![]() ![]() ![]() As a result, these homes may still be commonly referred to as mobile homes.īefore June 15, 1976, the terms mobile home and manufactured home were used interchangeably and had the same meaning. Although the chassis is hidden and the home typically doesn't move once it's been placed, these manufactured homes still retain a permanent chassis for transportation. Once manufactured homes are constructed and transferred to their site, if they are not situated on piers, wooden pillars, a solid foundation, or a basement, then they're considered personal property and therefore require a chattel loan. What Manufactured Homes are Eligible for a Chattel Loan? These moveable manufactured homes are considered personal property, which is why they are sometimes referred to as mobile homes. According to the Consumer Financial Protection Bureau (CFPB), about 42% of loans used to buy manufactured homes are chattel loans. Chattel loans are a common way to obtain a manufactured home. The borrower on a chattel loan may not own the land where the property sits so a chattel loan remains intact even if the property is moved off-site. ![]() On the other hand, a chattel loan is secured by a piece of personal property that is movable. Real property is defined as land, all the permanently attached structures to that land, and the rights of ownership. If you're familiar with a traditional mortgage, you might know that a mortgage secures the loan to real property. ![]()
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