Mobile Home Loans, also known as Manufactured Home Loans, are financial products designed to help individuals purchase or refinance mobile homes. Mobile homes are prefabricated structures that are built in a factory and then transported to a site for installation. These homes can range from single-section units to larger multi-section units, and they are often an affordable housing option for people who may not be able to afford traditional site-built homes.
Mobile home loans typically fall into two categories:

1.) Chattel Loans: These loans are similar to personal property loans. They treat the mobile home as personal property, like a car, rather than as real estate. Chattel loans may have shorter terms and higher interest rates compared to traditional mortgage loans. The loan is secured by the mobile home itself, and if the borrower defaults, the lender can repossess the home.

2.) Manufactured Home Mortgages: These loans are more similar to traditional mortgages for site-built homes. They involve financing not only the mobile home but also the land on which it is located. The mobile home is considered real property, and the loan terms and interest rates can vary based on the borrower's creditworthiness, the down payment, and other factors. These mortgages may offer longer terms and potentially more favorable interest rates compared to chattel loans.