Mobile & Manufactured Home Loans in California
Buying a mobile or manufactured home takes a different kind of loan, and our in-house finance team arranges these loans every day. We shop your loan with national manufactured home lenders, local credit unions and private lenders to find the best fit. Even if your credit isn’t perfect or you don’t have a big down payment, reach out anyway. We have more ways to make a deal work than a typical lender.
Mobile Home Financing FAQs
What is a chattel loan?
A chattel loan is a loan on a manufactured home that doesn’t include the land underneath it. It’s the most common way to finance a home in a mobile home park, where you own the home and rent the space. Rates are typically higher than a traditional mortgage, but because you’re borrowing less, the monthly payment is often much lower than for a house.
What credit score do I need to buy a mobile home?
There’s no single cutoff. Your credit score is one factor, along with your income, monthly debts, down payment and the space rent. A lower score doesn’t automatically rule you out, and many of our buyers are surprised by what they qualify for. Not sure where you stand? Reach out anyway, and we’ll go over your options.
Should I get pre-approved before I start shopping?
It’s a smart first step. Pre-approval shows you your buying power, so you can focus on homes that fit your budget and be ready to make an offer. If you’ve already found a home, that’s fine too. We can get your loan approved after you sign a purchase agreement.
Will getting pre-approved affect my credit?
No. Filling out our form doesn’t check your credit, and getting pre-approved won’t hurt your score. A hard credit pull happens only once you have an accepted offer on a specific home and we’re finalizing your loan.
How much down payment do I need?
Most buyers put down between 5% and 20% of the price. The lowest down payments go to buyers with strong credit and income. If your credit needs work, plan on a larger down payment. We’ll help you find the option that fits your situation.
Can I use Social Security or retirement income to qualify?
Yes. Lenders count income from Social Security, pensions, retirement accounts and disability, along with income from work. Many of our buyers, especially in 55+ parks, qualify using retirement income.
Can I add someone else to my loan?
Yes. For a home in a mobile home park, anyone on the loan must live in the home with you. A spouse, partner or family member who moves in can apply as a co-borrower, and lenders can combine your incomes, which can help you qualify for more home. Everyone on the loan goes through park approval, and each person’s credit is reviewed, so we’ll help you decide whether applying together or on your own gives you the best chance of approval.