and whistles of a sky-is-the-limit home renovation, there are many things that will affect the bottom line during a reconstruction event like finishing a basement.

The national average cost of finishing a basement is $32,000, according to the home improvement site Angi, but there’s a wide range (as there is with the cost of home remodeling projects of all kinds). In this case, it can swing from $15,000 to $75,000. Your number could rise based on where you live and whether you plan to add features such as running water, custom cabinets, or countertops.

Ultimately, the final cost to finish a basement depends on how extensive the work is, as well as the square footage in the planned remodel. Typically, a small basement is considered to be a 300- to 700-square-foot space. Do you have more than 2,000 square feet to finish? Then that’s an oversized amount of space.

According to the home improvement site Angi, a simple process of finishing a basement will cost between $7 and $23 per square foot. However, if you are doing a full remodel, you can expect to spend $30 to $100 per square foot.

You can also use online tools to help you estimate the cost of your remodeling project.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

How to Plan Your Basement Project

The first thing you need to think about when finishing a basement is how you primarily plan to use the space. If it’s mostly for storage, you’ll want to include closets, cabinetry, and a shelving system in your plans.

Or do you intend to use it as a bonus room or lounge? If your basement’s primary function is as a gathering space, you’ll want to wire it so that you have internet, cable, and plenty of lighting and outlets.

Due to their subterranean nature, basements also require waterproofing. The below-grade format of a basement demands special attention be paid to exterior drainage, interior surface materials, and air ventilation, in addition to ensuring a safe way to exit the space during an emergency, like an egress window.

With proper planning, it’s possible to mitigate some of the major expenses associated with building below ground, so do your homework before the rainy season comes. Local government code departments often have building standards to guide the process.

As part of your efforts to keep the finished basement dry, you’ll probably want to install a sump pump for extreme weather events. Built into the floor with an automatic pump, sump pumps give peace of mind for when you’re out of town or have an excess of rainfall.

If you’re finishing a basement to use as an apartment or in-law suite, you’ll need added features like a bathroom and kitchenette. Installing both a bathroom and kitchenette can quickly cause the price to mount with the added costs of cabinets, countertops, appliances, and fixtures, so weigh the decision to add those features carefully against how much use you think they will truly get. Or consider going the budget route, forgoing top-of-the-line furnishings and appliances, if cost is a concern but you need those spaces to complete your basement.

Recommended: 10-Step Guide to Building Your Own Home

Budget

How much it costs to finish your basement will ultimately come down to the features you add and how the work is done. Consider these factors when making a budget:

•   Labor. This may cost $25 to $100 per hour, and you might also need a plumber or electrician to do some specialized work, which could increase the price (as anyone who’s rewired or needed to pay to fix a plumbing leak knows). Typically, labor costs will be 25% of the total project cost.

•   Permits. According to Angi, getting the proper permits for your project can run between $1,200 and $2,000.

•   Materials. The cost of materials, such as flooring, insulation, and drywall, will make up the bulk of your project budget. Expect to pay around 70% of your budget on materials, depending on the specifics of your remodeling.

Other areas where your basement costs may add up include if you opt for high-end materials, if you hire a professional for interior design assistance with the layout or furnishing plans or if you add furniture to the space.


💡 Quick Tip: With home renovations, surprises are inevitable. Look for a home improvement loan with no fees required — and no surprises.

How to Save Money on Basement Remodeling

There are many ways to save money on basement remodeling, the first being doing the labor yourself. If you’re simply going for a basic basement remodel for storage, this is a project you likely can DIY even without a lot of prior home renovation experience.

You might, for example, want to add corner shelves, install a pegboard system for mounting your tools, or build a wire rack system to store your bulky items — all basement finishing tasks you can tackle yourself without hiring outside labor.

If finishing your basement requires extensive electrical work and/or plumbing, however, you’ll likely want to call in a licensed professional to do that work.

If you’re on a tight budget, you might rethink installing a kitchenette or a bathroom, which is where your basement refinishing costs often add up quickly. A budget-friendly option for cabinetry could be purchasing from a resale shop or using old cabinets from another part of your house that you can refresh with an inexpensive coat of paint.

Recommended: The Top Home Improvements to Increase Your Home’s Value

The Takeaway

A basement remodel could serve multiple purposes — adding living space or storage to your home — while simultaneously improving your quality of life and the resale value of your home. With the average basement finishing project costing almost $32,000, you may also need to consider financing options, such as a personal loan to use for home improvement.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How much to finish a basement?

According to the home improvement site Angi, the average cost to finish a basement in 2025 is $32,000.

Can you finish a basement for $10,000?

While the average cost to finish a basement is currently $32,000, it may be possible to do the job for $10,000 if it’s a small and simple job and if you find a lower-cost but qualified contractor.

What is the most expensive part of finishing a basement?

The most expensive part of finishing a basement is often the materials themselves, which can account for a majority of the cost.

