Chattel loans, or personal property loans, are available for homes located on land the buyer doesn’t own, such as a manufactured home community, or when only the home is being financed and not the land. Several lenders also offer mortgages and chattel loans for manufactured homes insured by the Federal Housing Administration (FHA), the U.S.

Chattel loans on manufactured homes have had high loss rates. Perhaps the major reason is that the value of the collateral securing the loans tends to decline over time, in contrast to site-built.

In this Paper, we refer to loans secured only by HUD-certified manufactured homes as "Chattel Loans" and loans secured by a mortgage on real property improved with HUD -certified manufactured homes as "Real Property Loans." In all instances, the manufactured home is assumed to be a borrower’s principal residence.

A traditional site-built home is considered real property, whereas a manufactured home may be considered personal property (or chattel) unless the home is fixed to that land. According to a 2014 report from the CFPB, only 14% of new manufactured homes are titled as real property, so chattel financing is the only option available.

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Chattel loans. If you do not qualify for a conventional loan or an FHA or VA loan, and you do not own the property where your manufactured home will be located, consider getting a chattel loan. A chattel loan is a loan for a mobile home that is not attached to the property through a deed or title.

Albert and his team did an outstanding job and I’m so glad I worked with them in getting a manufactured home loan. I didn’t realize the differences between getting a chattel loan and a regular home loan, so it was great that they knew exactly what to do and could explain everything in detail.

 · How to finance a mobile home. The financing options for buyers of lot lease manufactured homes are also different from those for traditional real estate.. A chattel loan is like an auto loan.

Our Manufactured and mobile home credit Guidelines include: Loans are not available in the following states: AK, HI, MA, NJ, and ri. land/home loans are not available in the following counties in the state of IL: Cook, Kane, Peoria and Will.

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