9805 N. Navarro
Victoria, Texas

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Financing a Manufactured Home

By Shannon Calkins March 31, 2017

Financing a Manufactured Home Lead Photo

Do you have questions about financing a manufactured home?


Since 1969, A-1 Homes has built beneficial relationships with all mainstream mortgage companies serving the manufactured housing industry. We provide access to financing through several lenders and process all paperwork and documents through our office. We work with several national lenders as well as local lending institutions to provide the best financing available in the industry. We offer free on-site credit evaluations that will include an analysis of your personal credit report as it relates to your home buying experience. We will work with you to help correct any problems on your credit report and give you tips on raising your credit score. When necessary we also offer FREE Credit Repair for our customers. Our goal is to find you the best financing, best rate, lowest down payment requirement, and an affordable monthly payment. Regardless of your credit score or credit history, we value you as a customer and are here to help. We are excited for the opportunity to help you and your family find a home! Apply today and get Pre-Approved!



Types of Texas Home Financing


Our Professional Housing Consultants are knowledgeable with many different loan types including:

·        VA Loans

·        FHA Loans

·        USDA Loans

·        Land/Home Packages

·        Land-in-Lieu

·        Second and Vacation Homes

·        Co-signer Programs

·        Second-chance Financing

·        Multiple Home Financing

·        Home Only Financing


The most common type of loan that our customers use is Home Only, also known as a Chattel Mortgage. We get a lot of questions about manufactured housing interest rates and loans. One of the national lenders that we work with has provided some information about chattel loans for our customers. Country Place Mortgage explains: “Chattel Loans are personal property loans made for the purchase or refinance of a manufactured home that is not permanently affixed to the real estate. Chattel loans are usually used for home in manufactured home communities. Down payment requirements can be as low as 5%. Terms for these loans are usually capped at 20 years. The interest rates are typically 3-4% higher than the traditional mortgage loan.


Chattel loans are often used by our customers when they already own the land that they are placing the home on, the home is being placed on family land, or the home is being placed on a rental property or community. The home is set to the required state standards and tied down to the land. When Country place says, “not permanently affixed” they are explaining that the home and land were not purchased in one transaction as a land/home deal.

The interest rates will typically be 3-4% higher than a standard mortgage rate due to the potential risk the lender is taking on. When someone finances a traditional home and they default on the loan the bank will foreclose on the property. The bank now owns the land and home because they are tied together and they can sell this property. With a chattel loan the bank does not have any rights to the property, they are only financing the home. In the case that the chattel loan is defaulted on, the bank must spend a large amount of money to repossess the home and move it off the property for resale. Due to this risk, the interest rates are higher for this loan.


In most cases this is still the best option for a large percentage of our customers and they can find low monthly payment options with affordable down payment requirements. This loan can also be processed relatively quickly, especially compared to the lengthier land in lieu or land/home loan processes.


To learn more about manufactured home financing come see us today at 9805 N Navarro in Victoria, Texas, give us a call at (361) 573-1200, or learn more from some of our lenders: https://www.countryplaceloans.com/ https://www.21stmortgage.com/web/21stSite.nsf/index.html



*A-1 Homes Victoria does not act as a mortgage lender. A-1 Homes Victoria is a manufactured home retail sales location and holds no mortgage lending credentials. A-1 Homes Victoria has a working relationship with all of the national manufactured home lenders as well as several local lending institutions to help facilitate financing for manufactured homes. This retail sales location can process your application and submit it to the bank of your choice for pre-approval, collect and submit conditions, and complete the closing process. After closing all documents are sent to the lender and they will service your loan.