What is a Mobile Home Dealer Bond?
A mobile home dealer bond is a type of license and permit bond. It guarantees that dealers who sell off-site built homes will comply with state regulations, as well as with the conditions of any contract made between them and a customer.
The bond serves as protection for the state and for consumers, because it guarantees them protection in the case of dealer fraud, dishonesty, fraudulent representation or other misdeeds. If a dealer is found to have breached regulations or contract conditions, a claim can be made against their home dealer bond.
To find out more about home dealer bond amounts, how much your personal bond will cost and how you can get one, continue reading below!
Mobile Home Dealer Bond Cost
Manufactured home dealer bonds have no fixed nationwide amount. The bond requirement varies from state to state. Some states distinguish between mobile home dealers, home manufacturers, and home installers, and have differing bond requirements accordingly.
Here are some of the states which require mobile home dealers to obtain a bond and the respective amounts of the bonds:
|State and obligee||Type of bond and amount|
|Florida - Department of Highway Safety and Motor Vehicles||
$25,000 mobile home dealer bond
$50,000 mobile home manufacturer bond
$5,000 mobile home installer bond
|Oklahoma - Used Motor Vehicle and Parts Commission||$30,000 mobile home dealer bond|
|Arizona - Department of Building & Fire Safety-Office of Administration||$25,000 mobile home dealer bond|
Make sure to always check with your local government agencies to determine the amount of your bond, and which government office regulates your business.
The bond cost, also called the premium, is a percentage of the total amount of the bond. Sureties determine how high or low this percentage should be. They consider a variety of financial indicators that indicate an applicant’s financial stability. These include:
- Your personal credit score
- Your personal and business financial statements
- Your asset profile
- Your industry experience
Bryant Surety Bonds has access to good standard as well as specialty market rates on mobile home dealer bonds. Though these bonds are often considered high-risk, applicants with a low credit score can still obtain a bond through our bad credit program. Read on below to find out more!
Among the above factors, personal credit score is considered the most important and most trustworthy indicator for sureties.
Those applicants whose credit score is very high are typically offered a so-called standard market rate, which is between 1%-3% of the total amount of their home dealer bond.
Working with a top surety bond agency can also impact your surety bond cost. Bryant Surety Bonds represents a number of the best surety bond companies in the country.
All of our partner companies are A-rated and T-listed which makes them experts at what they do. By getting your bond with us, you will be offered the lowest and most competitive rates on your bond, backed by the best.
To find out what other factors influence bond cost, check out our detailed surety bond cost page. There you can even find tips for lowering your surety bond cost.
Bad Credit Dealer Bonds
A low credit score shouldn’t stop you from applying for a bond. Our Bad Credit Surety Bond Program is designed specifically for applicants who do not qualify for the standard market. This program allows those applicants to acquire a bond, despite their low credit score, or lack of credit history.
Because bonding low-credit applicants constitutes a higher risk, rates under this program are slightly higher than standard market rates - between 4%-10%. Like all our clients, these applicants are guaranteed to receive the lowest possible rate that is available to them, and the same great support and backing on their bond.
How to Get Your Mobile Home Dealer Bond
To get your mobile home dealer bond, simply apply online. Once you submit your bond application form, you can expect an approval and your free bond quote relatively soon, as home dealer bonds are processed fairly fast.
If you have any questions, just call our surety bond experts at 866.450.3412. They know all about bonding requirements in every state which requires home dealer bonds, and will be able to respond to any questions that you may have. And if you should require help or assistance with your application, our professionals can help you with this as well. We’re here for you!