Chattel Loans for Manufactured Homes
Home-Only Financing Solutions
Finance your manufactured home without land • Faster closings • Flexible qualification
What is a Chattel Loan?
A chattel loan treats your manufactured home as personal property (like a car) rather than real estate. This type of financing is perfect when you don't own the land where your home will be placed.
Personal Property vs Real Property:
Personal Property (Chattel)
Home can be moved, financed separately from land
Real Property (Mortgage)
Home permanently attached to owned land
When Chattel Makes Sense
Chattel Loan Requirements
Credit Requirements
- Credit score flexibility by lender
- Recent credit issues may be acceptable
- Focus on payment history vs score
Down Payment
- Higher credit = lower down payment
- Cash or trade-in acceptable
- Some programs allow gift funds
Income Requirements
- Debt-to-income ratio flexibility
- Self-employed income accepted
- Multiple income sources OK
Home Requirements
- Single or multi-section homes
- HUD code compliance required
- Condition and age restrictions vary
True Cost Analysis: Chattel vs Traditional Mortgage
Chattel Loan Example
Traditional Mortgage
Key Insight
Higher rate but less total interest due to shorter term.Chattel loans cost more monthly but you pay less interest over the life of the loan and own your home sooner.
Chattel Loan Process - 30-Day Timeline
Application
Day 1
Complete application with basic documentation
Credit Approval
Day 2-3
Quick credit decision, often same day
Home Selection & Invoice
Day 4-7
Choose home and get manufacturer invoice
Final Underwriting
Day 8-14
Complete documentation review
Closing Documents
Day 15-20
Prepare loan documents and final details
Funding
Day 21-30
Close loan and fund home purchase
Fast 30-Day Close
Chattel loans typically close in 30 days compared to 45-60 days for traditional mortgages. Perfect when you need to move in quickly.
Chattel Loan Pros and Cons
Advantages
Disadvantages
When Chattel Loans Make Sense
Leased Land Situations
Perfect for manufactured home communities or family land arrangements
Temporary Placement
Planning to move the home in the future or uncertain about permanent location
Fast Closing Needed
Need to close quickly (30 days) vs traditional mortgage timeline
Lower Closing Costs
Minimal upfront costs compared to traditional mortgage closing fees
Credit Challenges
More flexible qualification than traditional mortgages for some situations
Mobile Home Parks
Ideal for homes in manufactured home communities with lease agreements
Chattel Lender Comparison
| Lender | Min Credit | Down Payment | Max Term | Rate Range | Specialty |
|---|---|---|---|---|---|
| 21st Mortgage | 575 | 5% | 25 years | 8.49-11.99% | Largest chattel lender |
| Cascade Financial | 600 | 10% | 23 years | 8.99-12.49% | Competitive rates |
| Triad Financial | 620 | 5% | 25 years | 7.99-10.99% | Lower rates for good credit |
| CIS Home Loans | 580 | 5% | 25 years | 8.25-11.75% | Flexible underwriting |
Rate Factors
Chattel loan rates depend on credit score, down payment, loan amount, and home age/condition. We work with multiple lenders to find you the best terms available for your situation.
Is Chattel Financing Right for Your Situation?
Let R.J. help you explore chattel loan options and compare them to traditional financing
Fast approvals • Flexible terms • Personal service