Photo credit: iStock/PC Photography

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-063

Fall is a great season to tackle some home projects to prep your place for winter and make your home comfier. Home improvement projects can also help maintain or even build your property’s value.

Here, a checklist of 25 fall home maintenance and home improvement projects that will help keep your house snug and in top condition during the cold season.

1. Door & Window Seals

It’s easy for cold air to slip in around doors and windows that don’t have sufficient weatherstripping. To keep your ongoing heating costs in check, it’s smart to take a look at all of your doors and windows to ensure the seals are tight. Fixing any issues could wind up saving you some serious money over time.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

2. Furnace Inspection

There’s not a lot worse than finding out on the coldest day of the year that your HVAC system needs repairs. Instead of waiting for a problem, it’s almost always a good idea to have your furnace inspected annually.

Recommended: The Ultimate House Maintenance Checklist

3. Air Ducts

This isn’t something you likely need to do every year, but it is smart to have your HVAC ducts cleaned regularly so the system is operating as efficiently as possible. Once every three to five years is a good cadence.

4. Gutters

Whether you do it yourself or hire a pro, having your gutters cleaned after the leaves have fallen can ensure that your roofline remains leak-free during the winter months.

5. Exposed or Rotting Wood

Whether it’s on your deck, around your foundation, or under your gutters, wood that is no longer properly sealed can take a beating during winter months. You can save yourself serious headaches by repairing, replacing, or sealing any exposed wood.

6. Roof inspection & Repair

A leaking roof is no one’s idea of a good time and is among the most common home repairs. Having an older roof inspected can help to spot minor problems before they turn into major issues.

In colder climates, some roof repairs may need to wait months for warmer weather before they can take place. For that reason, the sooner you tackle this issue, the better. You might be able to squeeze in a repair before the weather gets too chilly. (Note: It’s worth checking if you have a roof warranty before shelling out for repairs.)

Recommended: How Much Does It Cost to Remodel or Renovate a House?

7. New Insulation

If you’re like a lot of people, you don’t check the insulation of your attic and eaves regularly, if ever. Having the proper depth of insulation can provide most homeowners with significant savings when it comes to heating and cooling costs.

8. Lawn Winterization

When winterizing your house, don’t forget about your lawn: It will be greener earlier in the spring if you fertilize it in the fall.

9. All Those Leaves

While you don’t want leaves in your gutters or on your lawn, having them in your garden and flower beds can actually help protect plants against damage from cold weather by insulating them. A leaf bed also provides a home for insects that help feed migratory birds in spring; it can also spare landfills from tons of waste.

10. Critter Blockers

All those pipes and tubes coming into our homes from the exterior can mean there are little cracks and crevices. These in turn can allow insects and even vermin to enter in search of warmth. It can be smart to inspect and seal these crevices before the weather turns significantly colder.


💡 Quick Tip: Unsecured home improvement loans don’t use your house as collateral — a relief for many homeowners.

11. Storing Summer Clothes & Bedding

If you live in a cooler climate and you have the space, you may want to get organized and put summer clothes and bedding in storage over the winter. Enjoy the extra closet space!

12. Chimney Inspection/Cleaning

There’s nothing like sitting in front of a roaring fire on a cold winter day — unless, of course, dangerous creosote is building up in your chimney. You can likely nip any problems in the bud by having your fireplace inspected and cleaned annually.

13. Spring Bulb Planting

If you love tulips, daffodils, and other flowers that grow from bulbs, now’s the perfect time to set them in your garden. They often love a good freeze over the winter.

14. Perennial Care

Not only will adding mulch keep your beds looking neat and tidy during colder months, it can help insulate plants from the cold.

15. Outdoor Faucets

Now’s a great time to check your faucets to see if washers and all other parts are in good working order. And if you live in colder climates, it could be a good idea to install a frost-free yard hydrant to help protect your pipes against breakage during freezing weather.

16. Ceiling Fans

This is an easy one to forget. If you have ceiling fans, it’s smart to switch their direction for colder months. By reversing the direction of your fans, you can help to disperse warm air throughout your rooms.

17. Yard Tools

To keep your lawnmower, leaf blower, and any other gas-powered tools in good working order, clean them up before storing them for the season.

18. Trees & Shrubs

Pruning can be especially important for flowering trees and shrubs that only flower on new growth. It can also help to ensure that unhealthy branches are removed before heavy snow and ice coat them and possibly break them.

19. Carpet & Rug Cleaning

You’re likely going to be spending a lot more time indoors during the winter months, so why not freshen up your surroundings with a good carpet and rug cleaning? It could provide some welcome allergy relief.

20. Smoke & Carbon Monoxide Detectors

It can be smart to check your detectors and replace batteries whenever there’s a time change. So when you “fall back” and reset the clocks, make sure these important devices are in good working order.

21. Patio Furniture & Grilling Equipment

Covering your outdoor furniture and grill can lengthen their lives and help prevent chipping and other damage.

