Mobile Home Loans for Leased Land allow someone to purchase a single wide or multi-wide mobile home that has a lot lease or in a mobile home park with a minimum credit score of 550. Mobile Home Loans allow you to purchase a single wide or multi-section mobile home for a primary residence or second home. Mobile home parks are welcome! Mobile Home Loans on Leased Land are also called Chattel Loans. Chattel Loans are not for purchasing real estate, as leased land means the borrower doesn’t own the land so it is not considered real estate. If you want to find out how much you qualify for to purchase a Mobile Home, call the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.

What are the Guidelines for Mobile Home Loans on Leased Land?

Mobile Homes on Leased Land require special financing because the property is not considered real estate but Chattel which means traditional loan types will not work such as FHA, VA, USDA or Conventional as these loan types only work for Manufactured Homes on permanent foundations. These specialized chattel loans for mobile homes have the following guidelines:

• All Loan Programs available for new, pre-owned, single, & Multi-section homes
• Up to 95% Loan to Value (LTV) on Primary Residences
• Up to 85% Loan to Value (LTV) on Vacation or Secondary Homes
• All Appraisals are done through Datacomp
• New or Used Mobile Homes Eligible
• Up to 300 Month Terms (25 Years)
• Maximum Loan Amount is $450,000
• Max Debt to Income Ratio is 50% for 600+ Credit Scores (Equifax Credit Score Only)
• Max Debt to Income Ratio is 48% for 550-599 Credit Scores (Equifax Credit Score Only)
• Escrow of Homeowners Insurance & Property Taxes
• June 15, 1976 or Newer Multi/Single Section Homes with a HUD Label.
• No Pre-payment Penalties
• Non-Occupying Co-borrowers only allowed to meet credit guidelines cannot use their income

What are the Credit Guidelines for Mobile Home Loans?

Mobile Home Loans for homes on Leased Land credit requirements are different than traditional home loans. Below are the credit guidelines for Mobile Home Loans:

• 600 Minimum Credit Score for Primary Residences to 95% LTV
• 550-599 Minimum Credit Score for Primary Residence to 85% LTV
• 625 Minimum Credit Score for Vacation or Secondary Homes
• Judgements and Liens MUST be paid in full, or setup on a payment plan and still be within DTI Guidelines
• Charge Offs and Non-Medical Collections must be paid in full – No open Collections
• 5 Years from Discharge of Bankruptcy
• 5 Years from Foreclosure
• No currently PAST DUE accounts allowed. Must be brought current.

Must also have one the following to meet minimum credit guidelines fro Chattel Loan:

• Possess at least three revolving accounts within the past 12 months
• Have a 6 month installment history
• Have a documented 12 month rental history

What are the Mobile Home Loan Products Available?

Home Only (Chattel Loan):
Offers buyer financing options on new or pre-owned, single or multi-section manufactured homes. Land can be owned or leased, including in leased site communities. Not required to be attached to real property. Triad only finances the manufactured/park model home.

Land Home:
Borrowers who are looking to secure property and their home in one payment. The home and land are included in the purchase. Only existing manufactured homes, modular or park model homes, land and all required site improvements being purchased together. The home must be on a permanent foundation, title on the home surrendered, and the Manufactured Home and land taxed together as real property. It allows for different tax breaks as well as ownership of the land on which their home will be placed. The final product is classified as a real property mortgage – much like a conventional site-built mortgage.

Land Plus:
Eligible borrowers must own the land free and clear at the time of purchase. The client can use the equity in the land towards part or all of the required down payment. Financing allows for up to $25,000 in land improvements to be included in the approval, and both new and pre-owned homes qualify with no PMI required. The program offers terms of up to 360 months, with a minimum down payment of 5% and a maximum loan-to-value ratio of 95%.

ITIN Borrower Can Purchase Mobile Home on Leased Land

ITIN Borrowers are accepted for all our Chattel Loan Programs. The guidelines for ITIN borrowers to qualify for a Mobile home on leased land are as follows:

• ITIN Applicants must have a minimum credit score of 550 or above.
• US Government issued non-resident identification and ITIN card required
• Applicants with both social security number (SSN) and ITIN will have a credit check run on both numbers.
• ITIN numbers will be verified through www.tincheck.com

Important Things to Identify for Mobile Home Title

To Avoid Delays in funding, please double check these common scenarios for Title on the Mobile Home:

• Titles in the Name of a Trust
  • Full Trust agreement or certification of trust required (varies by state)
  • If trustee is deceased – need death certificate to transfer to successor trustee
• Deceased Seller
  • Rules vary by state and how ownership is listed
  • Two owners with “or” – surviving owner can transact without deceased documentation
  • Two owners with “and” – requires further review by Title Department
  • Single Owner – probate or small estate process required; will alone not sufficient. Typically need death certificate & probate status
• POA for Seller
  • Full POA document must be provided before closing
• Seller on Title
  • Current seller must match title exactly
  • Cannot close if title is still in previous owner’s name

Can You Refinance a Mobile Home on Leased Land?

