Chattel Loans For Manufactured Homes. These moveable manufactured homes are considered personal property, which is why they are sometimes referred to as mobile homes. More often than not, this type of loan is the first option our team tries to pursue with potential home buyers.
The word “chattel” means a piece of movable property such as machinery, a vehicle, or, you guessed it, a mobile home! So, a chattel loan is a loan for movable property. More often than not, this type of loan is the first option our team tries to pursue with potential home buyers.
Jcf Specializes In Chattel Mortgages, A Term Used When Referring To A Loan On A Mobile Or Manufactured Home Where The Land Is Not A Factor And Only The Mobile Home Will Be Financed.
Chattel loans aren’t for everyone. 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. For this reason, chattel loans are popular for manufactured home communities.
These Loans Are The Most Common And Most Utilized For Financing Manufactured Homes And Mobile Homes.
Chattel loans are essentially personal property loans for the home by itself. Department of veterans affairs (va) and the rural housing. Chattel loans are a common way to obtain a manufactured home.
Our Success In Meeting This Objective Will Have A Significant Impact On The Market.
Cars, boats, rvs, heavy equipment and manufactured homes are all considered chattel. Applicants can structure repayments over a range of terms; Our specialty is a chattel mortgage, which refers to a mobile or manufactured home loan, where only the home will be financed.
Jcf Is A Home Only Lender And Proud Of It.
Borrowers can also take out a chattel mortgage to purchase a modular home. These homes are only eligible for chattel loans. If the manufactured home will not be permanently installed on owned land it will remain classified as personal property.
Rates On Manufactured Home Loans With A Chattel Loan Start Around 5.99% But Can Vary Depending On Your Credit Score.
Your movable property or chattel also serves as collateral in a chattel loan. Several lenders also offer mortgages and chattel loans for manufactured homes insured by the federal housing administration (fha), the u.s. Manufactured homes are typically covered by chattel financing because the property is classified as personal property.