22. Snow Removal

If you live where it snows regularly, it’s smart to go ahead and prepare now. Having your snowblower serviced, buying salt or snowmelt products, ensuring that your snow shovels are in good shape, and/or lining up a snow removal service are all things you can do now to avoid problems when the snow has begun to fall.

Recommended: Typical Personal Loan Requirements Needed for Approval

23. Older Doors & Windows

If you’re still living with single-pane windows, it may be time to upgrade and undertake the effort and cost of replacing windows. Here’s why: Double- or even triple-pane windows can pay for themselves in just a few years. They can be far superior in keeping out both the cold and heat (depending on the season), thus reducing your heating and cooling bills. The same is true for older doors that may not be well insulated or have single-pane glass in them.

24. Programmable Thermostat

It may seem like a little thing, but turning your heat down every night can wind up saving you money. Remembering to do it, however …that’s another story. Why not make it easy on yourself and install a programmable or smart thermostat that remembers for you?

25. A Fresh Coat of Paint

If you’re going to be spending more time indoors, why not update its look to something you love? A fresh coat of paint can do wonders to spruce up almost any room. And how about the exterior? You might also look into the cost of painting a house; this is a project that can take homeowners a weekend to complete or can be bid out.

This is a home improvement that can increase your home’s value, but it can get pricey. If you don’t have the money saved, you might look into a home improvement loan (a kind of personal loan) vs, putting it on your credit card. You could enjoy a more favorable interest rate.

The Takeaway

As the leaves change, it might be time for homeowners to consider some important home improvement projects before the cold weather really kicks in. A seasonal to-do list can ensure that your home is comfy, cozy, and safe for winter and beyond. For some of the bigger projects, like replacing windows or completing roof repairs, you may want to get your financing squared away too, perhaps with a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What is the most in demand home improvement?

Bathroom remodels are among the most sought-after home improvements. Next in terms of popularity: kitchen renovations.

Why is fall home maintenance important?

Fall home maintenance is important because it can help your house cruise through winter without any problems. For example, you may be able to avoid the furnace conking out or a pipe freezing and bursting if you prepare properly.

Which home renovation projects add the most value?

Replacing the garage doors and front doors were found to be the projects that return the most value on investment as of 2025.

Photo credit: iStock/JavenLin

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-061

The average cost across the United States to install central air conditioning was $5,958 as of mid-2025. That price can, however, fluctuate based on such factors as where you live, the size of your home, and what kind of unit you choose.

Here, learn more about air conditioning costs, your options, and how to get the best possible price if you do choose to install central cooling.

What Factors Play a Role in Installing Central Air?

Many factors go into the cost to install central air conditioning, including the brand of AC you choose, the unit itself, and the overall size of your home. A central air conditioning unit alone can cost thousands of dollars. For instance, a split unit air conditioning unit will typically run between $2,000 and $3,000 on average; a packaged central air conditioning unit will be somewhat more, typically between $2,500 to $4,500. (More in a minute on the difference between these types of systems.)

If you add in the labor of an air conditioner contractor, the cost to install central air ranges from $3,500 and $7,000 on average. But that number can range depending on where you live, the type of AC system your home needs, and the condition of your existing air ducts.

According to HomeAdvisor, these are the average air conditioning unit costs with installation:

💡 Quick Tip: SoFi lets you apply for a personal loan online in minutes, without affecting your credit score.

Pre-Installation Evaluation

Some helpful things to think about when evaluating your home for a new air conditioning system include a careful analysis of how big of a system your living quarters need. The price jumps quickly for larger units, so it’s often smart to make sure you’re not overdoing the cooling capacity for your project.

Ease of access for installing the bulky ducting system of a traditional air conditioning setup is important, so if you have a tight basement or attic crawl space, expect to pay more in labor costs than if you had more room to mount all the equipment and pipes easily.

Also, think about where you’d want to locate the duct feeding into the room. You might have to cut through hardwood or tile, for example, to gain an access point for the air to flow. Or there could be a spot in your house that needs a little more airflow and will therefore require multiple ducts into the room.

Though an AC installation typically just takes one day, if extensive cutting into floors or walls or ductwork is required, it could take several. If this might disrupt your quality of living, you’ll likely want to consider staying with family or friends as your central air is installed — or move into a hotel, the cost of which should factor into how you make a budget for your overall air conditioning costs.

Recommended: Personal Loan vs. Credit Card

Types of AC Units

Affordability and preference help determine the type of air conditioning unit that you’ll need, which affects the overall central air cost. A traditional split system — with air conditioning on one side of the unit, heating on the other — is on the lower end of the pricing range vs. packaged units. In addition, more complex models that include heat-pump, hybrid, and geothermal functionality can run substantially higher.

Ductless air conditioning systems have been around for years and are rapidly entering the U.S. market from overseas. They can offer affordable efficiency as they cool living spaces. Ductless units have a central compressor and fan with standalone wall-mounted units that eliminate the need for ducting. Instead, a wall-mounted fan serves each room independently. Coolant and drainage lines are routed through the wall back to the centralized air conditioning assembly, making for a clean finish.

