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What are chattel loan requirements?

Chattel loan requirements differ from lender to lender. For instance, 21st Mortgage, the nation’s #1 mobile and manufactured home lender , offers “zero credit score” buyers equity loan programs with no application fee or lock in fee, but may require higher down payments (minimum of 35% in cash, trade, or land equity).

Are chattel mortgages right for You?

Chattel mortgages aren’t for everyone. If you want to explore buying non-movable property, a FHA loan can be a great choice with its lower down payment requirements. You can also use a conventional loan to purchase a modular home, which isn’t the case with manufactured homes. Talk with a loan expert about your home-buying options. Chattel Vs.

What credit score do you need for a chattel mortgage?

With the FHA’s Title I loans, for example, borrowers with a credit score above 500 are required to make at least a 5% down payment, while those with lower scores must put down at least 10%. Is Interest on a Chattel Mortgage Tax Deductible?

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