Mobile Home Financing Options
ModularHomes.com can connect you with several qualified lenders that offer a range of mobile home loans. This includes financing programs for applicants who have an excellent credit history. Additionally, we can find you a lender that offers a number of other loan options for buyers that may have had some credit challenges in the past. You can use the following information to get a better idea of what to expect when it comes to mobile home financing.
Chattel Loans are the most common types of mobile home loans. This is a loan where the prefab home is considered personal property. Do you already own land, or have family land to put your home on? Or are you looking to live in a lease community? If so, then a chattel loan is for you! Qualifying for this type of mobile home loan is probably easier than you think. In fact, many prefab home lenders can offer very competitive rates and terms and allow up to 50% debt to income ratios.
Chattel loans are personal property loans made for the purchase or refinance of a manufactured home that is not permanently affixed to the real estate. As a result, it’s fairly common to use these types of mobile home loans for homes in manufactured home communities. The down payment requirements for this type of loan can be as low as 5%. Also, chattel loan terms are usually capped at 20 years. Finally, when it comes to interest rates, chattel loan rates are typically 3-4% higher than the traditional mortgage loan.
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