Ductwork

When planning central air installation, you should consider what kind of ductwork is best for your home. Ductwork falls into two categories — flexible or rigid — with many different options for materials within each. Flexible and rigid ductwork each has its own pros and cons regarding price, lifespan, efficiency, and flexibility.

The cost of ductwork can vary greatly. The national average cost for ductwork is $1,252, but can range from $453 to $2,188 or significantly higher depending on the job specifics.

The cost to replace old ductwork is higher since it involves both removing the existing materials and installing new ductwork.

Recommended: How Much Is My Home Worth?

AC Installation and Labor

While handy types may be tempted to tackle the central air installation on their own, it might be wise to find a contractor who is well-qualified to ensure that the job is done properly.

City codes departments typically require permits for work like central air installation that can be obtained easily by a state-licensed contractor. Handling refrigerant chemicals like Freon™ also requires a license, according to the EPA.

Many websites offer contractor and price-compare quotes in your area. Angi and Thumbtack both can be good places to start your research. A referral from someone you know also can be a great way to find a vetted air conditioning contractor.

You might also search online communities and neighborhood forums to find a reliable air conditioning contractor. There’s a good chance that someone locally has had similar issues and might be able to recommend a professional contractor to handle your air conditioning installation job.

You’ll also need to consider how to finance this work. Perhaps you have savings to draw upon and tax credits can help. You might also consider a home improvement loan, which is a kind of personal loan in which you receive a lump sum of cash and then pay it back over time with interest.

These loans offer the advantage of typically having a significantly lower interest rate than charging the costs to your credit card. Applying for a personal loan of this kind is usually quick and easy, too.

Recommended: The Top Home Improvements to Increase Your Home’s Value

The Takeaway

The cost to install central air conditioning is, on average, almost $6,000. While that’s a considerable expense, it can include the labor involved in addition to the price of the unit by itself. And it can give you peace of mind knowing you have a new central air system to keep you cool and likely improve the resale value of your home if you plan to list your house or refinance in the future. For this reason, it may be wise to look into your financing options, such as taking out a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What is the $5,000 rule for air conditioning?

The $5,000 rule is a way to determine whether it’s worthwhile to replace your a/c system. Multiply the age of your system in years by the cost to repair it. If the result is over $5,000, you should replace it. If it’s under $5,000, then repair it.

What is the average cost to install new a/c?

As of 2025, the average cost to install air conditioning is $5,958, according to the home improvement site Angi.

Does new a/c qualify for a tax credit?

It may indeed. A tax credit is typically effective for qualifying products purchased and installed between January 1, 2023, and December 31, 2032 under the Energy Star guidelines. Claim the credits, up to 30% of costs to a maximum of $600, using the IRS Form 5695.

Photo credit: iStock/Pramote2015

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-062

If you’re looking for a cheaper alternative to a traditional house, you might consider buying a mobile or manufactured home. The price of one of these homes is typically much lower than the cost of a standard single-family home. Plus, these homes aren’t necessarily temporary. These days, factory-made homes can be just as permanent as houses that are built on-site. They can also be customized in many of the same ways as a traditional home. (In this article, we’ll use the term “mobile home” when we’re talking about both mobile and manufactured homes.)

While mobile homes don’t always qualify for a traditional mortgage, there are several types of financing that can help make buying a factory-built home more affordable. Read on for a closer look at the process of buying — and financing — a mobile, manufactured, or modular home.

What Is the Average Cost of a Mobile Home?

According to the Census Bureau’s December 2024 Manufactured Housing Survey, the average price of a new manufactured home is $121,700.

More specifically, the average price for a single-wide mobile home is $86,700 and average for a double-wide mobile home is $148,700.

However, mobile home prices can vary significantly by region. The highest prices right now tend to be in the West, where the average cost of a new mobile home is $98,600 for a single-wide and $148,800 for a double-wide.

The lowest prices are currently in the Northeast, where the average price for a single-wide is $86,200 and average cost of a double-wide is $144,800.

In the Midwest, a single-wide mobile home averages $95,600 and a double-wide averages $152,900, while in the South, a single-wide mobile home averages $84,300 and a double-wide averages $148,300.

Recommended: How to Budget for Buying A House

Differences Between a Mobile Home, Modular Home, and Manufactured Home

The terms mobile home, manufactured home, and modular home are often used interchangeably. While all three refer to homes built in a factory rather than on-site, there are some differences between them. Below, we break it down.

Mobile Home

A mobile home is a prefabricated home built on a permanent trailer chassis that was constructed prior to June 15, 1976. That is when the U.S. Department of Housing and Urban Development (HUD) enacted the National Manufactured Housing Construction and Safety Standards Act. After that date, new safety standards went into effect, which led to a new designation for these homes.

Manufactured Home

Like a mobile home, a manufactured home is built almost exclusively in a factory rather than on-site. However, these homes were built after June 15, 1976, when HUD put new safety standards into effect for mobile homes and changed the name of these structures from “mobile” homes to “manufactured” homes.

