What is a common method to finance a manufactured home purchase?

When considering financing options for a manufactured home, obtaining a personal loan or chattel loan is a common and practical method. A chattel loan is specifically designed for financing movable personal property, like manufactured homes that are not permanently affixed to land. This type of loan typically features smaller amounts and shorter terms compared to traditional mortgages, making it accessible for many buyers looking to purchase a manufactured home.

Using inherited property, while potentially advantageous, does not directly relate to financing a new purchase. Similarly, while bank mortgages can sometimes be available for manufactured homes—particularly if the home is permanently affixed to the land—this is not as commonly practiced for homes on leased land or those classified as personal property. Government grants may exist for certain housing improvements or low-income assistance programs but are generally not a standard financing route for purchasing a manufactured home.

Overall, the use of personal or chattel loans directly addresses the needs of many buyers in the manufactured home market, making it the most relevant and effective financing option in this context.