The Right Loan for Your Manufactured Home
Secure a loan specifically designed for manufactured homes in leased-land communities. We provide specialized financing for the home itself, making ownership more accessible.
Apply now
What is a Chattel (Mobile Home) Loan?
A Loan for the Home, Not the Land
A Chattel Loan finances the manufactured home itself, which is considered personal property. This is different from a traditional mortgage, where the loan covers both the house and the land it sits on.
This financing is ideal for homebuyers purchasing a manufactured home that will be placed in a community or park where the land is leased or rented.
Why Offer Chattel (Mobile Home) Loan?
No PMI Required
Even with a low down payment, your borrower avoids monthly mortgage insurance.
Low Down Payment Options
Programs are available with as little as 5% down.
Great for In-Park Homes
This is the perfect product for clients buying a manufactured home in a leased-space community.
Streamlined Process
The loan process does not involve TRID, Loan Estimates (LE), or Closing Disclosures (CD), making it distinct from standard mortgages.
Stability for Borrowers
All loans are fixed-rate and fixed-term, with no pre-payment penalties.
Property
- Must be a Post HUD-1976 1/2 or newer manufactured home.
- For 5% down payment with a 650+ FICO, the home must be 2001 or newer.
- Must be a primary residence only. No vacation or secondary homes.
- The home must be in a rental/leased space park. Condo or Co-op parks are not eligible.
Credit History
- 24 months of credit history is required on the credit report.
- At least one installment loan of at least 12 months is required (VOR can be used).
- At least 4 reporting, non-derogatory tradelines are preferred.
- No current delinquencies are allowed on open credit lines.
Derogatory Events
- Bankruptcy: Must be 4+ years since discharge for Core/Silver programs, and 36+ months for the Bronze program.
- Foreclosure/Short Sale: Must be at least 4 years old, with an LOE showing extenuating circumstances.
- Collections/Charge-Offs: Must be paid off. Medical collections are reviewed case-by-case.
How to apply for a Chattel (Mobile Home) Loan
- We will discuss your financial situation, the home you want to purchase, and your credit profile.
- We will guide you through the pre-qualification or pre-approval process, which provides an estimate of the loan amount and terms you are likely to receive.
- Personal Identification: Valid government-issued ID (driver's license) and Social Security card.
- Proof of Income: Recent pay stubs (last 30 days), W-2s or 1099s, and tax returns (past two years).
- Asset Verification: Bank statements (past two months) to verify funds for the down payment and reserves.
- Mobile Home Details: Manufacturer, make, model, year, VIN/serial number, and purchase agreement (if already selected).
Our approved lenders
Can't find your answer