We are pleased to add Mobile Home loans to our product line. Chattel loans are used for Mobile homes, especially if the mobile home will be placed in a park or community.
The chattel loan is a home only loan, as opposed to a loan for both home and land. The main difference being that the Chattel loan is a personal property loan and not a Real estate loan.
Down payment for Borrowers with good credit is typically 5% down for primary residences. Mobile Homes that were built prior to June 15th, 1976 are not eligible for financing.