Manufactured Housing News

Buying a manufactured home is a great, modern, and affordable way to become a homeowner. But when it comes to financing, many buyers find that traditional mortgage options aren’t always the best fit—especially if the home isn’t permanently attached to land. That’s where chattel loans come in. Designed specifically for movable personal property, chattel loans offer a flexible path to owning a manufactured home, even when standard financing isn’t an option.

What Is a Chattel Loan?

A chattel loan is a type of financing used to purchase personal property—movable items like manufactured homes, boats, or heavy equipment. In the case of manufactured houses, the home itself acts as the collateral, not the land it sits on. This makes chattel loans ideal for homes located in leased land communities, mobile home parks, or properties where the homeowner might not own the land beneath the home.

Unlike traditional mortgages, which are secured by both home and land, chattel loans are usually faster and simpler. The approval process can often be completed more quickly, with less documentation requirements and lower upfront costs. This makes them a great choice for buyers who want to move forward with their purchase without long delays.

Benefits of a Chattel Loan

One of the biggest advantages of a chattel loan is flexibility. Because these loans are designed for personal property, they can be used in a lot of situations—whether you’re buying a new manufactured home, refinancing an existing one, or upgrading your current home. This adaptability allows you to find financing solutions that match their living situations and financial goals.

Another benefit is accessibility. Many homebuyers who don’t qualify for a traditional mortgage might still be eligible for a chattel loan. The credit and income requirements are usually more forgiving, and the overall process is more tailored to the manufactured housing market. Also, since the home itself serves as the collateral, your loan can often be secured without the need for land ownership.

Chattel loans can also help build equity over time. As you make regular payments, you increase your ownership stake in the home, strengthening your long-term financial position. And while interest rates for chattel loans might be slightly higher than those for conventional mortgages, the lower upfront costs and faster approval process can make them a great option for many buyers.

Who Should Consider a Chattel Loan?

Chattel loans are a great choice for people buying manufactured or mobile homes located on leased land or in a community setting.

If you’re exploring your financing options and want a loan that fits the flexibility of manufactured home ownership, a chattel loan could be the best solution. It provides the convenience, speed, and adaptability you need to move forward with confidence.

Chattel loans offer a simple and effective way to finance a manufactured home, giving buyers more freedom and control over their housing choices. With the right lenders, you can enjoy the comfort of your new home without the complications of traditional mortgage requirements. Whether you’re purchasing, refinancing, or upgrading, a chattel loan can open the door to homeownership on your terms.