Another difference between mobile and manufactured homes is that manufactured homes typically are not moved after assembly. That said, it is possible to move a manufactured home if it has a pier and beam foundation. Manufactured homes need to not only meet HUD standards but also local building standards for the communities where they will be located.

Recommended: How Much Does It Cost to Build a Manufactured Home?

Modular Homes

Like mobile and manufactured homes, modular homes are built in a factory and shipped to the land where they will be set up. However, modular homes are often delivered in two or more modules (hence the name) that are then put together on-site by a contractor.

Modular homes are not designed to be relocated and are placed on a permanent foundation. Once put together, these homes have a lot in common with on-site built homes. They may have a basement and/or crawlspace, come in a variety of layouts, and can be one or two stories.

Like manufactured homes, modular homes must adhere to local building codes.

💡 Quick Tip: Buying a home shouldn’t be aggravating. Online mortgage loan forms can make applying quick and simple.

Things to Consider When Buying a Mobile Home

To find the best mobile home for your needs, here are some things to keep in mind.

Location

As with any home purchase, location is key. You can install your mobile home on land you already own, or purchase land for your mobile home. In either case, you’ll want to make sure that local zoning regulations allow for the installation of mobile homes and that the local utilities are able to connect a mobile home.

Another location option is to rent a plot of land in a mobile home community. If you find a community you like, it’s a good idea to ask what their restrictions are for home size and features before you buy a mobile home.

Size

Mobile homes are usually classified by their width. A single-wide is typically about 15 feet wide and around 70 feet long. A double-wide mobile home is usually the same length or longer but double the width — around 30 feet wide.

Due to their long, narrow shape, single-wide homes have fewer floorplan options and may work best for individuals or couples. Double-wide homes offer more space, as well as design options, and can be ideal for larger families.

Keep in mind that larger homes will, of course, be more expensive and also require a larger lot.

New vs Used

These days, you find new manufactured homes with all kinds of bells and whistles, including vaulted ceilings, walk-in closets, and luxurious bathrooms. If you’re looking to save money, however, you might consider going with a used mobile home. Just keep in mind that a used home may show signs of wear and tear (depending on how well it was maintained) and that some mobile home sites don’t allow homes made before a certain date.

Financing a Mobile Home

Once you’ve decided on the type and size of mobile home you want to buy, it’s time to figure out how you are going to pay for it. While it can be harder to find a loan for a mobile home than a traditional home, there are still a number of options. Here are some to consider.

Fannie Mae Mortgages

While not all lenders finance manufactured homes, some may offer Fannie Mae’s MH Advantage program. These loans come with terms of 30 years, competitive rates, and down payments as low as 3%.

However, they also come with strict qualification criteria: The manufactured home must be at least 12 feet wide, have a minimum of 600 square feet, and can’t be on leased land. The home also needs to have a driveway and a sidewalk that connects it to the driveway, carport, or detached garage.

Freddie Mac Mortgages

Another option for manufactured home financing is the Freddie Mac Home Possible mortgage program. This program offers 15-, 20- and 30-year fixed-rate loans, as well as adjustable-rate mortgages. Like Fannie Mae, these loans typically come with low rates and down payments as low as 3%. Freddie Mac loans also have strict criteria for qualification: The home must be considered real property, have at least 400 square feet of living space, and be built on a permanent chassis.

FHA Loans

The Federal Housing Administration (FHA), which offers loans for traditional homes with flexible credit and down payment requirements, also offers manufactured home loans called Title I and Title II loans.

You can use a Title I loan to buy a manufactured home (but not the land it sits on), provided that the property is your primary residence, is connected to utilities, and meets FHA guidelines. These loans typically come with terms up to about 20 years and relatively low loan amounts.

Title II loans, by contrast, can be used to purchase both a manufactured home and the land it sits on together. However, the home must count as real property and have been built after 1976.

US Department of Veterans Affairs (VA) Loans

If you’re a member of the military community, you may be able to qualify for a loan insured by the Department of Veterans Affairs (VA) to purchase a mobile or manufactured home. To qualify for a VA loan for a manufactured home, your home must be on a permanent foundation, meet HUD guidelines, and must be on land you own. These loans often offer 100% financing with no money down; maximum terms can range from 20 to 25 years.

💡 Quick Tip: You never know when you might need funds for an unexpected repair or other big bill. So apply for a HELOC (a home equity line of credit) brokered bySoFi today: You’ll help ensure the money will be there when you need it, and at lower interest rates than with most credit cards.

Chattel Loans

A chattel loan is a loan designed to purchase different types of expensive personal property, such as cars, boats, and mobile homes. You don’t have to own the land your home will sit on to get a chattel loan, so this can be a good option if you plan to rent a space in a mobile home community. Some lenders also offer chattel loans that are insured by the FHA, VA, and the Rural Housing Service (RHS) through the U.S. Department of Agriculture.

