There are several options to consider if you’re looking for a manufactured home loan. You can choose between a chattel loan, which is like a traditional home loan but with the added benefit of being able to buy your home while paying cash; standard home loans; government loan programs such as those offered by the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA); and more. Below we’ll outline each option so that you can decide which one is best for your situation:

Chattel Loans

If you have a mobile home that you want to purchase, but do not want to buy the land on which it sits, then a chattel loan may be the best option for you. A chattel loan is secured by your mobile home and can be used as part of your down payment or first lien on the property (the first lien must be paid off before any other liens).

Chattel loans allow homeowners to obtain financing without paying cash upfront. This can make purchasing a manufactured home easier if they don’t have enough money saved up already or don’t want their credit score affected by taking out too much debt right away.

Standard Home Loans

Standard home loans are available for both site-built homes and manufactured homes. As their name implies, they’re not a government program—instead, they’re offered by private lenders like banks and credit unions.

Standard home loans are available in two forms: fixed rate and adjustable rate mortgages (ARMs). In a fixed-rate mortgage, the interest rate on your loan remains the same over the life of your loan, but in an ARM it can change over time based on various factors (such as changes in market rates or how you’ve been paying off your mortgage).

Government Loan Programs

There are also a number of government programs that can help you finance your manufactured home. These loans will provide you with the lowest down payment and interest rates available if you are eligible.

Three types of government-backed loans exist FHA, VA, and USDA. Each has its requirements, but they offer low-interest rates and flexible terms for financing a new or used manufactured home at 100% financing options.

If you’re looking for a way to buy your first home, this may be an option worth exploring!

FHA Loans

The Federal Housing Administration (FHA) is an independent agency of the United States federal government which provides mortgage insurance on loans made by approved lenders. An FHA loan allows you to purchase a home with as little as a 3.5% down payment and no private mortgage insurance (PMI).

If you choose an FHA loan, you may be able to get pre-approved for a loan quickly and easily online. To qualify for an FHA loan, however, your credit score must be above 620 or higher (630 is ideal), though exceptions can be made if extenuating circumstances exist.

Department of Veterans Affairs (VA) Loans

VA loans are a great option for veterans and non-veterans alike. Because of their flexible underwriting requirements, VA loans can be used to purchase manufactured homes in addition to site-built homes. The benefit of purchasing a manufactured home with a VA loan is that there are no upfront mortgage insurance fees required when buying a home as part of the loan package. This makes it easier and less expensive for you to get into your new home faster! 

Specialized Lenders

If you’re dealing with a specialized lender, he or she will have the experience necessary to help you get a loan. The lender should also be familiar with the manufactured home industry and understand how loans are structured for such properties.

These lenders are more likely to be familiar with the requirements of manufactured home loans and have special programs for them. Some lenders have more flexible underwriting requirements, so if you’re having problems getting approved by other types of lenders, you may want to consider applying with one of these specialized lenders.