A chattel loan lets you finance a manufactured home as personal property. It's the right fit when you're placing a home on a leased lot inside a community or mobile home park. Because the loan is secured by the home itself rather than real estate, the process is often simpler and faster than a traditional mortgage — and it's specifically designed for the manufactured home market.
This loan fits when…
- Buying a home to place in a manufactured home community
- Leasing the lot — you don't own (or want to buy) the land
- Looking for a faster, more streamlined loan process
- Purchasing a single-wide, double-wide, or triple-wide HUD home
This loan doesn't fit when…
- You're buying the land along with the home
- You already own land and want to place the home on it
- The home will be on a permanent foundation as real property
Not sure which fits? See Land-Home Loans or ask us directly.
How the process works
From first inquiry to closed loan — here's what to expect.
Tell us about your situation
Fill out our short form. No hard credit pull — just enough to get a lending specialist started on your file.
A lending specialist reaches out
Typically within one business hour. They'll review your information, answer questions, and let you know what programs you may qualify for.
Application & documentation
If you want to move forward, you'll complete a full application and provide supporting documents — income, ID, and details about the home and community.
Underwriting
Our team reviews your file. We'll keep you posted at each stage and reach out promptly if we need anything.
Closing
Once approved, we'll schedule closing. Chattel loans often close faster than traditional mortgages because there's no land title involved.
Common questions
- What is a chattel loan?
- A chattel loan finances a manufactured home as personal property rather than real estate. Because the loan is secured by the home itself — not the land — it's the standard financing option when the home will be placed on a leased lot in a community or mobile home park.
- What credit score do I need?
- Credit requirements vary by program. We work with a range of credit profiles. The best way to find out where you stand is to submit your information and speak with a lending specialist — there's no hard credit pull at that stage.
- How much can I borrow?
- Loan amounts depend on the home's value, your credit profile, and the program. A lending specialist can walk you through realistic numbers once we know more about your situation.
- Is a chattel loan the same as an FHA Title I loan?
- No. FHA Title I is a government-backed chattel loan program with specific eligibility rules. We offer chattel loan options — speak with a lending specialist about which program fits your situation best.
- What's the difference between a chattel loan and a land-home loan?
- A chattel loan covers just the home; a land-home loan covers both the home and the land in a single package. If you're placing the home on a leased lot (renting the land), chattel is the right path. If you're buying the land too, you'd want a land-home loan.
- Can I use a chattel loan for a modular home?
- Generally, chattel loans are used for HUD-code manufactured homes, not modular homes. Modular homes are typically financed as real property. Talk to a lending specialist if you're not sure which category your home falls into.
Ready to see if you qualify?
No hard credit pull. A licensed specialist will follow up within one business hour.