Mortgage Loan Calculator - Mobile Home Financing - Modular and Manufactured Home Financing - Land Home Mortgage Information

Mobile Home Mortgage: Home only / Chattel

Many people referring to a mobile home today are referring to a single wide in a park,
where as when referring to land home financing they are referring to a double wide or triple wide permenantly attached to property they own.  A person seeking to get financing on a manufactured home where the land is not owned by them would be looking for "home only" financing, which the mobile home industry calls Chattel financing.  Chattel simply means that the customer is seeking to borrow money on a home by itself not including any land or land improvements.  We have a national lender that has a mobile home mortgage product.  If you are looking for mobile home financing for the purpose of purchasing just the home, the type of loan you are looking for is a Chattel Loan.

Be aware that a person does need to have good credit to qualify for mobile home financing.  If your (beacon) credit score is under 620 you may have difficulty obtaining
a mobile home mortgage.  If you want to learn more about how credit affects your ability to obtain a mortgage contact us today.

Manufactured Home Financing - Modular Home Financing: Land Home Loan

Most often when a person talks about manufactured home financing or modular home financing they are referring to financing for a land home package.  A land home mortgage is set up very similar to a construction loan.  Generally there is a construction phase and then when everything is done the loan is converted to a standard fixed rate mortgage.  In this type of financing FHA is often the federal program the loan falls under.  

We have a national lender that has a land home loan product that is conventional instead of coming under FHA.  FHA requires numerous inspections and overall adds a great deal of cost to the loan.  A person may come out cheaper by going conventional and paying to
have their own independent person to inspect the home when it is complete than to jump through all the FHA additional requirements.

Local Banks Helping with Modular and Manufactured Home Financing

Modular and Manufactured home financing specifically related to land home packages has taken on prominence in the last few years.  I have found several local banks are offering their good customers easy access to money to place a manufactured or modular home on land, including money for necessary land improvements.  Cumberland Bank,
Volunteer State Bank, and Farmers Credit in particular set up loans that gave my customers access to cash to pay me for my homes.  The customers also got necessary money to do improvements to their properties.

Not all Banks understand how to do these loans yet. If you are thinking of going to your local bank, come and talk to us.  Let us give you what you need to ask your local bank for so that you get a loan package that will enable you to have all the necessary work done so your new manufactured or modular home will be ready to move into.  Your local bank may want to do FHA.  That would be fine, no problem.  We can put together the various things we know FHA will want and about what FHA will charge.  We are land home package experts.  Let us help you put it together.

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