Specialty property
Mobile Home & Leased-Land Financing
When the home sits on land you do not own, most conventional mortgage paths do not apply and a different lender set takes over.
Quick Answer
Homes on leased land, in parks, or built before June 15, 1976 usually cannot be financed with a standard real-property mortgage, because the loan must be secured by real estate. These scenarios generally fall to chattel or personal-property lending, with shorter terms and higher rates. Converting the home to real property on owned land is what typically unlocks conventional or government financing.
Why leased land changes everything
A traditional mortgage is secured by real property. When the home is personal property on leased land, the security is different, and so is the financing. Some lenders participate in this space and many do not. The lease terms themselves often matter as much as the home.
What to gather early
- The park or land lease agreement and its remaining term
- Title documentation for the home itself
- Any park approval requirements for a buyer
- Details on the home's construction and classification