Manufactured & Mobile Home FAQ

Yes. Bobby specializes in chattel financing for manufactured and mobile homes in park communities where the homeowner pays monthly lot or space rent. The loan finances the home itself rather than the land, subject to borrower, home, community, title, and lender eligibility requirements.

A chattel loan is financing for the manufactured or mobile home itself when the land is not part of the purchase. This is commonly used for homes located in park communities where the homeowner pays monthly lot rent.

Current minimum guidelines shown on this site begin at a 550 credit score for a primary residence. A 600+ credit score may qualify for as little as 5% down, while a 550–599 score has a 15% minimum down payment guideline. Second homes currently require at least a 625 score, and Buy-For transactions require at least a 640 score. All guidelines are subject to lender approval and can change.

For a primary residence, the current minimum guideline is 5% down with a 600+ credit score and 15% down with a 550–599 score. A second home has a 15% minimum down payment guideline with a 625+ score, and a Buy-For transaction has a 20% minimum down payment guideline with a 640+ score. Final requirements depend on the borrower, home, documentation, and lender approval.

Yes. That is one of the main uses of a chattel loan. You can finance the home while leasing the homesite in a park community and paying monthly lot or space rent.

Use the dedicated Mobile Home Loan Payment Calculator. Enter the home purchase price, down payment, estimated interest rate, loan term, and optional monthly lot rent to see an estimated principal-and-interest payment and estimated total with lot rent.

Depending on the transaction and lender eligibility, fixed-rate terms of 10, 15, 20, and 25 years may be available for chattel financing. Bobby can review the home and borrower information and explain which terms are available for the specific transaction.

Yes. Used manufactured and mobile homes in park communities may be eligible for chattel financing. Under the current program guidelines Bobby works with, homes built in 1977 or later may be eligible, subject to the home's condition, title, community, borrower qualifications, and lender approval.

Yes. Eligible manufactured and mobile homes may be financed even if they have been moved twice. Bobby specializes in chattel financing for multi-move homes and can review the home's title, condition, installation, location, and community information to determine which program may be available. Financing remains subject to borrower, property, and lender approval.

Yes. Qualified for-sale-by-owner transactions inside park communities may be financeable. Bobby works with buyers and sellers through the financing and closing process so the transaction does not have to involve a traditional real estate listing.

Yes. Second-home chattel financing may be available. The current minimum guideline shown on this site is 15% down with a 625+ credit score, subject to borrower, property, occupancy, and lender requirements.

A Buy-For option may be available when you are purchasing the mobile home for someone else to occupy. The current minimum guideline is 20% down with a 640+ credit score, subject to lender eligibility and approval.

Yes, when eligible. A seller-paid interest-rate buydown may be available to lower the rate by up to 1%. The seller must agree to pay the cost of the buydown, and the seller may also have the option to increase the sales price to cover that cost, subject to lender requirements.

Yes. The monthly lot or space rent is part of the buyer's ongoing housing expense and can affect loan qualification. Bobby reviews the lot rent along with the rest of the borrower's financial information when helping structure the transaction.

A traditional mortgage generally finances real estate that includes land. A chattel loan finances the manufactured or mobile home itself when the land is not part of the financed purchase, which is common in park communities with monthly lot rent.

Bobby works to provide same-day pre-approval responses when possible and when the application and required information are available. Timing can vary depending on the borrower, property, documentation, and lender review.

Documentation varies by borrower and transaction. After reviewing the application, Bobby will explain exactly which borrower, home, community, title, and purchase documents are needed so you know what to provide next.

Home insurance is generally part of the closing requirements for financed mobile homes. Bobby can help you obtain a home insurance quote during the loan process so you know what to expect before closing.

Bobby currently offers mobile home financing in Florida, Texas, Michigan, Oregon, Washington, and Idaho through Groves Capital, Inc. Program availability and licensing requirements can vary by transaction.

Yes. Bobby is licensed to originate mobile home financing in Florida and specializes in chattel loans for homes located in park communities with monthly lot or space rent.

Yes. Bobby is licensed to originate mobile home financing in Texas, including eligible chattel loans for manufactured and mobile homes located in park communities where the homeowner pays monthly lot rent.

Yes. Bobby is licensed to originate mobile home financing in Michigan and can help with eligible manufactured and mobile home purchases in park communities with monthly lot rent.

Yes. Bobby is licensed to originate mobile home financing in Washington, Oregon, and Idaho. Eligible homes in park communities may be financed with chattel loans, subject to borrower, property, community, title, and lender requirements.

Yes, an eligible manufactured or mobile home in a 55+ park community may be financeable with a chattel loan. The borrower, home, title, community, and occupancy must meet the applicable lender and community requirements.

Contact Bobby Jay directly. You can call or text Bobby at 904-789-0012 or email rjay@grovescapital.com. Bobby works directly with buyers, real estate agents, sellers, and park community managers throughout the transaction.

Often, yes. With the chattel loan programs Bobby works with, eligible closing costs may be financed into the loan amount rather than paid entirely out of pocket at closing. The amount that can be financed depends on the loan program, purchase price, borrower qualifications, applicable loan limits, and lender approval, and some costs may still need to be paid separately. Your loan terms and total amount financed, including any eligible closing costs financed into the loan, will be clearly shown on an itemization sheet included with the email containing your initial loan approval letter, typically sent the same day you are pre-approved. You will also receive an updated itemization sheet with your closing package.