Chattel loans typically have higher rates and shorter terms than traditional mortgages. Like a traditional mortgage, however, these loans hold the property being financed as collateral for the loan. That means that if you run into trouble making payments, the lender can seize and re-sell the mobile home.

Personal Loans

Since mobile homes generally cost far less than traditional homes, you may be able to finance your purchase through a personal loan.

Personal loans are typically unsecured loans with a fixed interest rate that can be used for virtually any purpose (including the purchase of a mobile home). These loans don’t have restrictions on how your mobile home is built, so you can likely qualify even if it’s fully movable and not attached to a permanent foundation. Also, personal loans don’t put your home at risk, and the application process and time to funding tends to be shorter than it is for other types of mobile home loans. However, interest rates may be higher.

While some lenders offer maximum personal loans of $40,000 to $50,000, others will let you borrow $100,000 or more. If you can find a larger personal loan, it may be enough to finance a mobile, manufactured, or modular home.

Recommended: How Much Is a Down Payment on a House?

Getting Approved for a Personal Loan

If you’re thinking about applying for a mobile home loan, here are some steps that can help streamline the process.

1. Check Your Credit Reports

Whenever you apply for any type of financing, a lender will likely look at your credit history to help them determine how much they will lend to you and at what rate (or if they will lend to you at all). It’s wise to look at your three credit reports, see where you stand, and make sure there aren’t any mistakes or inaccuracies that could negatively affect your credit. You can get free copies of your credit reports from the three consumer bureaus — Equifax®, Experian®, and TransUnion® — at AnnualCreditReport.com.

2. Determine Whether You’re Buying Land and a Mobile Home

This will determine how much money you need to borrow, as well as what your financing options are. Some lenders will only offer mobile home financing if the home will be permanently set up on land that you own.

3. Save For a Down Payment

While it’s not always required, you may also want to think about saving for a down payment on your manufactured or mobile home.

4. Find the Right Lender

Interest rates can vary from one lender to the next, so it can definitely pay to shop around and compare offerings from banks, credit unions, and online lenders. Some lenders will allow you to “prequalify” for a loan with a soft credit check (which doesn’t impact your credit score). This will allow you to get an idea of the loan amount and rate you may be able to qualify for before you officially apply.

The Takeaway

While mobile and manufactured homes are typically more affordable than a traditional home, you may still need financing to cover the cost of the purchase. You may be able to get a loan from the same sources as traditional mortgages (such as FHA and VA loans). Other options include specialized manufactured home loans through Fannie Mae and Freddie Mac, chattel loans, and personal loans.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Can you get a personal loan for a mobile home?

Yes, a personal loan can be used to buy a mobile, manufactured, or modular home. Applicants will need to meet qualification requirements of the lender they’re working with.

What is the maximum personal loan amount for a mobile home?

The maximum loan amount depends on the lender. Many have maximum loan amounts of $40,000 and $50,000 but some will offer up to $100,000. The amount you can borrow will also depend on your income, credit score, and other factors.

Where can I get a personal loan to buy a mobile home?

Traditional banks, credit unions, and online lenders may offer personal loans to buy a mobile or manufactured home.

^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Personal loans are borrowed lump sums that you pay back, with interest, to the lender. Though the money can be used for almost anything, some common uses for personal loans include covering medical bills, paying for home repairs, and consolidating debt.

When you don’t have the savings to cover an important purchase or bill, a personal loan is usually a better alternative to credit cards. Here, take a closer look at what personal loans can be used for, their drawbacks and benefits, and alternative ways to pay for unexpected expenses.

What Can I Use a Personal Loan For?

Personal loans may be used for just about anything “personal,” meaning it’s not a business-related expense. Here are some of the most popular reasons people take out different types of personal loans.

Debt Management and Consolidation

Refinancing or high-interest debt consolidation into better loan terms is one of the most common uses for a personal loan — and one of the most financially savvy. Credit card debt carries some of the highest interest rates out there. Credit cards also typically have variable rates, making it challenging to create a predictable budget to pay down outstanding debt.

Rates for personal loans, on the other hand, tend to be lower than credit card APRs. This can save borrowers a lot of money in interest over the long term. And the fixed payback schedule of a personal installment loan may help borrowers avoid falling into a vicious cycle of revolving debt that can continue indefinitely.

You don’t have to be drowning in credit card debt to benefit from consolidation. For borrowers with multiple loans, consolidating debt with one personal loan can be a useful financial tactic — if the borrower qualifies for good loan terms.

Bottom line: Personal loans can help streamline multiple high-interest debt payments into one payment. Plus, debt consolidation loans tend to have lower rates than credit cards. This could help borrowers save money in interest over time.

Recommended: Where to Get a Personal Loan

Wedding Expenses

The average cost of a wedding in 2025 can range from $10,000 to over $30,000. Unfortunately, many young couples have not saved up enough to pay for their entire wedding themselves. (In many cases, the days when a bride’s parents footed the entire wedding bill are over.)

A personal loan, sometimes referred to as a wedding loan when used for this purpose, can cover some or all of a well-budgeted wedding. Personal loans tend to offer much lower interest rates than credit cards, which some newlyweds may use to fund their big day.

