Manufactured & Mobile Home Loans
Financing Options for the Home, the Land—or Both
Manufactured and mobile homes can require different financing than traditional site-built homes. The right loan depends on several factors, including the type and age of the home, whether you own the land, how the home is titled, and whether it is permanently attached to real property.
Financing may be available for:
Manufactured homes with land
Manufactured homes on land being purchased with the home
Homes located in manufactured-home communities
Homes on leased land or rented lots
Eligible mobile homes
Primary residences, second homes, or investment properties, depending on the loan program
Two Different Types of Financing
Home & Land Financing
When an eligible manufactured home and the land are financed together as real property, traditional mortgage programs may be available depending on the home, property, and borrower qualifications.
Chattel Financing — Home Only
When the borrower owns or purchases the manufactured or mobile home but does not own the land, chattel financing may provide financing for the home itself. This can be particularly useful for homes located on leased lots or within manufactured-home communities.
What Determines Which Financing Is Available?
Manufactured and mobile home financing can vary considerably depending on the home, land, title, installation, and loan program.
Some of the factors we'll review include:
Age and year the home was manufactured
Whether the home is classified as real or personal property
Whether you own or lease the land
Permanent foundation or installation requirements
HUD certification and identification information, when applicable
Property condition
Home size and configuration
Location and community requirements
Credit, income, assets, and available down payment
Whether the home will be a primary residence, second home, or investment property
The Title and Land Matter
One of the first things we need to determine is how the home and land are owned and titled.
A manufactured home permanently attached to land owned by the borrower may qualify for mortgage financing as real property, subject to program requirements.
If the home is located on a leased lot, or the home is treated as personal property rather than real estate, chattel financing may be the more appropriate option.
Don't Assume a Manufactured Home Can't Be Financed
Manufactured and mobile homes don't all fit into the same financing category. Even if a traditional mortgage isn't appropriate, another financing option may be available.
The key is identifying the home, land, title, and occupancy structure first—then matching it with the appropriate financing program.
Home & Land Financing Options
When an eligible manufactured home is permanently attached to land and financed as real property, several mortgage programs may be available.
Conventional Loans
Conventional financing may be available for eligible manufactured homes that meet the applicable property, foundation, title, appraisal, and loan-program requirements.
FHA Loans
FHA financing may be available for eligible manufactured homes and can offer flexible down-payment and credit options. The home and property must meet FHA requirements.
VA Loans
Eligible veterans and service members may be able to use VA financing for qualifying manufactured homes and land. VA, lender, property, and appraisal requirements apply.
USDA Loans
In eligible rural areas, USDA financing may be an option for qualifying borrowers and manufactured homes that meet USDA program requirements.
Purchasing the Home and Land Together
Depending on the program, financing may be structured to purchase an eligible manufactured home together with the land it occupies, rather than requiring separate financing for each.
If you already own the land, we'll review that ownership along with the home and proposed financing to determine what options may be available.
The home, land, installation, title, and loan program all have to work together.
Chattel Loans — Financing the Home Only
A chattel loan finances the manufactured or mobile home itself rather than the land underneath it.
This type of financing may be an option when the home is located in a manufactured-home community, mobile-home park, or other leased-land setting where the homeowner pays monthly lot rent.
When Chattel Financing May Be an Option
Chattel financing may be worth exploring when:
You are purchasing the home but not the land
The home is located on a leased lot
The home is titled as personal property
Traditional real-property mortgage financing isn't available
You already own a home on leased land and want to explore refinancing, when available
Chattel Loans Are Different From Traditional Mortgages
Because the loan generally finances personal property rather than real estate, the rates, terms, down-payment requirements, appraisal or valuation process, and underwriting guidelines can differ from a traditional mortgage.
The lender may also consider factors such as:
Age and condition of the home
Purchase price or value
Community or park requirements
Lot-lease terms
Credit and income
Down payment
Intended occupancy
Buying in a Manufactured-Home Community?
Before you make an offer, it's helpful to review both the home and the community or lot arrangement. That allows us to determine whether the transaction is better suited for chattel financing or another available loan program.
Don't assume that leasing the land means the home can't be financed.
Ready to Explore Your Financing Options?
Whether you're purchasing a manufactured home with land, buying a home in a leased-lot community, or refinancing an existing manufactured or mobile home, the first step is determining how the property is structured.
We'll review:
The home and its age
Whether the land is owned or leased
How the home is titled
Purchase price or estimated value
Community or lot-lease information
Intended occupancy
Your credit, income, assets, and available down payment
Let's Find the Financing That Fits the Property
Manufactured-home financing isn't one-size-fits-all. We'll determine whether the property may be better suited for a traditional mortgage, home-and-land financing, chattel financing, or another available program.
REQUEST A MANUFACTURED HOME LOAN REVIEW
Manufactured and mobile home financing programs, property eligibility, age requirements, land and title requirements, down payment, rates, terms, and availability vary by lender and program. All financing is subject to credit approval, underwriting guidelines, property requirements, and applicable program requirements.