Manufactured Home Loans On Leased Land

Most people are first introduced to the term "chattel mortgage" which is used when land is not a factor, but rather just the mobile / manufactured home, when the research buying. Typically those stationed at a mobile home park, on leased land, family land, or other locations will likely have a separate mortgage or fees for the land.

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According to Kuhl, "manufactured housing communities are home to relatively young. including acquisition of vacant land parcels adjacent to properties. The company’s financing objectives continue.

The Bottom Line with Manufactured and Modular Home Financing. Refinancing a mobile home or manufactured home into a real estate mortgage is a good move for most people. You will usually be able to save considerably on both your monthly payment and your long term interest costs.

Wells Fargo specializes in financing manufactured home communities ("MHC"), offering various flexible lending programs to meet your needs. Our experience and dedication to this industry has made Wells Fargo a nationwide leader in MHC financing for more than 15 years.

To qualify for an FHA mobile home loan, the initial lease term for the land must be at least three years and the lease must specify that the homeowner will receive at least 180 days’ notice if the lease will be terminated for any reason. For any FHA manufactured home loan, the maximum loan amounts are: Manufactured home only: $69,678

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If you have a manufactured home on leased land and the lease expires (and the surrender clause does not require you to relinquish the property), you can theoretically take them home with you to.

In those cases when a manufactured home is located on leased land, typically the only way to finance it is via a chattel loan. This creates an affordability issue because chattel loans carry much.

Make sure you find a lender that offers competitive pricing for your manufactured home loan, and also be sure to check its fees, rates and your expected down payment amount. Whether you opt for leased.

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