However, before you go this route, think long and hard about whether you really want to start out your married life in debt. Consider if you can actually afford to pay off the loan in a timely manner. If not, it might be better to cut back on your wedding budget, or take more time to save up for the big day.

Bottom line: A wedding loan can help pay for some or all of the wedding costs, which could help you avoid having to use a credit card or tap into your savings.

Unexpected Medical Expenses

When a medical emergency occurs, it’s important for your main focus to be on a healthy outcome. But the financial burden can’t be ignored. Being able to pay for out-of-pocket expenses with a low-rate personal loan may relieve some stress and give you time to heal.

It’s no secret that the cost of medical care in America can be sky-high, especially for the large portion of Americans who have high-deductible health plans. The situation is even more challenging for those who don’t have health insurance coverage at all. According to data from the Kaiser Foundation, about 6% of Americans carry at least $1,000 in medical debt.

Bottom line: Medical emergencies happen. Using a personal loan to help pay for bills and expenses could provide peace of mind.

Recommended: How to Pay for Medical Bills You Can’t Afford

Moving Expenses

A low-interest personal loan (also known as a relocation loan) may help defray some out-of-pocket costs associated with moving. A local move can set you back $1,500 on average. Moving 1,000 miles or more typically costs more than $3,000.

And these figures only account for the move itself. As anyone who has relocated knows, hidden costs can and do often pop up, from boxes and storage space to cleaning fees and lost security deposits.

There are also expenses that come with a new home. Most new rentals require upfront cash for a deposit, sometimes totaling three times the monthly rent (first, last, and security). Opening new utility accounts may also require a deposit.

And don’t forget about replacing household items left behind. Even basics like soap, light bulbs, shower curtains, and ketchup can easily total a few hundred dollars.

Lastly, miscellaneous costs can arise during the move itself, such as replacing broken items. Even with insurance, there’s usually a deductible to pay.

Bottom line: Whether you’re relocating across town or across the country, expenses can pile up quickly. A relocation loan can help you pay to move and set up your new home.

Funeral Expenses

Many people have life insurance to cover their own funeral. But what if Mom, Dad, or Grandpa didn’t plan ahead? If the deceased did not plan appropriately to finance their death, and life insurance doesn’t cover the bill, a personal loan can be a quick, easy solution for the family.

Basic costs for a funeral include the service, burial or cremation, and a memorial gathering of friends and family. The median cost of a funeral service with a viewing and burial is $8,300, while the cost of a funeral with cremation is $6,280.

Bottom line: When a loved one passes away, paying for the funeral may be the last thing on your mind. If you need help financing the arrangements, a personal loan could provide a fast and simple solution.

Home Improvement Expenses

Many renters and homeowners feel that annual or biannual itch to spruce up their living space. That might mean a fresh coat of paint, upgraded appliances, or a kitchen remodel. Depending on the level of your project, the cost of home remodel can come in anywhere from a few hundred to tens of thousands of dollars.

If you’re making upgrades that will improve a home’s value, the cost may be made up when selling the house later. Using a personal home improvement loan can help you focus on the renovation instead of fretting about costs. Plus, if you get an unsecured loan, you won’t have to worry about putting your home equity on the line as collateral.

Bottom line: Taking out a home improvement loan is one way to help fund a home improvement project.

Family Planning

Whether your plans involve pregnancy, adoption, in vitro fertilization (IVF), or surrogacy, growing a family can be expensive.

The average cost of a complete IVF cycle, for example, can be between $12,000 and $25,000, and multiple cycles may be required. Also, insurance may or may not cover some of all of the costs.

Once your baby arrives, you’ll need money to pay for diapers, clothing, formula, and other supplies. A personal loan can help you cover the expenses without having to dip into your savings or emergency fund.

Bottom line: When you’re looking to add a new member to the family, a personal loan can provide peace-of-mind financing.

Car Repairs

You get a flat tire. The transmission fails. The brakes go out. When your car breaks, chances are you can’t afford to wait to have it fixed while you pull together the necessary funds. A personal loan can help you cover the cost of the repair, which can be significant.

On average, consumers spend around $1,160 per year maintaining their cars in 2025, and major repairs can run much higher than that.

Bottom line: Car repairs are rarely planned. If you need money quickly to fix your car, you may want to consider a personal loan. Depending on the lender, you may be able to get same-day funding, but it could also take up to one week to get the money.

Vacation

Ready to take the plunge and book that bucket list trip? A vacation loan is one way to help finance your travel, and the interest rate could be lower than a credit card’s.

Bottom line: If you’re planning an expensive getaway and don’t have the cash you need at the ready, a personal loan can help you pay for the trip. Note that you may be paying off the loan long after the trip.

What Personal Loans Can’t Be Used For

While personal loans can be used for almost anything, there are some restrictions. In general, here are things you should not use a personal loan for:

•   A down payment on a home. Buying a home? In general, you’re not allowed to use personal loans for down payments on conventional home loans and FHA loans.

