How to Finance Your Michigan Manufactured Home | HomeFirst

Why HomeFirst Has the Best Manufactured Home Chattel Financing Options

Chattel loans are a popular way to finance manufactured homes. The word chattel is derived from the Latin word “capitale”. This term represents a type of loan between a borrower and a creditor. Mobile home prices are affordable and offer a great option for homeowners of all ages. HomeFirst offers mobile home chattel loans to keep your home buying experience simple and within your price range.

Mobile Home Financing

Traditional home loans have a history of disqualifying mobile homes. This is due to the mobility factor. Chattel is movable personal property that can be borrowed against using a chattel mortgage. This works out perfectly for mobile home buyers that are placing their new home on a plot of ground or on a lot in a park. Many mortgages do not qualify for mobile home parks since the ground is leased and not owned. The best part of mobile home chattel loans is that you are free to move without interfering with the loan.

Interest Rates on Financing

Mobile home financing can be 3% to 5% higher than a traditional mortgage. However, the monthly payments are normally lower. Loans can run as long as 20 years and provides adequate time for ownership to be realized. The down payment is typically 5% to 20% and cuts the balance immediately.

Can I Quality for a Chattel Loan?

Most people are able to qualify for a chattel loan as long as they are willing to pledge their personal movable property. The mobile home prices justify the collateral needed to meet this qualification. This is also a plus for those that have less than stellar credit. Someone with a stable job and fair to poor credit is often considered a good candidate for getting a mobile home chattel loan.

Not all mobile home dealers offer chattel loans as a financing option. HomeFirst has some of the best financing programs to get you into your own home with prices that you can afford.

Representing mobile home chattel loans places HomeFirst as a serious leader in the finance arena for buying mobile homes. As we progress deeper into a society of mobility, chattel loans are becoming more popular for our living needs. Regardless of where you want to live, a chattel loan can be the perfect way to have a home.

Speak with a HomeFirst adviser today and learn how simple owning your new mobile home can be.

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