Chattel Loans for Manufactured Homes in Los Angeles, CA: Rates & Tips!
February 11, 2026
Buying a manufactured home in Los Angeles can be an easier path to homeownership. But financing works a bit differently here than it does for stick-built houses. When the manufactured home you want isn’t tied to owned land, most lenders will require a chattel loan. These loans finance the home as personal property, not real estate. At Triad Financial Services, we refer to these as “Home Only Loans” — a straightforward way to purchase your manufactured home in a community or park without buying land first.
What Is a Chattel (Home Only) Loan?
A chattel loan is specifically designed to finance manufactured homes that are considered personal property because they sit on leased land or don’t have a permanent foundation. Because the lender’s collateral is only the home itself — and not the land underneath it — these loans carry unique terms compared with traditional mortgages used for houses and land combined.
Down Payment Expectations
The down payment requirements for chattel loans usually depend on the lender and your financial profile. In the Los Angeles area and broader California, many chattel lenders typically ask for a down payment of 5% to 10% of the home’s purchase price.
- A lower down payment (around 5%) might be accepted if you have strong credit and steady income, but it could also mean slightly higher interest rates.
- A larger down payment can reduce your monthly payments and improve the likelihood of loan approval.
- Expect some closing costs and fees on top of your down payment, usually totaling an additional 2–5% of the loan amount.
Interest Rates: What You Can Expect
Chattel or Home Only Loans tend to come with higher interest rates than traditional mortgages. Because the home is considered personal property instead of land-backed real estate, lenders factor in a bit more risk when setting the loan terms. The exact rate you qualify for will depend on your credit score, loan term, and the age or condition of the home.
Loan terms for chattel financing also tend to run between 15 to 20 years, which is shorter than many traditional mortgages.
Loan Approval Tips
There are a few major factors that make lenders more comfortable saying “yes”:
- Strong Credit Profile: A credit score of 600 or higher helps, and scores above 650–680 often bring even better interest rates and terms.
- Reliable Income: Lenders want to see steady employment or consistent income and might look at your debt-to-income ratio before offering terms.
- Down Payment Preparedness: Having some cash saved for a down payment shows financial responsibility and increases your chances of qualifying quickly.
- Ready Documentation: Bring your proof of income, tax returns, credit history, and documents about the home itself when you apply. This helps speed up underwriting.
Home + Land Loans: A Path to Lower Rates
If you’re interested in owning not just the home but also the land it sits on, Triad goes beyond Home Only Loans. Our home + land loan options combine both pieces into a single mortgage — often with lower interest rates and more traditional terms because the land adds value and security for the lender.
This option might make more sense if you plan to stay long-term and want the financial benefits of real estate ownership.
Chattel loans — or Triad’s Home Only Loans — offer manufactured home buyers in Los Angeles a solid entry point into homeownership, with modest down payment requirements and a structured, predictable process. With a bit of preparation and some informed choices, you can secure financing that fits your plans. And if you’re ready to take the next step, Triad’s home + land loan programs give you even more options for building equity and stability.