Financing Your New Home: FHA, VA, and Chattel Loans Explained

One of the most common questions we get is "how do I actually finance this?" The answer depends on the type of home, whether you own the land, and your personal financial situation — but here's a rundown of the main paths. Conventional mortgage: If the home will be permanently affixed to land you own (or are buying at the same time), a conventional mortgage often applies, especially for modular homes, which are treated like site-built construction. FHA loans: The FHA offers loan programs specifically for manufactured housing, often with lower down payment requirements than conventional financing. These can apply whether or not you already own the land. VA loans: Veterans and active-duty service members may qualify for a VA loan on a manufactured or modular home, frequently with no down payment required, through a lender that participates in the VA's manufactured home loan program. Chattel loans: If you're financing the home only — for example, placing it in a land-lease community rather than on owned land — a chattel loan treats the home as personal property rather than real estate. These loans typically have shorter terms and higher rates than a mortgage, but they're often the right fit when you don't own the underlying land. Every situation is different, and the numbers can shift quickly based on credit, down payment, and land ownership. We're glad to point you toward lenders who work regularly with manufactured and modular home buyers so you can compare real options.