Question 1

What credit score do I need to qualify?

Accepted Answer

Our programs work with credit scores as low as 550. However, the better your credit score, the better rates and terms you'll typically qualify for. We have programs available across the credit spectrum.

Question 2

How long does the approval process take?

Accepted Answer

Most borrowers receive pre-approval within **24 hours** of submitting their application. The full loan process from application to funding typically takes ** 21 Days* depending on documentation and underwriting requirements.

Question 3

What documents do I need to provide?

Accepted Answer

You'll typically need:
- Government-issued ID
- Recent pay stubs (2-3 months)
- Bank statements (2-3 months)
- Tax returns (last 2 years)
- Proof of mobile home ownership
- Details about the mobile home (age, condition, location)

Our team will provide a complete list based on your specific situation.

Question 4

Can I get a loan if I don't own the land?

Accepted Answer

Yes! We offer **chattel loans** specifically for mobile homes on rented or non-owned land. These loans treat the mobile home as personal property and don't require land ownership. Chattel loans may have slightly higher interest rates but offer flexible qualification.

Question 5

What's the difference between a chattel loan and a mortgage?

Accepted Answer

**Chattel Loan:**
- Mobile home is personal property
- No land ownership required

**Manufactured Home**
- Requires land ownership
- Treated as real estate

Question 6

What are typical interest rates?

Accepted Answer

Interest rates vary based on credit score, loan type, and market conditions:
- **Chattel Loans:** 7.5% - 10.5% APR
- **Mortgages with Land:** 5.5% - 7.5% APR
- **Premium Rates:** Available for excellent credit (720+)

We shop multiple lenders to find you the best available rates. Contact us for a personalized quote.

Question 7

Is there a down payment required?

Accepted Answer

Down payment requirements vary by program and property type:
- **Minimum:** 3-5% of purchase price
- ** Chattel loans (Mobile Homes in Parks) start at minimum of 5%
- ** 100% Zero Down Payment available in some areas.
- **Benefits of larger down payment:** Better rates and terms

Flexible financing options are available. Our specialists can discuss what works best for your situation.

Question 8

Can I pay off my loan early without penalties?

Accepted Answer

Yes! We offer **prepayment without penalty**. You can pay off your mobile home loan at any time without additional fees or penalties. Early payoff can save you significant interest over the life of the loan.

Question 9

What is a mobile home chattel loan?

Accepted Answer

A chattel loan is a loan used to finance a manufactured or mobile home when the home is treated as personal property, rather than real estate. This is common when the buyer owns the home but leases the land, such as in a mobile home park or manufactured home community. HUD's housing counselor glossary states that manufactured homes on leased land are typically financed with chattel loans, and the home itself secures the loan.

Question 10

How is a chattel loan different from a traditional mortgage?

Accepted Answer

A traditional mortgage usually finances real property, meaning the home and land are titled together and the home is permanently affixed to the land. A chattel loan usually finances only the home, not the land. Because chattel loans are secured by personal property, they often have higher interest rates and shorter repayment terms than traditional real estate mortgages.

Question 11

Can I get a chattel loan if the home is in a park or on leased land?

Accepted Answer

Yes. In fact, that is one of the most common uses of a chattel loan. If the manufactured home is located in a park or community where the buyer leases the space, the home may not qualify for a standard mortgage because the borrower does not own the land. A chattel loan can allow the buyer to finance the home itself while continuing to pay space rent or lot rent separately.

Question 12

What credit score, down payment, and terms are usually required?

Accepted Answer

Requirements vary by lender, state, home type, and borrower profile. Some specialty manufactured home lenders advertise programs with down payments as low as 5% and terms around 20 to 23 years, but those are lender-specific guidelines, not universal rules.

For FHA Title I manufactured home loans, HUD says the buyer must meet credit guidelines, agree to the required down payment, and use the home as their principal residence. HUD also lists a maximum term of 20 years and 32 days for a single-unit manufactured home loan.

Question 13

Is a chattel loan a good option for buying a manufactured home?

Accepted Answer

A chattel loan can be a good option when the buyer wants to purchase a manufactured home but does not own the land underneath it. It can also be faster or more practical than trying to convert the home to real property. However, buyers should compare the payment, interest rate, loan term, fees, lot rent, insurance, taxes, and park/community rules before moving forward. Pew notes that home-only/chattel loans are often less affordable than mortgages because of shorter terms and higher interest rates, but they can still provide legal ownership and consumer protections that may be better than risky alternatives such as lease-purchase or contract-for-deed arrangements.

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