How Does Mobile Home Financing Work. In order to qualify for mobile home financing you ll need to prove to a lender that you are responsible with credit. These loans are technically personal property loans not real estate loans.
The key to obtaining financing is to be prepared with documentation for your income debts and assets. If you served in any branch of the u s. The foreclosure rates on manufactured homes are typically much higher than those on traditional houses.
Lenders see mobile homes as a risk because they re easy to walk away from.
Once the home is placed and inspected the loan converts to a permanent mortgage. You may be able to get a chattel loan if. A chattel loan is a special type of personal property loan that can be used to purchase a mobile home. A chattel loan offers an in between option for mobile home financing.