Financing a Manufactured Home

Manufactured homes can be financed two ways. When the home is affixed to land you own, it can qualify for a conventional real-property mortgage with terms up to 30 years. When it sits on leased land (a chattel loan) or the loan is FHA Title I, expect higher rates and shorter terms. Always include the full monthly housing picture — loan payment, lot rent, and insurance — when deciding what you can afford, because lot rent can rival the mortgage payment itself.