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Manufactured/Mobile Home Loan (Chattel)
A Manufactured Home Loan or Mobile Home Loan provides financing for buyers looking to purchase a factory-built home, whether placed on owned land or in a mobile home community. For homes not permanently affixed to land, a Chattel Loan is a common financing option, as it is specifically designed for movable personal property like mobile homes. These loans offer affordable homeownership alternatives for those seeking non-traditional housing at a lower cost. If you’re looking to finance a manufactured or mobile home, exploring these loan options can help you find the best fit for your needs.
A Reliable Home Loan You Can Trust.
Finances Mobile Homes Without Land
Ideal for buyers who don’t own land or live in a mobile home park.
Faster Approval Process
Streamlined application and approval compared to traditional home loans.
Larger Down Payment Requirements
Typically, Chattel loans may require a larger down payment than conventional home loans.
Flexible Loan Terms
Tailored loan options for mobile and manufactured homes, with terms that fit your needs.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are Manufactured/Mobile Home Loans (Chattel) best for?
Manufactured/Mobile Home Loans (Chattel) are best for individuals who are purchasing or refinancing a manufactured or mobile home that is not affixed to land or is on leased land. These loans are ideal for buyers who want to finance the home itself, rather than the land.
How do Manufactured/Mobile Home Loans (Chattel) work?
A Chattel loan finances the mobile or manufactured home as a personal property loan, rather than a real estate loan. This type of loan typically has shorter terms and higher interest rates compared to traditional home loans, and the home must not be permanently attached to land.
What are the pros and cons of a Manufactured/Mobile Home Loan (Chattel)?
Pros:
- Financing available for mobile homes that aren’t on owned land.
- Faster approval process compared to traditional home loans.
- Can be used for homes in mobile home parks or on leased land.
Cons:
- Higher interest rates compared to traditional mortgages.
- Shorter loan terms (typically 15 years or less).
- May require a larger down payment.
Can I convert my Chattel loan to a traditional mortgage?
Yes, if the manufactured home is affixed to land and meets specific criteria, you may be able to refinance your Chattel loan into a traditional mortgage.