California In-Park Mobile Home Loan Program (Chattel Financing)

Designed for a wide range of buyers—including first-time homeowners, retirees, and investors—our chattel loan program provides an affordable path to ownership without the need for land or permanent foundations.

Key Program Features:

• Low Down Payment Options: Financing available with as little as 5% down
• Wide Home Eligibility: Any age home accepted, including Pre-HUD mobile homes (built before June 15, 1976)
• Flexible Loan Terms: Choose from 5, 10, 15, 20, 23, or 25-year terms
• Multiple Property Uses: Eligible for primary residence
• Home Types: Financing available for single, double, and triple-wide mobile or manufactured homes
• Community Types: Available in both senior and all-age parks
• ITIN Loans Available: No Social Security number required
• No Prepayment Penalties and Seller-Paid Closing Costs Allowed
• “Buy For” Programs Accepted (buying for a family member)

Loan Qualifications:

• Minimum Loan Amount: $100,000
• Minimum FICO Score: 575*
• Debt-to-Income Ratios: Up to 50%
• Down Payment: As low as 5% (subject to credit and income requirements)
• No Land Required: Home must be on rented space in a mobile home park
• No Foundation Needed: Homes must remain movable

What is a Chattel Loan?

A chattel loan is a type of financing for homes that are not permanently affixed to land, such as mobile homes in parks. The home itself acts as the loan’s collateral (not the land), making this an ideal solution for buyers leasing space in a manufactured home community. Chattel loans often come with shorter terms and faster approvals than traditional mortgages.

Borrower Guidelines:

• No vehicle repossessions in the past 24 months
• No new collection accounts over $1,000 within the last 12 months
• All active past-due accounts must be brought current before closing
• Disputed accounts exceeding $3,000 may affect eligibility
• Residual income requirements apply (especially for lower credit scores)

Additional Benefits:

• Lower processing fees compared to traditional mortgages
• Fixed and step-rate options available
• Potential for interest tax deductibility*
• Refinancing available for rate reduction, cash-out, or term changes

***Consult a tax advisor regarding interest deductibility under current tax laws.