Can You Get a Mortgage for a Mobile Home on a Rented Lot?

If you’re planning to buy a mobile home in a park or on leased land, you might wonder whether a traditional mortgage is an option. The short answer: not usually. Because the home isn’t permanently attached to land you own, it’s not considered real estate. Instead, buyers typically finance these homes with a chattel loan or personal property loan—both designed for situations where the home and land are owned separately.

What Loan Options Are Available?
The most common financing option is a chattel loan. These loans function more like auto loans than mortgages. They cover only the home—not the land—and usually have shorter terms (15–20 years), slightly higher interest rates, and a faster approval process than conventional mortgages. They're ideal for homes in mobile home parks.

Another option is an FHA Title I loan, which is backed by the federal government. These loans are available for manufactured homes located on leased land and are intended for primary residences only. They often come with lower down payments and fixed interest rates, but the park or lot must meet certain FHA lease requirements.

In some cases, a personal loan may be used to finance a mobile home, especially if the purchase price is lower. These loans may be secured or unsecured and tend to come with higher interest rates and shorter repayment terms. They can work in specific situations but are not always ideal for long-term affordability.

Loan Requirements You Should Know
Regardless of the loan type, there are a few common eligibility requirements. The home must be HUD-compliant (built after 1976 and displaying the HUD certification tag). It must serve as your primary residence. You'll also need a signed lot lease agreement—many lenders prefer leases of at least three years in length.

Lenders will review your credit score, income, debt-to-income ratio, and possibly request proof that the home meets permanent installation standards such as tie-downs and skirting. Minimum credit scores typically range from 620 to 680, depending on the lender and loan type.

What the Loan Process Looks Like
The mobile home loan process starts with pre-qualification through a lender that specifically offers chattel or mobile home loans. Once you’ve identified a HUD-compliant home and confirmed the lot lease terms, you’ll submit documents including your credit report, income statements, lease agreement, and details about the mobile home itself—such as year, size, and VIN number. The lender may require an appraisal or inspection before issuing a final approval.

Once approved, you’ll sign the loan documents, the loan will be funded, and the title to the home will be transferred to the lender, much like with a vehicle loan.

Key Considerations Before You Apply
Keep in mind that these types of homes typically depreciate over time, unlike traditional real estate. Because of this, financing options are more limited and require working with lenders who specialize in mobile home loans. You also won’t be building equity in land, which can affect long-term value.

Still, for many buyers, this type of loan provides an affordable path to homeownership—especially when working with the right agent and lender.

Need Help Finding a Mobile Home Lender?
At Partners Real Estate Brokerage LLC, we specialize in mobile home sales and financing. Whether you’re buying your first home in a park or need help navigating your loan options, we can connect you with trusted lenders and guide you every step of the way.

Veronica Zerpa, Broker
Partners Real Estate Brokerage LLC
407.603.0088 | Veronica@JoinThePartners.com
Helping buyers finance, purchase, and thrive in Central Florida’s mobile home communities.