Yes you can refinance a Mobile Home on Leased Land. The guidelines for qualifying for a refinance of your Mobile Home or Manufactured home are as follows:

• No Seasoning Requirements for Rate and Term Refinance
• Cash Out Refinance is NOT Allowed.
• You can Add or Remove a Co-applicant from Ownership

How Do You Apply for a Mobile Home Loan on Leased Land?

If you would like to qualify for a Mobile Home Loan or Manufactured Home Loan to purchase or refinance a property as your primary residence, a vacation home, or a Secondary Home then you can call the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.

John R. Thomas – Delaware Mortgage Loan Officer / Specializing in Mobile Home Loans & Chattel Loans

NMLS 38783

Primary Residential Mortgage, Inc.

302-703-0727 Office

Frequently Asked Questions About Chattel Loans for Mobile Homes on Leased Land

What is a Chattel Loan?

A Chattel Loan is a type of personal property loan used to finance a manufactured or mobile home that is not attached to land. Instead of a traditional mortgage secured by real estate, a chattel loan is secured by the home itself — similar to how a car loan works. This makes it the primary financing option for buyers placing their home in a leased land community or mobile home park.

How does a Chattel Loan differ from a traditional mortgage?

Unlike a mortgage, which includes both the home and the land, a chattel loan finances only the home. Because there’s no real estate involved, the loan is typically processed faster and with fewer closing costs, but often comes with a higher interest rate and shorter loan term.

Can I get a Chattel Loan if I don’t own the land?

Yes. That’s the main purpose of a chattel loan — it’s specifically designed for homes on leased land, such as those in mobile home parks or leased-lot communities. The land lease agreement serves as proof that you have a legal right to place your home there.

What are the typical loan terms for a Chattel Loan?

Most chattel loans range from 15 to 23 years, depending on the lender, the borrower’s credit profile, and the age or condition of the home. Some lenders may offer shorter or longer terms for newer homes or strong credit borrowers.

What credit score is needed to qualify?

Credit requirements vary by lender, but most chattel loan programs require a minimum credit score of 600–620. However, borrowers with higher scores may qualify for better rates and longer terms.

Can I refinance a Chattel Loan later into a mortgage?

Potentially, yes — but only if you purchase or gain ownership of the land beneath your home and convert it to real property (for example, by permanently affixing the home to a foundation and recording it with the county). Once that happens, you may be able to refinance into a traditional mortgage with lower rates.

What are the advantages of using a Chattel Loan?

• Flexibility: You can buy a home even if you don’t own land.
• Faster closing: No title search or real estate appraisal delays.
• Lower upfront costs: Fewer closing costs than a traditional mortgage.
• Ownership control: You still own the home and can sell or relocate it later.

What are the drawbacks of a Chattel Loan?

• Higher interest rates than traditional mortgages.
• Shorter repayment terms, leading to higher monthly payments.
• Depreciation: Manufactured homes on leased land often depreciate like vehicles, unlike real estate which typically appreciates.

Can I still qualify for a Chattel Loan with less-than-perfect credit?

Yes. Some lenders specialize in non-prime or alternative credit programs for buyers with past credit challenges. Expect to show strong proof of income, a stable payment history, and possibly a higher down payment (often 10%–20%).

Who offers Chattel Loans?

Chattel loans are typically offered by specialty lenders that focus on manufactured housing, such as Triad Financial Services, 21st Mortgage, Vanderbilt Mortgage, and others. Traditional banks and credit unions rarely provide this type of financing.

What happens if I move the home?

Because the home itself secures the loan, you’ll need lender approval before relocating it. Most lenders require verification that the new site is properly zoned, insured, and permitted before allowing a move.

Can I rent out a home financed with a Chattel Loan?

Most lenders require the property to be owner-occupied, not used as a rental or investment. However, some investor-friendly chattel loan programs may exist depending on the lender and location.

Is a down payment required?

Yes. Typical chattel loans require a minimum of 5%–15% down, though stronger borrowers may qualify for lower down payments. The exact amount depends on credit, home type, and lender policy.

Who is the Best Mobile Home Lender on Leased Land?

John Thomas with Primary Residential Mortgage, Inc. is the best Delaware Mortgage Loan Officer specializing in offering Mobile Home Loans on Leased Land. He can be contacted at 302-703-0727.

Who is the Best Chattel Loan Lender in Delaware?

John Thomas with Primary Residential Mortgage, Inc. is the best Delaware Mortgage Loan Officer offering Chattel Loans to purchase Mobile Homes on Leased Land in Delaware. He can be contacted at 302-703-0727.