What Is a Mobile Home Loan?
A mobile home loan finances the purchase of a factory-built home. Homes can be titled as chattel (personal property) or real property (if permanently affixed to land you own), determining your loan options.
Mobile Home Loan Rates & Terms
Chattel loan rates: 7-12%, terms 10-20 years. Real property mortgage rates: 6-8.5%, terms up to 30 years. FHA Title I and VA loans available for manufactured homes.
How Does a Mobile Home Loan Work?
If the home sits on rented land, it's chattel and you'll need a chattel loan. If you own the land and the home is permanently affixed, it's real property — qualifying for a traditional mortgage.
Key Features of Our Mobile Home Loan
Chattel vs Real Property
Compare chattel loan rates vs. real property mortgage rates
Land Included
Factor in land purchase with the mobile home
✅ Pros
- More affordable than site-built homes
- FHA, VA, and USDA loans available
- Can be titled as real property for better terms
⚠️ Cons
- Chattel loans have higher rates and shorter terms
- Manufactured homes depreciate
- Lot rent in mobile home parks adds monthly cost
Mobile Home Loan vs Alternatives
Mobile Home Loan vs FHA Title I Loan
Specifically designed for manufactured homes. Competitive rates but maximum loan limits ($69,678 home, $23,226 lot, up to $92,904 combined).
Mobile Home Loan vs Personal Loan
Higher rates (8-36%) and shorter terms (2-7 years), making payments much higher. Best for very small, short-term needs.
How to Qualify for a Mobile Home Loan
Credit requirements vary: FHA Title I accepts 580+, conventional mortgages 620+, chattel loans 640+. Home must be built after 6/15/1976 and meet HUD code. Down payments: 3.5% (FHA) to 20% (chattel).