Learn what it takes to finance a manufactured home!
Let's Talk Financing.
Although it depends on how your land is acquired, here is the criteria for most standard bank financing:
Home must be on a permanent foundation (we work with welding professionals to secure your container home on helical piles).
Land must be titled as real property.
Certification label and Date Plate must be on the home. (SICBS provides certification through ICC-NTA, Inc., a nationally recognized 3rd party certifier).
Can be financed as a principal residence or second home.
The secured property type identifies whether a manufactured home loan is a personal property loan or a real property loan.
• A personal property loan (also sometimes referred to as “chattel”) means the loan is secured by the manufactured home but not by the land.
• A real property loan (also referred to as a mortgage) means the loan is secured by both the manufactured home and the land as real property.
Personal loans tend to be be one of the best options for financing shipping container homes. You can pre-qualify for a personal loan using an online lender, bank, or credit union. *Financing a manufactured container home that is not fixed on land will only be able to be financed through a personal property loan or cash purchase.
*Another important note:
Land property interest impacts whether a manufactured home can be collateral for a personal property loan or a mortgage loan. So, whether or not you own the land where your container homes are placed, can determine how they will be taxed, titled, and financed!
Explore SICBS financing options here.