•   College tuition. Most lenders won’t allow you to use personal loans to pay college tuition and fees, and many prohibit you from using the money to pay down student loans.

•   Business expenses. Typically, you are not allowed to use personal loan funds to cover business expenses.

•   Investing. Some lenders prohibit using a personal loan to invest. But even if your lender allows it, there may be risks involved that you’ll want to be aware of.

Recommended: Personal Loan Glossary

Pros and Cons of Taking Out a Personal Loan

As you’re weighing your decision, it may help to take a look at the overall pros and cons of personal loans:

Deciding Whether to Take Out a Personal Loan

Wondering whether a personal loan makes sense for your situation? Here are a few things to keep in mind as you make your decision.

•   Figure out how much you’ll need to borrow. Remember, you’ll be on the hook for repaying a significant amount of money including interest. There might be hidden fees, too.

•   Make a repayment plan. Going into debt should never be taken lightly, so it’s important to set a realistic strategy to repay the debt.

•   Check your credit score. Your credit history and score will have a significant impact on the loan terms, and interest rates and qualifying criteria will vary from lender to lender.

•   Explore your options. Before applying with a lender, shop around for the interest rate and terms that best fit your needs.

Keep in mind that there may be situations when taking out a personal loan might not make sense. Here are a few instances:

•   You can’t afford your current monthly payments. If making the monthly payments on your existing debt is a challenge, you may want to reconsider whether it’s a good idea to take on any more debt right now.

•   You have a high amount of debt. Shouldering a high amount of debt? Taking out a personal loan could put a strain on your finances and make it more difficult for you to make ends meet or put money away for savings. Plus, carrying a lot of debt could increase your debt-to-income ratio (DTI), which lenders look at in addition to your credit score and credit report when reviewing your loan application.

•   You have a “bad” credit score. A less-than-stellar credit score could reduce your chance of getting approved for a personal loan. If your credit score is considered “bad,” which FICO defines as 579 or below, then you may want to hold off on taking out a personal loan and instead work on your credit. You can help raise your score by paying your bills on time, paying attention to revolving debt, checking credit reports and scores and addressing any errors, and being mindful about opening and closing credit cards.

Recommended: Can a Personal Loans Hurt Your Credit?

Alternatives to Personal Loans

Considering alternative ways to pay for expenses or big-ticket items that don’t involve personal loans? Here are three to keep in mind:

Credit cards

Credit cards offer a line of credit that you can use for a variety of purposes. This includes making purchases, balance transfers, and cash advances. You can borrow up to your credit limit, and you’ll owe at least the minimum payment each month.

A credit card may make sense for smaller expenses that you can pay off fairly quickly, ideally in full each month. Otherwise, be careful about racking up high-interest debt this way.

Home equity line of credit

If you have at least 20% equity — the home’s market value minus what is owed — you may be able to secure a home equity line of credit (HELOC). HELOCs commonly come with a 10-year draw period, generally offer lower interest rates than those offered by a personal loan, and you can borrow as much as you need, up to an approved credit limit. However, you may be required to use your home as collateral, and there’s a chance your rate might rise.

HELOCs might be an option to consider if you plan on borrowing a significant amount of money or if you expect to have ongoing expenses, like with a remodeling project.

401(k) loan

If you need money — and no other form of borrowing is available — then you may want to consider withdrawing funds from your retirement plan, to be repaid with interest. A 401(k) loan doesn’t come with lender requirements and doesn’t require a credit check. However, you may face taxes and penalties for taking out the money. Each employer’s plan has different rules around withdrawals and loans, so make sure you understand what your plan allows.

Borrowing from your 401(k) could be a smart idea in certain situations, like if you need a substantial amount of cash in the short term or are using the money to pay off a high-interest debt.

The Takeaway

When it comes to weddings, home improvement, cross-country moves, and other big-ticket items, a personal loan is typically a better alternative to high-interest credit cards. Other common uses for personal loans include credit card debt consolidation, medical bills, funeral expenses, family planning, and vacation.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What is interest?

Interest is the money you’re charged when you take out a loan from a bank or earn for leaving your money in a bank to grow. It’s expressed as a percentage of the total amount of the loan or account balance, usually as APR (annual percentage rate) or APY (Annual Percentage Yield). These figures estimate how much of the loan or account balance you could expect to pay or receive over the course of one year.

How important is credit score in a loan application?

Credit score is one of the key metrics lenders look at when considering a loan applicant. Generally, the higher the credit score, the more likely lenders are to approve a loan and give the borrower a more favorable interest rate. Many lenders consider a score of 580 to 680 or above to indicate solid creditworthiness, while a score of 740 or higher will qualify you for the most favorable rates.

Can I pay off a personal loan early?

Most lenders would likely welcome an early loan payoff, so chances are you can pay off a personal loan early. However, if an early payoff results in a prepayment penalty, it may not make financial sense to pay off the loan ahead of schedule.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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