Home only loans

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.

How the Tammac home only loan works

We offer lending for manufactured homes located in communities/parks, on leased ground or on your own land. This loan type is used when the land itself is not part of the collateral for the loan. Most of these loans can close within 4-6 weeks with the timeline depending on how quickly the supporting documentation is returned to us. Our program is for single-wide or multi-section homes. There is no requirement for permanent foundations. We offer flexible terms and our minimum loan amount is $10,000 dollars. We do not finance other lenders’ repossessions or foreclosures and all loans must qualify based on our current underwriting as well as the established ability to repay rules. Tammac can fund primary or secondary homes as well and can offer up to 25 year terms on your new manufactured home loan.

Credit guidelines*

* Meeting these guidelines does not guarantee approval

  • Loans are available in the following states:
    • Chattel – Delaware, Kentucky, Maine, Maryland, New York, New Jersey, Ohio, and Pennsylvania.
    • Land/home – Delaware, Kentucky, Maine, New York, Ohio, and Pennsylvania
  • Minimum loan amount: $10,000
  • Low down payments
  • Age of mobile home – 1976 or newer HUD coded homes only
  • Escrow for insurance and taxes is required for all loans
  • Property must be on a publicly maintained road. No shared wells, no cisterns.

Items needed to complete a credit application

  • Email address (if you wish to complete an online application and/or receive documents electronically
  • Social Security Number
  • Purchase price
  • Cash down payment amount, land equity value, or trade value
  • Home information including year, manufacturer, size
  • Subject site address, property type (park/community, leased land, owned land) and lot rent payment
  • Name of seller, retailer, or realtor
  • Current gross (before taxes) income
  • 3 years history for income and residence
  • Current monthly debt payments (include alimony and child support if owed)

Documents needed to complete your loan

  • Pay stubs which include year to date gross income (must cover 30 days) and the most recent two years W-2s for borrowers that are currently employed
  • 2 years tax returns for self-employed borrowers
  • 1099s, 1099Rs, award letters, and proof of current deposits for retired borrowers
  • Divorce decree and proof of 12 months on-time payments for alimony (if listed on the application)
  • Court order and proof of 12 months on-time payments for child support (if listed on the application)
  • Copy of deed (if owned or private land)
  • Landlord waiver (if private land owned by another)
  • Park approval letter (if in a community)
  • NADA certified appraisal (if purchasing a pre-owned home)
  • Proof of funds used for cash down payment and closing fees via two months of formal bank statements or gift letter and proof of funds (if applicable)
  • Copy of driver’s license (or alternate photo ID if borrower does not drive)
  • Copy of Social Security Card
  • Property tax information (tax bills if existing home, tax collector info if new home)
  • Copy of title for the mobile home (if pre-owned)

Apply now

If you’re ready to apply for a home only loan, just click the button below and fill out a quick quote form. See how fast and easy it is to get approved with Tammac and experience the Tammac Difference.