Home only loans for manufactured homes
“Home only” loans, also known as “Chattel loans”, are used to purchase an item of personal property, like a manufactured home. The chattel, or in this case, your new manufactured home, secures the loan. A manufactured home only loan differs from a traditional mortgage where the loan is secured by a lien on the stationary property. In cases where the homeowner buys the residential unit but not the land it occupies is a home only loan. This is why the lender owns the property until it has been paid off.