Mobile home loan FAQ

A chattel (home-only) loan finances the manufactured home as personal property, without the land. It is used for homes in land-lease communities or on land you don't own. A mortgage, or land-and-home loan, finances the home and the land together as real property. Mortgages usually have longer terms and lower rates; chattel loans close faster and have lower closing costs.

There is no single minimum. Each program lists its typical minimum score, and the calculator lets you choose a credit range to see how it changes your rate. A higher score and a larger down payment usually mean a lower rate. If your credit is still building, prequalify anyway. We look at your whole application, not just the score.

Down payments for home-only loans usually start around 5% for new homes and 10% or more for pre-owned homes. Land-and-home loans can start lower. If you own your land, its equity may count toward your down payment. The calculator shows the minimum down payment for each program.

Yes. We finance pre-owned manufactured homes built on or after June 15, 1976, when the federal HUD Code took effect. The home must be in good condition with a clear title. Older homes may need a larger down payment or a shorter term.

Yes. Homes in land-lease communities are financed with home-only (chattel) loans. We review the community's lease terms, and your lot rent counts toward your monthly housing cost.

Home-only loans typically run 10 to 25 years, depending on whether the home is new or pre-owned. Land-and-home loans can run up to 30 years. A longer term lowers your monthly payment but increases the total interest you pay.

The interest rate is the yearly cost of borrowing the loan amount. The annual percentage rate (APR) also includes prepaid finance charges such as origination fees, spread over the life of the loan. That is why the APR is usually a little higher than the interest rate. Use the APR to compare loan offers.

The main payment estimate is principal and interest only. Add your monthly lot rent, property tax and insurance in the calculator's optional fields to see your estimated total monthly housing cost.

No. Prequalifying only asks for basic information about you and the home, and does not involve a hard credit inquiry. A credit check happens only after you submit a full application and authorize it.

"Mobile home" is the common name for factory-built homes made before June 15, 1976. Homes built since then under the federal HUD Code are called manufactured homes. Modular homes are built in sections to the same local building codes as site-built houses and are usually financed like site-built homes.

Yes. If your credit has improved or rates are lower than when you bought, refinancing may lower your payment or shorten your term. Enter your home's value and your equity in the calculator to estimate a refinance.

Prequalification takes a few minutes online. Once you submit a full application with your documents, most decisions take a few business days. Timing depends on how quickly documents, title work and any appraisal are completed.