Financing Manufactured Homes

Whether your home is in a park or on owned land, there are loan options available — though the choices and rates depend heavily on whether your home is classified as personal property or real property.

The single biggest factor: real property vs. personal property

Homes on owned land that are classified as real property qualify for mortgages with rates and terms similar to site-built homes. Park-sited homes on personal property title are limited to chattel loans at significantly higher rates. Learn about converting to real property →

Loan Options Compared

Chattel Loan

Personal Property

Park-sited homes, homes on leased land

Rate

7–12%

Term

15–25 years

Down

5–20%

Pros

✓No land ownership required
✓Faster closing than mortgages
✓Available for older homes

Cons

✗Higher interest rates
✗Shorter terms = higher payments
✗Less consumer protection than mortgages

FHA Title I

Personal Property

Park-sited homes needing government-backed financing

Rate

~8–10%

Term

Up to 20 years (home only)

Down

Pros

✓Government-insured; more lender options
✓Available without land ownership
✓Lower down payment than many chattel lenders

Cons

✗Loan limits ($69,678 home / $92,904 home+lot as of 2024)
✗Not all lenders participate
✗Higher rates than Title II

FHA Title II

Real Property Required

Homes on owned land, first-time buyers

Rate

~6.5–8%

Term

Up to 30 years

Down

3.5% (580+ credit)

Pros

✓3.5% down with 580+ credit score
✓Standard FHA rates
✓Up to 30-year terms

Cons

✗Requires real property status
✗HUD foundation certification required
✗MIP (mortgage insurance premium) required

VA Loan

Real Property Required

Veterans and active-duty military

Rate

~6–7.5%

Term

Up to 30 years

Down

0% for eligible veterans

Pros

✓0% down for eligible borrowers
✓No PMI
✓Competitive rates

Cons

✗Must be VA-eligible
✗Real property required
✗Must meet VA property requirements

USDA Rural Loan

Real Property Required

Rural and suburban buyers in USDA-eligible areas

Rate

~6–7.5%

Term

Up to 30 years

Down

0% in eligible areas

Pros

✓0% down in eligible areas
✓Competitive rates
✓Low income limits may qualify for subsidized rate

Cons

✗Geographic restrictions (rural areas)
✗Income limits apply
✗Real property required

Conventional (Fannie/Freddie)

Real Property Required

Qualified homes meeting MH Advantage or CHOICEHome standards

Rate

~6.5–8%

Term

Up to 30 years

Down

3–20%

Pros

✓Competitive rates
✓PMI drops off at 20% equity
✓MH Advantage (Fannie) offers better terms for qualifying homes

Cons

✗Stricter property requirements
✗Real property required
✗Not all manufactured homes qualify

Lenders Specializing in Manufactured Homes

Affiliate disclosure: links below include a referral tag. We may receive compensation if you apply through these links. This does not affect our editorial content.

21st Mortgage Corporation

One of the largest chattel lenders for manufactured homes. Specializes in park-sited and land-home loans. Flexible credit requirements.

Apply at 21stmortgage.com →

Rocket Mortgage

Offers FHA and conventional mortgages for manufactured homes classified as real property. Online application with fast pre-approval.

Get a rate at rocketmortgage.com →

MHVillage Financing

Connect with multiple manufactured home lenders through MHVillage's lending marketplace. Compare offers side-by-side.

Compare lenders at MHVillage →

Rocket Lawyer — Legal Docs

Create purchase agreements, promissory notes for seller financing, and other legal documents needed for your transaction.

Create documents at rocketlawyer.com →

Tips for Getting Approved

Check your credit score first

FHA Title II requires 580+ (3.5% down) or 500–579 (10% down). Chattel lenders vary widely — some go to 575, others require 620+.

Convert to real property if possible

If you own the land, converting unlocks mortgage rates 1–3% lower than chattel. The conversion process takes 2–6 weeks in most states.

Verify HUD labels exist

Lenders require the HUD certification label (red metal tag) on the home. Missing labels can disqualify a home — a HUD label verification costs ~$100.

Get a foundation certification

FHA and VA require a licensed engineer to certify the foundation meets HUD Handbook 4930.3G. Budget $300–600. Chattel lenders do not require this.

Shop multiple lenders

Chattel rates vary enormously between lenders. Get at least 3 quotes — the spread can be 2%+ on the same loan amount.

Consider seller financing

For park-sited homes especially, seller financing (owner carry) bypasses chattel lender requirements entirely. Use a written promissory note and proper title transfer.

Not legal or financial advice. Rates, limits, and requirements change frequently. Consult a HUD-approved housing counselor or licensed lender.

Browse State Guides →Title vs. Real Property →