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 Sam
Site Admin
Joined: 21 May 2005
Posts: 280
Location: CALIFORNIA
116.93 Dollars($)
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 Posted: Tue Jun 01, 2004 12:30 am Post subject: Chattel Mortgage |
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Chattel Mortgage is a legal claim against an asset other than real estate, which is used as collateral for loan. In simple terms, it is a legal claim on the personal property used as collateral for loan. It was founded in 1998, with the only purpose of providing finance for manufactured home owners.
In fact the term chattel mortgage is used when referring to a loan in a mobile or manufactured homes.Under the uniform commercial code, chattel mortgages have been replaced by security agreements.
Advantages of chattel mortgage are as following:
- It can be quickly and easily arranged.
- There are no additional VAT implications.
- Here the asset acts as a security for the lender, and upon the final payment the ownership of the asset is transferred to a borrower.
- It is specially used for business purpose and can be used to finance motor vehicles, plants, and equipments.
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joy
Guest
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| Posted: Thu Jul 12, 2007 8:33 pm Post subject: 100% financing for mobile homes with no money down |
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is there any loan company who is qualified in the united states to do 100%
financing mobile home only with nothing down |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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| Posted: Fri Jul 13, 2007 2:53 am Post subject: RE: loan company offering no down mobile home loan |
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Hi Joy,
Welcome to the forum.
There are several lenders in the United States who offer loan programs involving 100% financing. But in order to get 100% financing, one should be prepared to deal with a high interest rate. Moreover, the mobile home should have a permanent foundation.
Thanks |
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mac_7
Guest
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| Posted: Fri Jul 13, 2007 3:11 am Post subject: |
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Joy,
Are you willing to take a 100% mobile home loan? |
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bestrates
Joined: 30 Oct 2009
Posts: 1
1.26 Dollars($)
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| Posted: Fri Oct 30, 2009 10:50 am Post subject: |
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Just a quick update for you.
The rules of Mobile Home financing have changed since this post was first originated. Some for the better, some not.
There are currently no lenders or investors that we know of in the market (and we keep close track of this) that are offering no money down loans.
The minimum down payment (DP) is 5% right now and does require excellent credit.
Many customers will actually be required to bring at least 10% down.
On the bright side rates are better now for home only financing than they have been in a while.
For the most up to date guidelines on Chattel Loans see our site:
http://mh-loans.com/MH-Loans-Without-Land/Chattel-Loans.aspx
We hope this helps the people out there searching for these loans.
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Sam Hess
http://MH-Loans.com
Mobile Home Loans |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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| Posted: Fri Oct 30, 2009 1:21 pm Post subject: |
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sam, thank you for bringing this information to the light. as we know, there are mobile home lenders scattered throughout the country, but the information apparently does not make its way into the public's recognition very easily. i briefly scanned your site, and there's obviously some value there.
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George M. Akerley
Loan Consultant
860-221-5044 |
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