Idaho Chattel Mortgage on Mobile Home
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How to fill out Chattel Mortgage On Mobile Home?
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FAQ
If your manufactured house is classified as real property, you may be able to finance it with a mortgage. Typically, a mobile home has to be built after 1976 to qualify for a mortgage, as we'll explain below. In this case your loan would work almost exactly the same as financing for traditional ?stick-built? houses.
So, the average starting cost of an 1,800 square foot prefabricated home is $117,000, including land and necessary site improvements making modular housing a fiscally responsible option for Idaho's would-be home buyers.
Most lenders won't finance a manufactured home that's been moved. Additionally, moving it would mean it wasn't attached to a permanent foundation. This would require a special approval from the VA to do the loan.
We can finance your manufactured or mobile home whether it's tied to the land or in a mobile home park. Founded in 1995, Countryplace Mortgage is a direct lender with both Fannie Mae and FHA. That means that we can offer you the most competitive rates, with down payments as low as 3.5%.
Note: You can get an FHA manufactured home loan with a credit score as low as 580 and a 3.5% down payment. You may be approved with a credit score as low as 500, but the tradeoff is that you must have a 10% down payment.
An installation permit grants the holder authorization to manufactured home(s). The manufactured home installation permit is issued through the Idaho Division of Occupational and Professional Licenses in areas where there is not an approved local building program or by the authority having jurisdiction.
Prepare to meet these requirements to qualify for a chattel mortgage: Credit score: You'll need an excellent credit score (around 680 or higher) to qualify for this type of loan.
A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. The movable property, called ?chattel,? also acts as collateral for the loan.