![]() ![]() That's because they're mobile and not attached to the land, as is the case with real property (ie, real estate).īecause they're classified as personal property, they're only eligible for chattel loans, a type of loan secured by property that is portable, such as an auto, boat, RV or mobile home - because they're, you know - mobile. ![]() Manufactured homes, or mobile homes as they are traditionally known, are usually considered personal property by default. Of course, there are certain requirements to meet.Ī new report from the Consumer Financial Protection Bureau (CFPB) explores some of the ins and outs of purchasing and financing manufactured homes. Mortgage or chattel loan?Ī mobile home financed through a mortgage will generally have a lower interest rate and monthly payments, sometimes by a large margin, than one purchased using a chattel loan, which is the more common type of financing for manufactured homes. They're particularly popular in southern and western states, where they account for as much as 17 percent of the total housing stock in South Carolina. Manufactured homes are a major housing type in the U.S., accounting for one in seven homes outside of metropolitan areas, according to the U.S. But you can do so, provided that you either own or purchase the property the home will be sited on, and permanently install the home at its site. Many purchasers may not be aware that you can finance the purchase of a manufactured, or mobile, home using a conventional mortgage. However, purchasers often end up using financing that costs them considerably more than they would spend on a mortgage for the same property. Manufactured homes offer an affordable and popular housing option for many, particularly those with modest incomes. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. For a full list of these companies click here. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with any government agency. ICB Solutions partners with a private company, Mortgage Research Center, LLC, (nmls # 1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank. ![]()
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